In an interesting twist from the Trump administration, the acting head of the OCC is defending their program to potentially grant special fintech banking charters. We're still in early innings with this issue, so stay tuned.
The Office of the Comptroller of the Currency (OCC) has been facing pressure from state regulators ever since it announced last year that it would consider granting charters to so-called "fintech" lenders. But Keith Noreika, who took over as the OCC's acting head in May, sounded like his predecessor, Tom Curry, in defending the agency initiative and billing it as good for the United States' banking system. New York's banking regulator, as well as a nationwide organization of bank supervisors, have sued the OCC. The pending lawsuits argue that the OCC lacks the authority to grant those special national charters... Rather, Noreika maintained that fintech companies should be able to explore a national charter to do business as well as state ones.