The Office of the Comptroller of the Currency (OCC) is now accepting applications for national bank charters from fintech companies active in the “business of banking.” The company must engage in the following:

• Receiving deposits
• Paying checks
• Lending money

Comptroller of the Currency Joseph M. Otting stated, “The decision to consider applications for special purpose national bank charters from innovative companies helps provide more choices to consumers and businesses and creates greater opportunity for companies that want to provide banking services in America. Companies that provide banking services in innovative ways deserve the opportunity to pursue that business on a national scale as a federally chartered, regulated bank.”

Previously, fintech companies only had five ways to structure their lending business: direct lending model, affiliate model, chartering, and the Industrial Loan Charter. The new option will allow for fintech companies to more effectively serve the needs of businesses and consumers.