The US Office of the Comptroller of the Currency expects to receive its first financial technology company application for a national bank charter in the next few months, possibly as early as January. Stephen Lybarger, a deputy OCC comptroller, said that the fintech firm’s charter could go into effect as soon as a year-and-a-half after its application is filed.
Without naming any firm he has in mind, Lybarger told an audience at the Clearing House and Bank Policy Institute’s annual conference last week that the ideal applicant is likely to be “someone who is willing to accept the risk of potential litigation along with making that filing.”