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Banking Sector National Bank Charters Bank Holding Company Act

Goodwin

Consequences of Forming or Acquiring a Depository Institution

Goodwin on

This second installment in a series of insights on bank charter considerations describes the consequences of operating through an insured depository institution charter, including capital requirements, supervision and...more

Ballard Spahr LLP

Varo Is First FinTech to Receive Full-Service Charter from the OCC

Ballard Spahr LLP on

On July 31, 2020, the Office of the Comptroller of the Currency (OCC) approved the national bank charter application of Varo Bank, N.A., a wholly-owned subsidiary of fintech Varo Money, Inc. The approved application is for a...more

Ballard Spahr LLP

OCC payments charter quickly generates industry concern

Ballard Spahr LLP on

As we reported, Acting Comptroller of the Currency Brian Brooks has previewed the OCC’s plans to introduce another special purpose national bank charter that would give payment companies a nationwide servicing platform and...more

Ballard Spahr LLP

NYDFS files brief with Second Circuit in OCC’s appeal from district court judgment in lawsuit challenging fintech charter

Ballard Spahr LLP on

The New York Department of Financial Services (DFS) has filed its opening brief with the Second Circuit in the OCC’s appeal from the district court’s final judgment in DFS’s lawsuit challenging the OCC’s issuance of special...more

Nutter McClennen & Fish LLP

Fintech in Brief: FDIC Signals Pending Decisions on ILC Applications and Proposes New Rules for ILCs and their Parent Companies

On March 17, the FDIC released for public comment a proposed rule for industrial banks and industrial loan companies (together, “ILCs”) and their parent companies and signaled that it is considering two pending ILC...more

Ballard Spahr LLP

Fintech bank announces preliminary OCC approval of national bank charter

Ballard Spahr LLP on

In a press release, the organizers of Varo Bank, N.A. announced they have been granted preliminary approval by the OCC of their application to form a de novo national bank, which they claim “put[s] Varo on track to become the...more

Troutman Pepper Locke

OCC Gives Green Light To Chartering Fintechs As Special Purpose National Banks

Troutman Pepper Locke on

The Office of the Comptroller of the Currency announced on July 31 that it will begin accepting applications for special purpose national bank charters from nondepository financial technology companies (fintechs) that are...more

Stinson LLP

OCC Now Accepting Charter Applications for Fintech Companies

Stinson LLP on

On July 31, 2018 the Office of the Comptroller of the Currency (OCC) announced that, effective immediately, it is now accepting national bank charter applications from nondepository financial technology (fintech) companies...more

Ballard Spahr LLP

Acting OCC Comptroller Noreika provides further thoughts on SPNB charter proposal

Ballard Spahr LLP on

In remarks last week at Georgetown University’s Institute of International Economic Law’s Fintech Week event, Acting OCC Comptroller Keith Noreika provided the “latest on our thinking regarding a charter for fintech companies...more

Kilpatrick

To Charter or Not to Charter: Initial Thoughts on Recent Fintech & Banking Developments

Kilpatrick on

A topic of increasing interest in recent months and weeks has been whether and if fintech companies would seek to obtain a bank charter of some sort. The recent decisions by Social Finance Inc. (SoFi) and Square, Inc. to...more

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