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Tuesday, December 6, 2016

OCC favors bank status for fintechs

The U.S. Office of the Comptroller may soon be granting bank charters to fintech firms. Comptroller of the Currency Thomas J. Curry shared plans for a far-reaching initiative Dec. 2, 2016, when the OCC released a paper titled Exploring Special Purpose National Bank Charters for FinTech Companies. In the paper's preface, Curry reflected on the banking industry's resilience and adaptability, noting that banks themselves were once considered revolutionary.

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