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U.S. Fintechs Offered Alternative To State-By-State Regulation

Financial technology firms in the U.S. will be able to apply for authorization at federal level for the first time, banking regulators have announced — but must meet tough requirements first.

Thomas Curry, head of the Office of the Comptroller of the Currency (OCC), said it would allow non-banks to apply for the federal charters because “fintech companies hold great potential to expand financial inclusion, empower consumers, and help families and businesses take more control of their financial matters.”

“We recognize that our decision will affect the federal banking system for many years to come, and I believe that effect will be a positive one,” Curry said in a speech at Georgetown University Law Center.

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