Bank Charters Under the Trump Administration

Allison Raley, co-chair of AGG’s Emerging Technologies team, authored an article for FinTech Weekly discussing what the future of bank charters may look like under the Trump administration.

In the article, Allison describes the evolution of the charter process, applying for a traditional bank charter with the Office of the Comptroller of the Currency, and state-based special purpose charters.

She also explores the Office of the Comptroller of the Currency’s (“OCC”) special purpose national bank charter, designed specifically for fintech companies. Additionally, the OCC established the Office of Innovation, instructing fintech applicants to engage early and frequently with regulators. These efforts to streamline communication and clarify expectations attempted to reduce the uncertainty that deters some fintechs from applying for traditional charters.

“Although administrative priorities often shift, most experts agree that the drive to integrate fintech will persist,” said Allison. “By exercising regulatory flexibility, agencies can bring emerging technologies under a coherent supervisory umbrella, encourage innovation, and safeguard consumers.”

To read the full article, please click here.