Tag Archives: Office of the Comptroller of the Currency (OCC)
The Office of the Comptroller of the Currency recently gave conditional approval to a national bank charter applicant that plans to offer traditional bank products and services exclusively through mobile, online, and phone-based channels. The bank, Varo Bank, N.A., will be headquartered in Salt Lake City, Utah, and will not have any branches or deposit-taking ATMs. The bank intends to have a nationwide footprint, however, based on its digital delivery system.
The federal banking agency that supervises national banks and federal savings associations – the Office of the Comptroller of the Currency (“OCC”) – has formally taken up financial technology (“FinTech”) as an important regulatory issue. In a white paper released on March 30th, the OCC outlines principles that the OCC will follow in its approach to regulating FinTech. The white paper reflects the OCC’s desire to work with banks and FinTech firms to foster the responsible development of FinTech innovations. The white paper seeks public comment on issues raised in the paper by May 31st.