Fintechs Now Can Apply for National Bank Charters: The Train Is Leaving the Station

Fintechs are getting their wish, but strings will be attached.

The U.S. Office of the Comptroller of the Currency is taking a page from European counterparts and perhaps moving a step beyond by the proposed granting of national bank charters to financial technology companies, which the fintechs have sought. Fintechs may learn the wisdom of the adage “Be careful what you wish for.”