New Special Purpose National Bank Charter for FinTech Companies: Evaluating the Benefits and Regulatory Pitfalls
Navigating the Supervisory, Financial and Operational Conditions Attached to the OCC's Bank Charter
Recording of a 90-minute premium CLE webinar with Q&A
This CLE course will provide an overview of the OCC’s proposal for special purpose national bank charters for FinTech companies and the potential regulatory pitfalls that potential applicants must consider. The program will address the OCC’s chartering process and the supervisory, financial and operational conditions that would apply.
Outline
- Overview of OCC framework for special purpose charters
- Federal preemption
- Preemption of state money transmitter licensing requirements
- State and federal consumer protection laws
- Supervisory, financial and operational conditions
- Potential supervision by the Federal Reserve Board
- Membership in the Federal Reserve System
- Applicability of the Bank Holding Company Act
- Taking deposits
- Community Reinvestment Act obligations
- Activity limitations
- BSA/AML and other requirements
- Minimum capital and liquidity requirements
- OCC chartering process
Benefits
The panel will review these and other key issues:
- Benefits of special purpose national bank charters
- Regulatory pitfalls of special purpose national bank charters
- The OCC’s chartering process and the supervisory, financial and operational conditions that would apply
Faculty
John L. Douglas
Partner
Davis Polk & Wardwell
Mr. Douglas' practice focuses on bank restructuring and resolutions and other issues arising from the current... | Read More
Mr. Douglas' practice focuses on bank restructuring and resolutions and other issues arising from the current banking and financial crisis. He has advised the boards of directors of Indymac and Bank United, counseled Citigroup with respect to FDIC matters, and advised various parties on the fallout from the failure of Washington Mutual. He was General Counsel of the FDIC in the late 1980s.
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Anthony R.G. Nolan
Partner
K&L Gates
Mr. Nolan has a domestic and international practice that emphasizes lending transactions, fixed income securities,... | Read More
Mr. Nolan has a domestic and international practice that emphasizes lending transactions, fixed income securities, structured finance, structured products and derivatives. He often works at the intersection of finance and investment management, including trading and regulation of swaps and security-based swaps, loan trading, securities lending and repo as well as traditional borrowing and leverage transactions.
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Judith E. Rinearson
Partner
K&L Gates
Ms. Rinearson concentrates her practice in prepaid and emerging payment systems, electronic payments, crypto/virtual... | Read More
Ms. Rinearson concentrates her practice in prepaid and emerging payment systems, electronic payments, crypto/virtual currencies, reward programs, ACH and check processing. She has more than 25 years of experience in the financial services industry, including 18 years at American Express’s General Counsel’s Office. Her expertise focuses particularly in the areas of emerging payments and compliance with state and federal consumer protection laws, anti-money laundering laws, state money transmitter licensing laws and abandoned property laws.
CloseReuben Grinberg
Davis Polk & Wardwell
Mr. Grinberg's practice focuses on bank regulatory advice, including Dodd-Frank Act regulatory implementation,... | Read More
Mr. Grinberg's practice focuses on bank regulatory advice, including Dodd-Frank Act regulatory implementation, the preparation of the first and second generations of living wills, and financial institution capital markets and M&A transactions. He wrote the first widely read and cited academic paper on Bitcoin, and is often cited in the media as an expert on digital currencies. He advises clients on the novel regulatory issues relating to Bitcoin and digital currency-based businesses.
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