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Legal Update

New and Improved? Or Much Ado About Nothing? What To Consider Before Seeking a US National Bank Charter for Your Fintech Company

15 December 2016
Mayer Brown Legal Update
The recent decision by the US Office of the Comptroller of the Currency to allow fintech companies to apply for special-purpose national bank (SPNB) charters is good news for some such companies, particularly those that are well capitalized and have a strong management team. However, fintech companies will need to review the December 2, 2016, announcement with care to consider whether an SPNB charter is the right choice for them and how the announcement will change the competitive landscape. This Legal Update provides an overview of the announcement, some of the key points for consideration by companies evaluating whether to apply for an SPNB charter, and a brief summary of the chartering process and certain national bank application requirements.

Authors

  • David L. Beam
    T +1 202 263 3375
  • Melanie Brody
    T +1 202 263 3304
  • Jonathan D. Jaffe
    T +1 650 331 2085
  • Jeffrey P. Taft
    T +1 202 263 3293
  • Matthew Bisanz
    T +1 202 263 3434
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