The Office of the Comptroller of the Currency (OCC) announced that it will begin accepting national bank charter applications from financial technology companies.

This special purpose charter is an attractive option for residential mortgage lenders who would benefit from a more streamlined supervisory and examination regime (e.g., one primary regulator), exportation of interest rates and certain fees, and preemption of certain state lending requirements, including licensing.

While the charter has certain clear benefits, there are some disadvantages and a number of unresolved questions that potential applicants should understand in this new webinar.