Nonbanks dominate bank charter boom as approval timelines shrink

Nonbanks are coming in droves to apply for national bank and national trust bank charters, capitalizing on the quick approval processes. "The OCC is strictly adhering to the stated processing times, that it really will not let them drag on for any reason, and so that is why we can see decisions come out at such a clip, even if they're decisions that don't necessarily look similar to each other in terms of complexity or risk profile," Matt said.