WASHINGTON—The Office of the Comptroller of the Currency (OCC) plans to release new guidance for fintech charters in July. To date, the OCC has not granted any special purpose charters.
On a panel before Democratic members of the House Financial Services Committee in February, NAFCU President and CEO Dan Berger acknowledged the benefits of fintech, but also outlined several principles to guide regulators as they consider fintech participation in the financial marketplace:
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Data and cybersecurity concerns – fintech companies should be held to the same standards that apply to credit unions;
fair competition – fintechs must compete with regulated financial institutions on a level playing field - Consumer protection – fintechs should comply with the same consumer protections laws that apply to credit unions and banks.
NAFCU said it continues to support a fair playing field so credit unions have as many opportunities as banks and non-regulated entities as part of its 2018 priorities.