Promontory Managing Director Julie Williams was quoted in American Banker about the financial inclusion provisions in the Office of the Comptroller of the Currency’s fintech charter proposal. She compared it to the Community Reinvestment Act requirement for banks.
“If you don't do well on CRA, you get a bad CRA rating,” said Julie Williams, the former chief counsel at the OCC, who now is a senior official with IBM's Promontory Financial Group. But “if the special-purpose national bank doesn't comply with the financial inclusion plan, then the OCC can take enforcement action. That is actually more than what the OCC can do if a bank doesn't do well on the CRA.”
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