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2/27/19 - Julie Williams on Alternative Options to the OCC’s Fintech Charter

Promontory Managing Director and Director of Domestic Advisory Practice Julie Williams was featured in a Bloomberg Law article about the lack of applications received by the Office of the Comptroller of the Currency for a national fintech charter. 

Williams explained that because the national fintech charter does not permit deposit-taking, firms are considering other avenues to provide banking services.

“There are firms that are considering whether they could, in their business model, foresee wanting to provide deposits. That’s why there is some rethinking of the possibility of an insured national bank charter that is engaged in fintech activity,” Williams said. 

However, each alternative option poses its own unique set of challenges. “For every advantage that you might identify and move in that direction, you’ve triggered some other issue that you have to think about and solve,” Williams added. 

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