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CBA Comments on OCC Fintech Charter Proposal
The OCC recently offered a proposal to charter fintech companies by amending the Comptroller’s Licensing Manual with a new supplement covering fintech companies. On April 14, 2017, CBA offered a comment letter in response to this proposal, crediting the OCC for granting its request for additional information and for making certain adjustments to its original proposal. However, CBA reiterated its recommendations from its first comment letter for the OCC to conduct an in-depth study of the fintech sector and to issue a formal charter proposal for public notice and comment.