Jeffrey Alberts

On July 31, 2018, the Office of the Comptroller of the Currency (OCC) announced that it would begin accepting applications from FinTech companies for special purpose national bank charters. These new and controversial FinTech charters have the potential to radically change how FinTech companies are regulated and how these companies interact with traditional banks.

Jeffrey Alberts, Co-Chair of Pryor Cashman's FinTech Group, explains the characteristics of a FinTech charter and discusses the advantages and disadvantages of applying for one.