A Survey of the Different Licensing and Chartering Options for FinTechs: Finding the Best Fit for Your Company
What is it about?
- Closely examining the different licensing/chartering options for FinTech companies:
- OCC Fintech Charter / license as a Special Purpose Bank
- Partnering with a retail bank
- Licensed Money Transmitter
- State Trust Company Charter
- Industrial Loan Company Charter
- Assessing the regulatory implications, compliance challenges and costs, and operational considerations surrounding each of these options
- What should banks and Fintechs consider before they partner?
- Assessing the positives and negatives of choosing the bank partnership model?
- Addressing the recent applications by Sofi and Square for Industrial Loan Company Charters
- If approved, what will the implications be?
- Examining the latest developments and trends in fintech chartering/licensing decisions and what they means for the industry going forward