Comptroller Otting Discusses Fintech Charter Concerns

Otting said Wednesday to reporters that no firms considering the OCC Fintech Charter have mentioned concerns about the Fed standing in their way; instead he argued that fintechs have other ways of processing payments other than joining the Fed system; Otting was referencing the hundreds of meetings he has had with fintech companies who most often have a correspondent bank relationship which allows them to process checks and to send wires; Otting also noted that federal regulators will soon take steps towards updating AML requirements and shared his hopes that other agencies will join the OCC to revamp the Community Reinvestment Act. Source

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