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The Office of the Comptroller of the Currency (OCC) plans to release new guidance for fintech charters in July. NAFCU has advocated for chartered fintechs to be placed on a level playing field with credit unions and follow the same consumer protection laws.

To date, the OCC has not granted any special purpose charters.

On a panel before Democratic members of the House Financial Services Committee in February, NAFCU President and CEO Dan Berger acknowledged the benefits of fintech, and also outlined three principles to guide regulators as they consider fintech participation in the financial marketplace:

data and cybersecurity concerns – fintech companies should be held to the same standards that apply to credit unions;
fair competition – fintechs must compete with regulated financial institutions on a level playing field; and
consumer protection – fintechs should comply with the same consumer protections laws that apply to credit unions and banks.

NAFCU continues to support a fair playing field so credit unions have as many opportunities as banks and non-regulated entities as part of its 2018 priorities.

NAFCU will follow the OCC's guidance on this issue.