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Patel, Arena Author Article on Proposed Rules for FinTech CompaniesDecember 07, 2016
O'Melveny partner Bimal Patel and associate Todd Arena co-authored the article “Taking Stock of Proposed Rules for FinTech Companies” published December 7, 2016, in The Recorder.
The piece discusses the announcement that the Office of the Comptroller of the Currency (OCC) will move forward with plans to create a special purpose national bank charter for financial technology companies. According to the article, a white paper issued by the OCC at the same time outlines its proposal for the special purpose charters and requests public comments on a range of issues that must be resolved before the OCC can adapt its review and expectations to the wide variety of business models in the FinTech space.
“It remains to be seen what effects such a charter will have on the market, particularly in light of the recent election,” the authors conclude. “It is incumbent upon firms and the broader public to take this opportunity to engage the OCC to ensure that its eventual policy encourages responsible innovation.”
Patel is the head of O’Melveny’s Financial Advisory and Regulation Practice and specializes in matters related to financial services, public policy, and political strategy. He is based in the firm’s Washington, DC office. Arena specializes in matters related to banking and financial services and resides in O’Melveny’s New York office.