Washington, D.C. – July 31, 2018 – The following can be attributed to Jason Oxman, Chief Executive Officer of the Electronic Transactions Association, following the release of the Office Comptroller of the Currency’s (OCC) Special Purpose National Bank to FinTech companies:
“ETA applauds the OCC for its leadership in creating the Special Purpose FinTech Charter which will create a consistent and uniform regulatory framework for FinTech companies to quickly deliver their financial products and services to all Americans. This type of clarity benefits everyone by ensuring that industry, customers and regulators are operating from the same rules and expectations.
“The OCC Charter recognizes the value FinTechs offer to increase participation in and as access to financial services for consumers and small businesses, as well as the benefits to the overall economy. We look forward to working with the OCC on The Charter to help expand financial inclusion by making services less expensive and broadly available.”
The Electronic Transactions Association (ETA) is the global trade association representing more than 500 payments and technology companies. ETA members make commerce possible by processing more than $6 trillion in purchases in the U.S. and deploying payments innovation to merchants and consumers.