An OCC Insider’s Perspective on Fintechs and Bank Charters

A senior federal banking regulator once joked that when representatives from fintechs visited him in Washington, after he finished explaining to them what the regulatory implications of becoming banks were, they ran screaming from the building. As more fintechs and other companies find one path or another into banking, the screaming seems to be over — and the adapting seems to be beginning.

Michele Alt has helped with that transition. After a 22-year career in the legal section of the Office of the Comptroller of the Currency, Alt joined Promontory Financial Group, LLC, where many OCC alumni go to pursue private-sector advisory careers. Both there, and now at Klaros Group, where she is Partner and Co-Founder, Alt has helped fintechs explore, and in some cases apply for, banking charters. She is involved in multiple pending applications that if approved will break new ground.

Read the full article at The Financial Brand.