Regulators to allow fintech companies to become national banks

SAMSUNG Electronics Co. and the U.S. Consumer Product Safety Commission agreed on an expanded recall of original and replacement Note 7 smartphones, increasing the number of devices that can be returned to 1.9 million. Here a Samsung employee demonstrates the water-resistant capability of a Samsung Electronics Co. Galaxy Note 7 smartphone. / BLOOMBERG NEWS FILE PHOTO/SEONGJOON CHO
FEDERAL REGULATORS said Tuesday fintech companies, such as those providing digital financial services via smartphones and other technologies, will be allowed to seek federal banking charters to provide banking services on a national scale. / BLOOMBERG NEWS FILE PHOTO/SEONGJOON CHO
PROVIDENCE - The burgeoning financial technology industry scored a big victory Tuesday when federal regulators announced that so-called “fintech” companies will be allowed to become national banks. The U.S. Office of the Comptroller of the Currency, or OCC, announced it will start accepting applications for special-purpose national bank charters from nondepository financial technology companies engaged…

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