Financial technology (fintech) companies in the San Francisco can now apply for special purpose national bank status usually reserved for banks that process cheques, issue loans and/or take deposits. According to Thomas Curry, Comptroller at the Georgetown University Law Center, fintech start-ups “hold great potential to expand financial inclusion” as well as promote economic growth on a national level.
Financial technology (fintech) companies in the US can now apply for special purpose national bank status usually reserved for banks that process cheques, issue loans and/or take deposits. According to Thomas Curry, Comptroller at the Georgetown University Law Center, fintech start-ups “hold great potential to expand financial inclusion” as well as promote economic growth on a national level.