US financial services regulator, the Office of the Comptoller of the Currency has finally published its draft manual for fintechs seeking “limited purpose” banking charters.

With all regulations applicable, there is no suggestion of a sandbox approach seen elsewhere in the world, but the codification of existing regulations as they apply to fintechs will no doubt be a help.

This only applies to nationwide banking charters and fintechs are already able to seek state charters as an alternative. It’s possible that the reticence of the US regulators in embracing fintech is what is enabling the rest of the world to thrive in the sector.

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