OCC Seeks Comments Regarding Proposed Electronic Banking Rules

The Office of the Comptroller of the Currency (OCC) is seeking comments on proposed regulations concerning online activities of both national banks and federal savings associations, in particular regarding establishing criteria to evaluate whether a bank may offer a particular service, electronically, in furtherance of the “business of banking.”

Although open to general comments on “other banking issues related to digital technology,” the OCC has explicitly stated it is not requesting comments regarding its authority to issue a special purpose national bank charter, such as one geared towards financial technology companies.

Comments regarding the proposed regulations may be submitted here until August 3, 2020.