Control Currency Charter For Free

The Office of the Comptroller of the Currency (OCC) charters, regulates, and supervises all national banks and federal savings associations as well as federal branches and agencies of foreign banks. The OCC is an independent bureau of the U.S. Department of the Treasury and is led by the Comptroller of the Currency.

Obtaining a bank charter can be challenging and requires significant resources and energy. There are considerable advantages for Fintechs willing to complete the application process, however.

Analysis of the timeline of previous fintechs who have received bank charters suggests that the bank charter approval should be in the near future (within ~6 months).

Operating through a bank charter also provides access to the payments system operated by the Board of Governors of the Federal Reserve System (Federal Reserve) and access to wholesale funding, such as the Federal Reserve discount window, Federal Home Loan Bank advances, and the federal funds market.

The International Monetary Fund (IMF), the body responsible for monitoring the international monetary system, recognizes eight major reserve currencies: the Australian dollar, the British pound sterling, the Canadian dollar, the Chinese renminbi, the euro, the Japanese yen, the Swiss franc, and the U.S. dollar.

A chartered bank is a financial institution engaged in the business of providing monetary transactions, such as safeguarding deposits and making loans. Most chartered banks have received their government's permission to operate in the financial services industry.

Applying for a Bank Charter The proposed bank must first receive approval for a federal or state banking charter. Before granting a charter, the chartering regulator must determine that the applicant bank has a reasonable chance for success and will operate in a safe and sound manner.