Nonbank Figure withdraws OCC charter application

Figure Technologies, a nonbank consumer lender looking to expand into payments services, withdrew its application for a national bank charter.

Details: As reported by Bank Reg Blog, the withdrawal comes nearly three years after Figure first filed with the OCC. The application drew a since-withdrawn legal complaint from the Conference of State Bank Supervisors that challenged the OCC’s nonbank charter program.

ICBA View: Shortly after Figure filed its application in 2020, ICBA and other groups issued a joint letter calling on the OCC to ensure all national banks are subject to a consistent regulatory framework and to appropriately consider the potentially novel uses of national bank charters.

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