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December 2020

Chartering the FinTech Future (WP-2020-06)

This publication is part of:

Collection: OCC Working Papers – Banking Performance and Regulation


Banks are intermediaries that either lend, execute payments, or do both. The specific means through which these functions are achieved varies over time. Unbundled FinTech shadow banks are often more profitable and efficient than traditional banks, and they are also pioneering new approaches to financial inclusion. Allowing, but not requiring, FinTech shadow banks to become chartered banks will permit those for which this is value-creating to thrive, which will bolster the efficiency and inclusiveness of the banking system.


Charles W. Calomiris