Banking Blockchain Fintech News

Figure Applies for National Bank Charter From the OCC

Figure, J.P. Morgan Close $100 Million Financing Facility for Jumbo, Conforming Mortgages

National Bank Charter Will Enable Figure to Fulfill Promises of Efficiency, Affordability and Financial Inclusion

Figure Technologies, Inc. (Figure™), a leader in transforming financial services through the power of blockchain technology, announced it has applied for a national bank charter from the Office of the Controller of the Currency (OCC).

Read More: Wolters Kluwer Adds Over 250 Innovative Enhancements To Its Cloud-Based CCH Axcess™ Client Collaboration Expert Solution

“I look forward to working with the OCC as we move forward on this journey.”

“Figure is pursuing the charter to reduce the complexity of our business – we’ll have over 200 state licenses next year without such a charter,” said Mike Cagney, co-founder and CEO of Figure. “By reducing complexity, we can leverage the technology efficiencies we have to deliver financial solutions to traditionally underserved and underrepresented consumers, driving real financial inclusion.”

Read More: Corporate Spending Innovations Formally Launches as an Automated Payment Provider of SAP Concur

A national bank charter would allow Figure to offer a cohesive set of products and services nationwide, focus its compliance efforts on the requirements of a single regulator, reduce its legal and regulatory costs and risks, and offer its customers and business partners the security of dealing with a federally regulated and supervised national bank.

“This charter will allow Figure to originate loans to a greater number of consumers,” said Nick Ambrosini, EVP at Valley Strong. “As a community based Credit Union and strategic partner of Figure, this ultimately benefits Valley Strong and our members.”

This national bank charter is critical to delivering on the promise of financial services innovation that benefits consumers with new efficiencies and affordability. Cagney said that C.D. Davies, Head of Lending at Figure, will lead the company’s efforts to obtain the bank charter from the OCC and he will also become CEO of Figure Bank. Davies served as CEO of CitiMortgage and Head of Global Mortgage at Citibank and he also previously served as President of Home Loans at Capital One.

“This national bank charter will be instrumental in our efforts to continue to develop and deliver new financial products and services to communities across this country that really haven’t had access to affordable offerings,” Davies said. “I look forward to working with the OCC as we move forward on this journey.”

Read More: First Regulated DeFi Project KingSwap Raises $20 Million in Funding and Liquidity Support, Announces Public Launch on Uniswap

Related posts

Vmade Launched Cooperation with Fulgent Life to Build a Cross-Border SaaS and Payment Integration Solution for Private Growth

Fintech News Desk

PyraMax Bank Joins Cetera Financial Institutions

Fintech News Desk

Komodo Expands Interoperability Through an Integration With Bidao for Multi-Chain Benefits

Fintech News Desk
1