The Office of the Comptroller of the Currency has made its decision; it is now “up to the fintechs” to gather and submit applications for a banking license, an OCC spokesman told Bank Innovation.

In his announcement Friday, Thomas Curry, Comptroller of the Currency said that the OCC will begin “considering” applications to grant banking licenses to fintech firms. Applying for a license will not be a requirement, but rather a choice, Curry clarified in his remarks at the University of Georgetown on Friday.

The decision, which has been in consideration for months, opens a “direct door” for many fintech companies looking. From Curry’s remarks:

Many fintechs will choose to partner with existing banks or provide services to banks and other financial companies, but some will seek to become a bank. In those cases, it will be much better for the health of the federal banking system and everyone who relies on these institutions, if these companies enter the system through a clearly marked front gate, rather than in some back door, where risks may not be as thoughtfully assessed and managed.  

So what comes next?

The floor is now open for the interested fintechs, OCC spokesman told BI. The agency will continue accepting comments from industry players on the processes and considerations (detailed in this paper) for granting national charters. The spokesman confirmed that the comments will merely provide “additional insight” to help the OCC move forward with its plan.

The comment period will close on January 17.