34 As envisioned by the OCC, obtaining a special purpose charter would have the practical effect of allowing certain fintech companies (companies that make loans, make payments, or accept deposits) to potentially bypass the need for connecting to a bank for certain purposes in favor of becoming licensed as banks themselves.
In addition, we might – over the medium-term – also think about devising mechanisms to limit the systemic impact of sovereign debt crises that might still occur. However, particular caution is warranted in this regard given that adverse incentive effects would most likely be even more severe than in the financial sector.