Comptroller of the Currency Joseph M. Otting stressed the importance of supporting innovation in the financial system, and allowing regulation to change with the time. 

“The federal banking system must continue to evolve and embrace innovation to meet the changing customer needs and serve as a source of strength for the nation’s economy,” said Otting. “The decision to consider applications for special purpose national bank charters from innovative companies helps provide more choices to consumers and businesses, and creates greater opportunity for companies that want to provide banking services in America. Companies that provide banking services in innovative ways deserve the opportunity to pursue that business on a national scale as a federally chartered, regulated bank.”

Critics, however, say that the move undercuts state regulatory authority and could potentially open the floodgates to a wide range of bad actors, according to the Times. Further, there is considerable disagreement over whether the OCC even has the authority to make such a change. It is also likely to draw an immediate court challenge, as the Conference of State Bank Supervisors had previously sued the OCC to block these new charters, though the case was dismissed because the  new charters didn't exist yet. Now that they do, the CSBS will probably file a new suit.