The curtain closed this week on the comment period regarding the special purpose national bank charter the Office of the Comptroller of the Currency (OCC) proposed for financial technology companies in December.

The Electronic Transactions Association and Financial Innovation Now were two of the organizations that submitted comments prior to Tuesday’s deadline. Both said they welcomed the discussion about devising a regulatory framework that can support innovation in financial technology while effectively protecting the financial services system and the consumers it serves.

ETA is an international trade association serving the needs of organizations offering payment technology products and services. FIN is an alliance of technology companies whose members include Amazon, Apple, Google, Intuit and PayPal.

Both organizations cautioned the OCC that the special purpose charter would need to be tailored specifically to fintech companies, taking into account their business models, the markets they serve and the services they provide.

ETA said that the industry would be most likely to see any benefit from the level playing field that the charter could help create if the OCC tailors its approach to the industry.

“The term FinTech covers a broad spectrum of companies, including payment processors, money transmitters, and online consumer and business lenders,” the organization wrote. “To ensure the public policy benefits noted above, the OCC should develop an approach for the FinTech charter process that recognizes the unique characteristics of the different types of entities that fit under the FinTech umbrella.”

Similarly, FIN acknowledged that the fintech category encompasses very different types of businesses.

“One way to help ensure the long-term viability of this charter is to tailor supervision based on risk and the business model of a Fintech company,” the organization wrote.

Both organizations argued that financial inclusion – a specific concern the OCC referenced in its request for comments – is at the heart of what financial technology companies do.

“An inclusive financial system is one that provides all consumers and businesses with access to a variety of financial products and services at competitive prices. A key driver of financial inclusion is the deployment of new technologies that allow the underserved to access financial services – a process that is being led by the FinTech industry,” ETA said.

In its letter, FIN said, “Fintech companies have created more efficient financial services that are more accessible for a wide range of consumers and small businesses.”

FIN called out data security as an area where financial technology companies have particular expertise, which it said should affect the approach the OCC takes in its supervision of them.

“As trusted holders of sensitive information, Fintech companies often are the first to integrate higher security measures, such as tokenization of payment data and two-factor authentication, among many other technologies. Innovation in security measures is advancing rapidly, far outpacing the ability of supervisory standards to effectively keep pace,” the organization wrote.

ETA and FIN joined a variety of other groups issuing comments. Banking and credit union organizations such as American Bankers Association, Independent Community Bankers’ Association, and National Association of Federally-Insured Credit Unions weighed in with their concerns, as did consumer protection groups including the Center for Responsible Lending.