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The payments landscape for community banks is changing rapidly as traditional payments converge with new instant payment systems and emerging cryptocurrencies. It is critical for Community Banks to maintain awareness of developments in the payments space to assess new opportunities, mitigate risks, and ensure that their payment strategy aligns with overall business plans.
July 30, 2020
ICBA and other groups expressed opposition to the OCC's recent discussions to offer a narrowly focused payments charter. Citing financial industry pushback on the OCC's proposed special-purpose fintech charter, the groups asked the agency to clarify its expectations before proposing any narrow-purpose charters.
In a joint letter to Acting Comptroller Brian Brooks, the groups said the agency should undertake an open and transparent process in considering new charters and apply Bank Holding Company oversight to limited-purpose entities.
A federal judge last fall sided with the New York Department of Financial Services in ruling that the OCC lacks the authority to grant bank charters to nonbanks that are ineligible for deposit insurance, which the OCC is appealing.