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Banks Urge OCC to Rethink Charter Plan for Payments Companies (1)

July 29, 2020, 4:49 PMUpdated: July 29, 2020, 8:14 PM

Banking trade groups are raising concerns with a federal regulator’s plan to give a bank-like charter to technology-driven payments companies.

A national charter for payment companies could introduce “serious risks” to the financial system if the Office of the Comptroller doesn’t consider the same requirements that apply to banks, the American Bankers Association, the Bank Policy Institute, and five other groups said in a letter to to the OCC Wednesday.

Acting Comptroller of the Currency Brian Brooks, a former top lawyer for cryptocurrency exchange Coinbase Inc., has said he plans to unveil a special charter for payment companies later this ...