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New York Weighing Options to Challenge OCC Payments Charter

Sept. 1, 2020, 9:37 PM

New York’s financial watchdog is looking for ways to challenge the Office of the Comptroller of the Currency’s decision to consider bank charter applications from payments companies.

The statement comes as the OCC says it’s now considering the applications, though none have been received to date, OCC spokesman Bryan Hubbard said in a statement Tuesday.

The agency isn’t issuing a “change in policy or posture,” but has concluded that its existing processes for licensing and supervising payments companies “are sufficiently robust to consider applications related to that core banking activity,” Hubbard said.

The New York Department of Financial Services previously ...