Banking Law News

OCC Should Think Again on Fintech Charters, N.Y. Regulator Says

June 24, 2020, 6:28 PM

Federal banking charters for virtual currency or payments companies would meet the same legal headwinds that have sidelined a planned charter for fintech lenders, New York’s top financial regulator said.

Acting Comptroller of the Currency Brian Brooks has floated the idea of special purpose national charters for payments companies and virtual currency businesses, similar to the national bank regulator’s 2018 charter for nondepository fintech lenders. Those special purpose charters, if they come to fruition, would allow payments and virtual currency firms to operate on a nationwide basis while avoiding state licensing requirements.

New York Superintendent of Financial Services Linda Lacewell...

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