OCC payments charter

State Bank Regulators Launch Single-Exam Plan for Multistate Money Transmitters in wake of OCC’s Payments Charter Proposal

By Mindy Harris, Scott A. Coleman & John D. Socknat on September 24, 2020

Posted in Fintech, OCC, Payments, Regulatory and Enforcement, State Licensing

The Conference of State Bank Supervisors (CSBS) recently announced plans to establish a program under which money transmitters licensed in multiple states will undergo a single comprehensive exam that seeks to satisfy all state examination requirements, beginning in 2021. Money transmitters, payments firms and cryptocurrency companies licensed in 40 or more states would be covered by the program, to be known as “MSB Networked Supervision”.… Continue Reading

OCC Previews Plans to Introduce Special Purpose National Bank Charter for Payment Companies

By Mindy Harris on July 9, 2020

Posted in Fintech, OCC, Payments, Regulatory and Enforcement

In recent interviews including a podcast with the ABA Banking Journal reported by Forbes, Acting Comptroller of the Currency Brian Brooks previewed the OCC’s plans to introduce another special purpose national bank charter that would give payment companies a nationwide servicing platform and federal preemption of state laws regarding licensing and regulation of money transmitters and payment services providers.… Continue Reading