{"id":4136,"date":"2018-08-08T18:58:16","date_gmt":"2018-08-08T18:58:16","guid":{"rendered":"https:\/\/www.paymentfacilitator.com\/?p=4136"},"modified":"2022-11-11T09:10:05","modified_gmt":"2022-11-11T16:10:05","slug":"occ-charter-moves-forward-questions-remain","status":"publish","type":"post","link":"http:\/\/infinicept.com\/payment-facilitator\/archive\/occ-charter-moves-forward-questions-remain\/","title":{"rendered":"OCC Charter Moves Forward, Questions Remain"},"content":{"rendered":"<p><strong>Last week, the Office of the Comptroller of the Currency (OCC) announced it would begin <\/strong><a href=\"https:\/\/occ.gov\/news-issuances\/news-releases\/2018\/nr-occ-2018-74.html\"><strong>accepting applications<\/strong><\/a><strong> from fintech companies for a special purpose national bank charter.<\/strong><\/p>\n<p>Since the agency proposed the charter in 2016, reaction to the idea from the fintech community was cautiously positive. As PaymentFacilitator reported at the time, whether a fintech company wanted to apply for the charter or not would be a very individual process.<\/p>\n<p>But in general, some fintech-focused organizations expressed their support for a regulatory framework that would protect consumers while supporting innovation.<\/p>\n<p>As a recent article in Bloomberg Law noted, the idea of a single regulator is appealing to those businesses who otherwise have to navigate individual state licensing schemes.<\/p>\n<p>Indeed, PaymentFacilitator reported in 2016 that businesses required to be licensed as money transmitters were one audience for whom a federal charter might be appealing. While still being subject to state laws, those businesses would report to a single regulator, streamlining their regulatory compliance efforts.<\/p>\n<p>For its part, the Conference of State Bank Supervisors (CSBS) issued a statement last week calling the OCC charter a \u201cregulatory train wreck in the making,\u201d saying that the move exceeds the agency\u2019s authority. The CSBS had previously filed a complaint against the agency.<\/p>\n<p>And as is the case with any new implementation, details remain to be worked out.<\/p>\n<p>For example, Bloomberg Law also reported that the Federal Reserve has not yet made it known whether non-bank companies would be allowed to be part of its payments system, which offers lower transaction fees.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Last week, the Office of the Comptroller of the Currency (OCC) announced it would begin accepting applications from fintech companies for a special purpose national bank charter.<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","_FSMCFIC_featured_image_caption":"","_FSMCFIC_featured_image_nocaption":"1","_FSMCFIC_featured_image_hide":null,"footnotes":""},"categories":[1015],"tags":[75,206,303,597],"class_list":["post-4136","post","type-post","status-publish","format-standard","hentry","category-archive","tag-bank-charter","tag-csbs","tag-fintech","tag-occ"],"acf":[],"_links":{"self":[{"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/posts\/4136","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/comments?post=4136"}],"version-history":[{"count":7,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/posts\/4136\/revisions"}],"predecessor-version":[{"id":8975,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/posts\/4136\/revisions\/8975"}],"wp:attachment":[{"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/media?parent=4136"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/categories?post=4136"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/tags?post=4136"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}