Bank Groups Caution OCC Not To Rush Out Payments Charter

Law360 (July 30, 2020, 8:15 PM EDT) -- Seven banking trade associations have asked the U.S. Office of the Comptroller of the Currency to be cautious and transparent as it considers a recently floated national payments charter, adding that they would oppose a narrowly tailored charter.

The associations, including the American Bankers Association, the Bank Policy Institute and The Clearing House, highlighted concerns with the implementation of a payments charter in a Wednesday letter to acting Comptroller Brian Brooks of the OCC. The groups said such a charter could "induce serious risks that would undermine the valuable role that national banks play in our dynamic economy," and urged the agency to deliberate carefully...

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