OCC's Potential Boon For Payment Industry Faces Headwinds

By Philip Rosenstein (September 10, 2020, 8:54 PM EDT) -- Acting Comptroller of the Currency Brian Brooks has expressed a desire to wrap payments companies into the federal regulatory framework, and while the effort has been lauded as a move to ease compliance costs, state regulators appear prepared to fight to protect their oversight of the industry.

The numerous licensing requirements that exist for payments companies, which are typically regulated at the state level, has led many in the industry to look favorably upon federally chartering companies engaged in money transmission. Doing so would allow them to eschew the matrix of state laws regulating payments and money transmission, minimizing costs and...

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