Office of the Comptroller of the Currency seal Source: Shutterstock.

As the Office of the Comptroller of the Currency considers a special purpose bank charter limited to payment services, NAFCU, CUNA, the American Bankers Association and other financial trade organizations have been pushing back.

In a letter to the OCC this week, NAFCU Senior Counsel for Research and Policy Andrew Morris said the OCC “should not give preference to fintech as a new model of banking ready to replace traditional institutions, but rather seek to modernize traditional supervisory frameworks.”

Michael Ogden

Editor-in-Chief for CU Times.

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