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

Financial trade groups, including CUNA and NAFCU, have asked congressional leaders to intervene in plans by the Office of Comptroller of the Currency to issue special bank charters to payments companies.

“We oppose any effort by the OCC to offer a payments charter, particularly one that would ultimately grant these companies access to the Federal Reserve payments system — the most critical part of our country’s financial infrastructure — and its corresponding federal safety net without protecting the financial system and consumers from the concomitant increase in systemic risk,” the groups wrote in a letter to congressional leaders Tuesday.

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