Licenses and charters

Coronavirus dims outlook for new credit union charters


The National Credit Union Administration generally only approves a handful of charters each year, but sustained economic troubles are likely to make launching a new institution even more challenging.


Credit unions need reg relief, not new premiums


To shore up the share insurance fund, the National Credit Union Administration would be wise to give the industry additional temporary investment options.


Banking groups urge Congress to block OCC payments charter


Various trade organizations sent letters to a House Financial Services Committee task force saying lawmakers should "actively discharge their oversight prerogatives" as the national bank regulator considers giving licenses to companies that do not accept deposits.


Countering OCC, states announce streamlined payments exams


With the Office of the Comptroller of the Currency considering a special charter for payments firms, a state regulator group said large money transmitters can opt for the “one company, one exam” program next year.


OCC chief goes too far reimagining national bank charter


Acting Comptroller of the Currency Brian Brooks’ focus on allowing fintech firms into the federal banking sphere appears to have a more ambitious and risky goal: redefining the agency’s regulatory focus.


OCC chief, N.Y. regulator dig in on fintech chartering, preemption


Acting Comptroller of the Currency Brian Brooks and Department of Financial Services Superintendent Linda Lacewell stuck to opposing scripts on whether federal or state regulators are best equipped to protect consumers and supervise new entrants into the banking system.


State oversight of payments giants ‘a vestige of history,' Brooks says


In a sharp escalation of the battle over the future of the dual banking system, the acting chief of the Office of the Comptroller of the Currency suggested that states should defer to federal authority in supervising global money transmitters.


As states and OCC keep butting heads, does innovation suffer?


Backers of lawsuits challenging federal charter and interest rate policies for nonbanks say states are sticking up for consumer protection. Others say the legal quagmire could slow efforts to improve the regulatory framework.


Rakuten withdrawal a relief for banks, but ILC saga's far from over


The e-commerce leader’s return to the drawing board alleviates immediate concerns about its banking plans. But the company intends to reapply, and it will be harder for the industry to persuade policymakers to block industrial loan companies more broadly.


Congress, not the OCC, decides what is and isn't a bank


The Office of the Comptroller of the Currency is overstepping its authority in granting charters to fintechs and other companies that don’t take deposits.