Tag: paymentscharter

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CSBS Rolls Out Joint Examination Initiative for Nationwide Payments Firms
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It’s BA-ACK! OCC planning a new fintech charter: “Payments Charter 1.0”

CSBS Rolls Out Joint Examination Initiative for Nationwide Payments Firms

By Jeremy McLaughlin and Dan S. Cohen

On September 17, the Conference of State Bank Supervisors (CSBS) announced that at least 40 states will establish a joint examination process for “nationwide payments firms” for the 2021 examination cycle. Known as “MSB Networked Supervision,” the initiative will allow 78 licensed payments companies, including some cryptocurrency exchanges, to undergo one joint examination rather than separate examinations for each state in which they are licensed. The examinations will be conducted by a group of examiners from multiple states but led by one designated state’s regulator. To be eligible, companies must be licensed in at least 40 states. This initiative follows the “One Company, One Exam Pilot” that was completed earlier this year and is part of CSBS Vision 2020, an initiative to create “a networked system of nonbank licensing and supervision.”

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It’s BA-ACK! OCC planning a new fintech charter: “Payments Charter 1.0”

By Judie Rinearson and Mehreen Ahmed

On June 25, 2020, Acting Comptroller Brian Brooks announced in an American Bankers Association’s podcast that the Office of the Comptroller of the Currency (the “OCC”) is planning to introduce “Payments Charter 1.0”, which would effectively be a “national version of a state money transmission license.”

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