The Office of the Comptroller of the Currency (the OCC) says that it intends to launch a Payments Charter in fall this year.
This was explained by Brian Brooks, the Acting Comptroller of the Currency.
This charter would enable firms to conduct payments (money transmission) activities across the country without needing to get individual licenses in each state.
The OCC’s Fintech Charter has faced legal challenges by the states – and this Payments Charter might also face similar pushback.
If the Payments Charter is successful, it might materially reduce the barriers to entry for fintech firms in the US, increase competition and foster innovation.