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Brian Brooks, the erstwhile chief legal officer at Coinbase is now the acting head of the US’s Office of the Comptroller of the Currency (OCC), which regulates the country’s banks at federal level. Extending the OCC’s reach to fintech regulation has been high on his agenda. He intends to unveil a national payments charter as soon as the autumn.
“Payments is the one aspect of banking that is inherently borderless . . . so it’s sort of hard to understand why there’s not a federal charter for payments firms,” Mr Brooks told #fintechFT. “The idea that these giant global payment companies are regulated with state licences, is to me very puzzling.” The payments charters would authorise banks to carry out money transmission activities across the US, replacing the patchwork of state payments licences that companies need to get to operate nationwide, to create a more efficient and consistent system.
https://www.ft.com/content/43183fca-7403-4ed2-a157-f4b29253e81a?sharetype=blocked
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