Payment Law Advisor Legal Commentary and Resources for the Payment Industry

Tag Archives: fdic

Update on the OCC’s Initiative for the Special Purpose National Bank Charter

Posted in OCC Fintech Charter
Nineteen months have passed since the Office of the Comptroller of the Currency launched its initiative for fintech companies, specifically asserting the OCC’s authority under the National Bank Act to grant a “special purpose national bank charter.”  In his testimony before Congress last month, the Comptroller of the Currency, Joseph Ottin… Read the rest

FDIC Clarifies its Supervisory Approach to Payment Processor Relationships

Posted in Regulatory and Compliance
The Federal Deposit Insurance Corporation (FDIC) recently released a letter clarifying its policy and supervisory approach for financial institutions that provide services to payment processors who, in turn, provide services to merchants engaged in high risk activities. In summary, the brief letter assures FDIC-supervised banks and savings assoc… Read the rest