NAFCU, trades call on OCC to reconsider recent charters

by NAFCU Newsroom

NAFCU joined with several other financial services industry trades Thursday to reiterate concerns to the Office of the Comptroller of the Currency (OCC)about its novel bank licensing approach and urged the agency to withdraw a recent interpretive letter and reconsider three conditionally-approved trust charters.

NAFCU has been leading efforts to ensure fintech banks operate on a level playing field with credit unions and urging policymakers to make necessary changes to combat the risks posed to the financial system by fintech banks. Carlos Pacheco, CEO of Premier Members Credit Union (Boulder, Colo.), last month testified on behalf of NAFCU before a House Financial Services subcommittee on chartering issues.

In addition to Pacheco’s testimony, NAFCU has released a video, op-ed from President and CEO Dan Berger, and issue brief outlining potential chartering schemes, to inform consumers and lawmakers about the risks posed to the financial system by fintech banks. Berger also joined Fox Business Reporter Charlie Gasparino to discuss fintech concerns on The Claman Countdown.

NAFCU and the trades have consistently called on the OCC to provide a transparent charter process, including longer public comment periods on the applications to ensure proper oversight.

 

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