Tech companies, from small payment startups to the largest tech behemoths, want access to the U.S. banking system. Three ways that they can get that access include: (1) state-chartered industrial loan companies (ILCs), (2) national bank charters for companies that provide payments, but not deposit-taking services, under a new plan from the acting chief of …

As planning for the presidential transition proceeds, there are some voices calling for a rollback of what they describe as the reckless bank deregulation of the past few years.  Their rhetoric echoes that of 2009, but the reality of 2020 is very different. As the Financial Stability Board recently explained, “In contrast to the 2008 financial …

Stories Driving the Week OCC’s Brooks Lays Out Payment Charter Options as He Eyes Formal Nomination to Post Acting Comptroller of the Currency Brian Brooks said one of the banking agency’s payment charter frameworks is ready to receive applications, according to a Nov. 17 Forbes interview. President Donald Trump indicated this week he will formally …

Ransomware attacks continue to be pervasive across financial services and other critical industries and remain top-of-mind for cybersecurity leaders. BITS, the technology policy division of the Bank Policy Institute (BPI), put together the following resource guide to assist BPI members and other financial institutions prepare for cyber threats from ransomware attacks. Background Ransomware is a …

Dear Majority Leader McConnell, Speaker Pelosi, Democratic Leader Schumer and Minority Leader McCarthy: We, the undersigned associations representing thousands of banks, credit unions, financial institutions, nonprofits and businesses of all sizes that serve America’s consumers, write to urge you to immediately address the overburdensome Paycheck Protection Program (PPP) forgiveness process before the end of the …