Washington, D.C. – BPI Executive Vice President & Co-Head of Regulatory Affairs, Paige Pidano Paridon, issued the following statement today in response to a lawsuit filed by the Independent Community Bankers of America against the Office of the Comptroller of the Currency for authorizing novel entities to enter the banking system without being subject to the same rigorous regulatory framework or safeguards as community banks:
“As we’ve said in comments filed on numerous national trust bank charter applications, BPI supports efforts to bring innovative new products and services into the regulated banking ecosystem, provided that the entities engaging in those activities are subject to the same rules and responsibilities as every other chartered institution engaging in the same activities. Companies should not receive trust charters unless they plan to limit their operations to genuine trust activities. If they want to engage in traditional banking activities, they should seek full-service banking charters. Rigorous, uniform standards are essential to fostering a competitive, safe, and resilient banking system.”
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The Bank Policy Institute is a nonpartisan public policy, research and advocacy group that represents universal banks, regional banks and the major foreign banks doing business in the United States. The Institute produces academic research and analysis on regulatory and monetary policy topics, analyzes and comments on proposed regulations, and represents the financial services industry with respect to cybersecurity, fraud and other information security issues.
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