OCC payments charter faces pushback from states and banks - Business Insider

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"Now we're at a point where hundreds of billions of dollars of payments a month are being processed outside the banking system. And so this activity, which is a banking activity, is no longer visible to us," Brooks said. "Major international payment players like us are different from a bank, and there should be some sort of regulatory regime in place that reflects how we operate, and also allows us to send payments ourselves," Nick Catino, head of policy at TransferWise, told Business Insider. These 38 fintechs are the next generation of breakout B2B stars. Here's who investors have tapped to follow in the footsteps of Plaid and Stripe.

Meanwhile, state regulators fear losing jurisdiction and revenue from the licensing fees earned on local charters. "We're keeping a close eye on it to see how it's ultimately implemented," Carmeli said. "In the future, we hope to see an additional OCC fintech charter that is broader and covers more than just payments."And while fintechs see the new potential charter as a big boost, state regulators and big banks don't view it that way.

Meanwhile, banks have their own set of issues with the charter. The American Bankers Association, along with six other bank trade groups, penned a letter in July arguing that issuing charters to nonbank fintechs could introduce more risk into the banking system. "We have serious concerns around the recent discussion of a narrow-purpose payments charter," the groups said in the letter.

Fintechs are irrelevant when global warming teaches you all more and more unforgettable lessons. In the coming years floods will increased, as will other devastating storms and hurricanes. Money can't hide you from the damage you all have caused.

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