OCC Appeals Fintech Charter
On Dec. 19, 2019, the Office of the Comptroller of the Currency appealed a decision by a federal judge that said the agency cannot issue bank charters to institutions that don’t take deposits. That means for now, financial technology firms cannot apply for the OCC’s limited national charter.
The NYDFS took legal action against the national bank regulator, saying the OCC does not have the legal authority to charter fintech startups under the National Bank Act.
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As the steward of the ACH Network, Nacha applauds the Federal Reserve Board of Governors’ approval today of the extension of the National Settlement Service operating hours, which is necessary for the expansion of Same Day ACH. With the issuance of the notice today by the Board of Governors, Nacha confirms that the effective date of the expansion of Same Day ACH is March 19, 2021.