NACHA Government Relations Update – Oct. 18, 2018

Posted October, 18 2018

Luetkemeyer Asks for Investigation on “Deputizing” Banking System to Stop Payday Lending

Rep. Blaine Luetkemeyer today called on FDIC Chairman Jelena McWilliams and Comptroller of the Currency Joseph Otting to investigate actions their agencies, prior to their arrival, have taken to discourage banks from serving payday lenders.

The letters to both McWilliams and Otting, Rep Luetkemeyer, the Missouri Republican cited new evidence released in court last Friday quoting officials about steps they had taken against the industry.

The documents arose from litigation payday lenders are pursuing against regulators for actions linked to "Operation Choke Point," an Obama-era federal program officially described as an effort to cut off the banking system from wrongdoing by merchants. It has long been derided by industry and Republican lawmakers — with Luetkemeyer one of its most prominent critics — as an attempt to discourage banks from serving certain businesses/industries.

 

OCC’s Otting Addresses Marijuana Banking & Fintech Charters

In a speech on Wednesday, Oct. 17, Comptroller of the Currency Joseph Otting said the OCC would be able to approve or deny charters for fintech companies by the middle of next year. In the same speech, Otting indicated a legislative solution will be necessary for banks that want to serve marijuana businesses, due to the stark increase in states permitting marijuana usage.

 

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