Jeffrey P. Naimon quoted in American Banker article, “Why an OCC payments charter may not become reality”
American BankerJeffrey P. Naimon
Jeffrey P. Naimon was quoted on August 5, 2020, in an American Banker article, “Why an OCC payments charter may not become reality,” which discussed the acting comptroller of the currency’s plans to craft a potential charter tailored for payments companies, and the distinctions between a federal and state chartering for these companies if this plan gains traction.
Naimon noted, “States naturally want to preserve or expand their authority, but it’s far from clear that they can offer the best regulatory structure for a national business. While state regulators have made significant progress in trying to create more uniformity, they still have a very long way to go. There would be much less interest in a national bank charter for payments activities if the states could pull that kind of effort together.