Additional time needed to evaluate charter applications

November 23, 2020

Stakeholders should have additional time to evaluate novel charter applications, CUNA and other financial and consumer groups wrote to the Office of the Comptroller of the Currency Friday. The letter follows up previous joint letters calling for an open and transparent process when considering new charters.

“Ensuring that all national banks are subject to a consistent framework of regulation and oversight, and that novel uses of a potential national bank charter are appropriately considered, are critical to ensure that customers will receive the protection they deserve across all financial services providers,” the letter reads. “The limited amount of information provided in the public documents presents a challenge to a thorough analysis of the potential issues involved. Allowing sufficient time for stakeholder analysis will produce informed responses regarding the potential impact of these applications.”

CUNA believes that while financial services innovation benefits the economy and creates opportunities it can also pose new issues and risks.

“Given the concerns outlined above, we request the comment periods be extended to allow adequate time for a thorough review of these charter applications and their implications for consumers and the financial services industry,” the letter reads.