Why an OCC payments charter may not become reality

Karen Solomon is quoted in the American Banker regarding the Office of the Comptroller of the Currency’s new charter license for payments companies. Ms. Solomon says, “Whether a payments charter would be less likely to attract a lawsuit depends, at least in part, on the legal theory that the OCC uses to support it. If the theory underlying the payments charter is the same, then prospective plaintiffs may try to use the same arguments used in the fintech charter litigation.”