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Two trade organizations and a consumer group urged lawmakers to establish a three-year moratorium to block the charter bids of companies that they said were attempting to skirt regulatory requirements.

Members of the Senate Banking Committee took the agency’s leader to task for eliminating underwriting requirements for small-dollar lenders, which lawmakers said has left consumers more vulnerable during the pandemic.

The pioneering online lender had long struggled to live up to the hype that drove its early growth, even before the pandemic pushed it to the brink.

In the same manner as its previous plans for a fintech charter, the Office of the Comptroller of Currency is getting some pushback from banking trade groups on its idea to establish a payments charter.

The company's latest Credit Union Trends Report attributed the increase to rises in deposits and capital, along with a decline in borrowing.

Seven trade groups said they would fight any effort by the agency to establish a tailored license for payments providers such as PayPal, Stripe and Square.

Citing the benefit of making purchases from home during the coronavirus pandemic, China's UnionPay International is partnering with digital platform Glovo to enable its cardholders in Europe to participate in on-demand shopping.

One way banks can prepare for a smooth cutover to new standards is by implementing a core banking / payment solution that uses ISO 20022, says Infosys Finacle's Peter Ryan.

On-demand delivery service Rappi is leveraging its huge customer base to provide financial products to Latin American consumers through partnerships and joint ventures with fintechs and banks.

Legislation that would force transparency around company ownership would be better than another burdensome anti-money-laundering rule.