Licenses and charters

The regulator awarded a federal charter to Generations United Federal Credit Union, which will serve employees and members of the United Church of Christ.

The legislation would grant stablecoin issuers a high degree of flexibility, allowing firms to be regulated state by state, as a bank, or as a “limited national limited payment stablecoin issuer” supervised by the Office of the Comptroller of the Currency.

The agency signaled during the Trump administration that it would approve more industrial loan companies following an extended freeze in new charters due to policy disputes. But the thaw will likely prove temporary now that the board's makeup has changed.

Financial Services Superintendent Linda Lacewell said she will step down Aug. 24, the same day Gov. Andrew Cuomo plans to leave following a sexual harassment investigation. The state’s attorney general found that Lacewell helped with the governor’s public relations response to the allegations.

The Boston-based cryptocurrency firm says it would welcome the tough oversight that comes with being a bank. Yet Biden-era regulators have shown apprehension about granting approvals to digital-asset firms.

A state regulator group has agreed to pause its lawsuit challenging Figure Technologies’ application as the federal agency reviews chartering policies. But analysts caution that the underlying conflict over nontraditional firms seeking banking powers is far from resolved.

Acting Comptroller of the Currency Michael Hsu faces a host of “pressing issues” from fintech charter decisions to reforming the Community Reinvestment Act. But in contrast to predecessors, he suggests some decisions should be left to a Senate-confirmed head of the agency.

The Biden administration may finally be close to naming an acting comptroller of the currency. Whoever gets the interim job or is confirmed to run the agency over the longer term will have a lengthy to-do list, from Community Reinvestment Act reform to deciding the fate of divisive Trump-era rules.

The National Credit Union Administration approved the creation of Maun Federal Credit Union, which will serve members of the state's Islamic community.

Brex currently relies on bank partners to offer credit cards and cash management accounts to small and midsize businesses. It is looking to charter its own FDIC-insured institution to be a direct provider.