The U.S. Financial Services Committee held a full committee hearing on the changing payments landscape and its implications for bank and non-bank charters. The discussion focused on how the U.S. chartering and payments framework should adapt to financial innovation, with lawmakers and witnesses linking payments modernization to continued competitiveness, broader choice of business models and clearer pathways for firms operating across banking and fintech. Members highlighted the potential for new payment technologies to lower costs, improve cash flow and speed payroll and other transactions for small businesses. Witnesses said the main policy gap is that chartering, payments licensing and access to Federal Reserve services remain tied to a traditional bundled view of banking even as core banking functions have become more unbundled. Testimony called for clearer legal standards on which charters and licenses are available, what activities they permit and the terms for access to Federal Reserve services. Witnesses also stressed that payment innovation is occurring in both banks and nonbanks, while Anchorage Digital described Office of the Comptroller of the Currency supervision of crypto banking as rigorous and aligned with the treatment of other banks in its portfolio.
U.S. Financial Services Committee2026-06-24
U.S. Financial Services Committee examines payments modernization and chartering issues for banks and nonbanks
The U.S. Financial Services Committee examined how payments modernization is reshaping bank and non-bank chartering. Lawmakers and witnesses emphasized benefits for small businesses and called for clearer rules on charters, licensing and access to Federal Reserve services as payment and banking activities become more unbundled. Testimony also underlined that innovation is occurring across both banks and fintechs.