NASHVILLE—Acting Comptroller of the Currency Michael Hsu is calling for the creation of a federal money transmitter license.
Hsu said the lack of federal money transmitter licensing standards has led to a "gap" in regulation, opening the country up to potential financial instability.
"In payments, I believe the lack of a comprehensive federal money transmitter regime is a regulatory gap that, if filled, could better balance innovation and financial stability," he said in remarks delivered at Vanderbilt University. "A better solution would be for Congress to create a federal framework for payments regulation."
In the same speech, Hsu suggested the Financial Stability Oversight Council, of which NCUA is a member, could deem some non-bank financial services activities as systemically risky, Axios noted.
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