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.
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.
The suit is likely to be watched closely by the broader industry because its outcome may help to define the roles licensed loan officers must play in consumer-direct operations to be compliant.