From the transcript

There is otherwise no general federal payments legislation and no federal payments license. Two consequences follow. First, because there is no federal payments charter, there is no federal preemption for payment activity conducted outside of a national bank charter. Thus, a non-bank payments firm must instead navigate a patchwork of state licensing requirements. Second, a firm's access to Federal Reserve master accounts, and therefore to the underlying payment rails, remain uncertain because this matter is determined primarily by— and at the discretion of the Federal Reserve, not the chartering agency for the bank.