The primary regulator of the nation's largest banks, the Office of the Comptroller of the Currency (OCC), said Friday that it is considering issuing special purpose national bank charters to online lenders, payment processors and other financial-technology firms (Fintech).
Under an OCC charter, Fintech companies would be subject to consolidated regulatory review now reserved for traditional financial institutions. Still, proponents look at the move as a way to increase Fintech's bargaining power and simplify the industry, which currently faces challenges in connection with regulatory compliance and expansion, e.g., in the case of lending requirements, state-by-state licensing and interest rate restrictions. If adopted, this move could have a major impact on marketplace and digital currency companies by providing a regulated national platform from which they may offer their services.
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