ABS Participants See Benefits in OCC’s Potential Regulation Of Marketplace Lenders, State Regulators Strongly Oppose
January 27, 2017
Marketplace lenders could benefit from the development of special-purpose national bank charters for financial technology companies under consideration by the Office of the Comptroller of the Currency, according to ABS participants. However, the proposal has been met with strong opposition from state regulators, as it would preempt state oversight of certain nonbanks. In December, the OCC requested comments about a potential special-purpose national bank charter for so-called fintech companies, including marketplace lenders. The Structured Finance Industry Group endorsed...