New York judge halts OCC’s fintech charter program

By Jennifer Kang
10 May 2019

A New York federal court decision issued last Thursday has put the brakes on the fintech charter program in development by the Office of the Comptroller of the Currency (OCC). The proposal was meant to allow marketplace lenders to operate under a uniform, nation-wide regulation, and without paying the cost of deposit services.

For fintech lenders, the standstill further delays any breakthroughs around standardization of regulation. For banks, which directly compete with fintech lenders, the decision means fintechs won’t be gaining what was viewed as an “unfair and unearned competitive advantage” over traditional financial services firms, according to a note ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial