Reuters: ‘Fintechs’ sound cautious note on offer of U.S. bank charter

OLA was featured in a Reuters article, providing comments on the recent OCC bank charter.  

Reuters: ‘Fintechs’ sound cautious note on offer of U.S. bank charter

WASHINGTON (Reuters) – Financial technology companies that lend online are sounding a cautious note on a U.S. banking regulator’s plan to offer them special federal charters because of concerns over legal challenges and requirements that are more onerous than expected.

Mary Jackson, CEO of the Online Lenders Alliance, a group of online small-dollar lenders, said her members were “skittish,” fearing the charter may spark renewed criticism. She said they would need reassurance there would be a level playing field for all types of fintechs.

“There’s a lot of caution. I’m not sure the OCC has thought about the variety of lenders and the challenges from state regulators and others.”

Full article located here.

 

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