OLA Provides Comments to Treasury Department in Advance of Fintech Report

OLA Provides Comments to Treasury Department in Advance of Fintech Report

As a follow up to a meeting with Senior Treasury Department staff regarding an upcoming report that will include a review of issues facing the fintech community, OLA has provided comments to the Department.

Covered in the letter was the need for a national charter, the impact that a narrow group of court cases are having on bank fintech partnerships and the need to pass “True Lender” and “Valid When Made” legislation. Also highlighted was the continued impact of Operation Choke Point, the potential role of ILC’s in online lending, and the need to pass the “Fintech Bill of Rights.” The report is the result of an executive order directing the Secretary of the Treasury to review current financial regulations that are limiting economic growth and report back to the President. To date, reports examining commercial bank regulations and another studying capital markets have been released. The report reviewing the fintech industry is due out in June.