By Jeff Marsico
In a comment letter to the OCC yesterday, BAFT – ABA’s global payments subsidiary – made several recommendations in response to the agency’s recently released whitepaper on responsible innovation.
In its response yesterday to the regulatory initiative in support of banking innovation, ABA welcomed the promised cooperation of the OCC as banks strive to enhance service to their customers and streamline innovation.
Twelve House members, including Reps. Patrick McHenry (R-N.C.) and Jared Polis (D-Colo.) today wrote to the Government Accountability Office seeking greater clarity on how the current regulatory structure affects partnerships between banks and fintech companies.
The OCC today opened registration for its upcoming forum on “Supporting Responsible Innovation in the Federal Banking System,” to be held June 23 in Washington, D.C.
Three top nonbank fintech marketplace lenders originated nearly $12 billion in loans in 2015, up from less than half a billion in 2011.
While online marketplace lenders are subject to many of the same rules as banks for loan originations, marketplace lenders receive less direct oversight, the Treasury Department said today in its long-awaited report on the marketplace lending industry.
Business lending is fundamentally different from consumer lending, and regulations should not treat them similarly, a bipartisan group of 20 House members told Treasury Secretary Jack Lew in a letter yesterday.