Regulation

Currency Comptroller: New Plan Regulating Marketplace Lending

Pivoting from concerns and risks around financial technology innovation in the banking system, the U.S. Comptroller of the Currency said the agency will roll out a new framework for regulating marketplace lending.

Comptroller Thomas Curry, speaking at an industry conference, said the agency may grant limited charters to FinTech companies. However, the companies that receive those charters would be held to the same strict safety standards that other federally chartered institutions are obligated to meet and comply with. Curry said officials are studying whether marketplace lending and other related innovations, including digital currencies, raise certain risks and comply with existing laws.

Specifically, the highlighted areas of the FinTech industry include crowdfunding and peer-to-peer lending, both of which have grown over the years. That said, he added that the growth has happened under positive business conditions, like lower interest rates and sturdier credit.

The agency regulates, supervises and charters national banks and is an independent bureau within the Treasury.

Click to comment

TRENDING RIGHT NOW