Comment on Online lending, payments startups can apply for bank-like status

Online lending, payments startups can apply for bank-like status

During remarks at the Georgetown University Law Center on Friday, Comptroller of the Currency Thomas Curry said that so-called fintech startups, if they met the agency’s rigorous criteria, would be eligible to be designated as special purpose national bank. “Fintech companies hold great potential to expand financial inclusion, empower consumers, and help families and businesses take more control of their financial matters,” Curry said. The charter that such companies can apply for is a designation most often applied to banks whose business model revolves around issuing credit cards, like Capital One. Institutions applying for a charter have to clear a number of hurdles by demonstrating to regulators, among other factors, sound risk management, adequate consumer protections and acceptable levels of capital.

 

Comment On This Story

Welcome to Wopular!

Welcome to Wopular

Wopular is an online newspaper rack, giving you a summary view of the top headlines from the top news sites.

Senh Duong (Founder)
Wopular, MWB, RottenTomatoes

Subscribe to Wopular's RSS Fan Wopular on Facebook Follow Wopular on Twitter Follow Wopular on Google Plus

MoviesWithButter : Our Sister Site

More Business News