UK:
The Impact Of The OCC's Proposed Fintech Charter On Non Bank Lenders
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On December 2, 2016, the Office of the Comptroller of the
Currency issued a white paper proposing to grant a new federal
"special purpose" national bank charter (the
"Proposed Charter") to financial technology companies
operating in the United States. The Proposed Charter would
allow a company organized under it to operate across multiple
states with a single authorization, and could significantly reduce
the complexities that the current patchwork of state laws on
lending and money transmission has created. In particular, the
Proposed Charter could greatly benefit non bank businesses focused
on lending ("Non-Bank Lenders"), such as credit funds and
marketplace lenders. The Proposed Charter has a number of
potential drawbacks, and it will likely appeal only to Non-Bank
Lenders willing to accept the substantial costs and oversight
associated with being regulated as a national bank.
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