May 29, 2020 – The Office of the Comptroller of the Currency today issued a rule to restore consistent, nationwide access to credit. The rule will help ensure regulatory clarity for loans made available nationally via financial technology companies in partnership with banks.
The following statement can be attributed to Brian Peters, Executive Director, Financial Innovation Now:
“The Comptroller’s rule will restore consistent access to credit in the United States, and FIN commends the agency for addressing regulatory uncertainty. Today the OCC is bringing smart leadership to the intersection of financial services and technology, a helpful step for consumers and small businesses across America, particularly given the acceleration of online access to financial services during the challenging Covid-19 pandemic. We look forward to our ongoing work with the OCC to promote innovation in lending, payments, and financial access.”
FIN has advocated for this regulatory clarity on Capitol Hill and at federal financial regulators for the past four years. The FDIC is also considering issuing a similar rule.