Financial Industry Awaits OCC Fintech Charter Decision

The regulatory landscape of the U.S. fintech industry could soon see a milestone development, as the Office of the Comptroller of the Currency (OCC) is expected to release its long-awaited position on a proposed charter for online lenders. If the OCC proceeds with the charter, it would allow fintech firms, such as marketplace lenders, to apply for approval to operate nationwide rather than having to seek approval from individual state regulators or enter into program arrangements with banks. If granted, the charter could potentially open a new segment of the market to fintech firms, which offer lending and other financial services to consumers and small businesses that are traditionally underserved by banks and finance companies.