Online lenders and other firms await news from OCC and Treasury on the future of their supervision, even as they absorb the news that Square had to temporarily pull its industry loan company application.
With the question of a federal charter still looming, Treasury's last report on changes to the financial regulatory system will focus on nonbanks and new tech startups.
Just two months ago, Comptroller Joseph Otting seemed to signal that the OCC might be open to letting national banks rent their charters to payday lenders. Now he is clarifying that it won’t happen.
Comptroller of the Currency Joseph Otting said reform of Community Reinvestment Act regulations is a "key element" of how regulators aim to recalibrate rules a decade after the financial crisis.
A district court judge said the state’s suit against Office of the Comptroller of the Currency is premature because the agency has not finalized its fintech charter nor has any firm applied for it.
