U.S. bank regulator allows fintech firms to seek federal charter


By Michelle Price and Pete SchroederWASHINGTON (Reuters) - A U.S. bank regulator said on Tuesday it would start accepting national charter applications from financial technology companies, giving so-called fintech firms a path to federal oversight for the first time.

The move by the U.S. Office of the Comptroller of the Currency (OCC) will be cheered by the likes of OnDeck Capital Inc , Kabbage and LendingClub Corp because it opens the door to operating nationwide under a single licensing and regulatory regime instead of a patchwork of state.

This article is no longer available in our repository.

There could be multiple reasons for this.