Fintech firms want to shake up banking, and that worries the Fed

The U.S. Federal Reserve is wary of giving “fintech” firms such as OnDeck Capital Inc (ONDK.N) or Kabbage Inc. access to the country’s financial infrastructure, putting the central bank at odds with other regulators looking to bring them into the fold.

The Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) are exploring granting federal bank-like licenses to tech-driven firms that offer financial services, such as money transfers and lending.

Read More … Source Reuters

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2019-01-21T23:56:59+05:30January 21st, 2019|Categories: FIAKS daily, Regtech, Regulator|Tags: |0 Comments

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