Fintech firms want to shake up banking, and that worries the Fed
15 Jan 2019

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.

The plan is part of a broader push by President Donald Trump’s administration to boost small businesses and promote job growth.

– By Pete Schroeder, Reuters, 14 January 2019.

Link to Reuters.

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