US Regulator Clears Way for Online Lenders to Have National Charter | White & Case LLP International Law Firm, Global Law Practice
US Regulator Clears Way for Online Lenders to Have National Charter

US Regulator Clears Way for Online Lenders to Have National Charter

Under a new plan proposed by the Office of the Comptroller of the Currency, fintech companies would receive charters to do business worldwide.

In other areas of finance, regulation is often perceived as a potential threat to business growth, but fintech firms have generally welcomed attention from regulators as a means of legitimizing their businesses, Reuters reported.

"This is a reminder that strong regulation can be a beneficial thing, not only for consumer protection but also from the prospective of entities that seek out these charters, as it gives them legitimacy," said White & Case partner Kevin Petrasic.