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Federal Reserve wants a say on U.S. fintech rules -Brainard
April 28, 2017 / 5:19 PM / 5 months ago

Federal Reserve wants a say on U.S. fintech rules -Brainard

WASHINGTON, April 28 (Reuters) - The Federal Reserve wants to give input on future rules governing how technology companies move into consumer lending markets, Fed Governor Lael Brainard said on Friday.

Technology companies may reach consumers directly with loans under a new license proposed by a leading U.S. bank regulator but the Fed has concerns, Brainard said

Policymakers will have to determine whether financial technology, or fintech, companies may tap the Fed for services that large, traditional banks enjoy.

The Office of the Comptroller of the Currency (OCC), a leading regulator for national banks, has said it is open to a new type of banking charter for technology companies.

“The OCC’s proposal raises interpretive and policy issues for the Federal Reserve regarding whether charter recipients would become Federal Reserve members or have access to Federal Reserve accounts and services,” Brainard told a conference at Northwestern University in Evanston, Illinois.

Reporting By Patrick Rucker in Washington and Anna Irrera in New York; Editing by Meredith Mazzilli

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