July 31, 2018 / 2:00 PM / 10 months ago

U.S. Treasury backs special federal charter for fintech firms

WASHINGTON, July 31 (Reuters) - The U.S. Treasury on Tuesday backed the creation of a federal charter for financial technology firms, in a boon for online and peer-to-peer lenders that have long complained the current state-by-state licensing regime is expensive and outdated.

The recommendation will be cheered by the likes of OnDeck Capital Inc, Kabbage and Lendio, which have been hoping the U.S. Office of the Comptroller of the Currency (OCC) will proceed with a proposed charter that would allow fintech firms to operate nationwide under a single licensing and regulatory regime. (Reporting by Michelle Price; Editing by Meredith Mazzilli)

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