Here’s the Wall Street Journal’s take on the same story
Today, virtually all technology companies join with banks in some fashion to access the payment system or make loans.
“A surprisingly large number of players are very closely watching,”
Mr. Curry said that between the U.S. and U.K. alone, there were now more than 4,000 such companies. Investment in the sector has increased from $1.8 billion to $24 billion world-wide in the past five years, he said.
Some fintech firms have complained that other countries, notably the U.K., have done more to update their regulatory systems to allow for financial experiments that could improve consumers’ experience.
The proposal is open to public comment through Jan. 15 and is expected to generate significant reaction, following monthslong deliberations inside the OCC about whether to become the first U.S. federal regulator to allow nonbank fintech firms to possess some of the same powers that full-fledged banks do.