Comptroller Curry will leave his post as Comptroller of the Currency on May 5.  President Trump appointed Keith Noreika to serve as acting comptroller.  Mr. Noreika is a banking law expert and a partner at the law firm of Simpson Thacher & Bartlett LLP.  He will keep the OCC running until President Trump names a permanent replacement (and that proposed permanent replacement is confirmed by the Senate). Read More

States have taken their dislike over the OCC’s planned fintech charter a step further and sued the OCC in the US District Court for the District of Columbia.  The Conference of State Bank Supervisors sued the OCC and Comptroller Curry arguing, among other things, that the “business of banking” requires an institution to take deposits.  Strangely, this ignores existing national bank models: credit card banks, trust banks, and cash management banks.  All of this being said, CSBS also argues that the OCC violated the Administrative Procedure Act by publishing only a high-level white paper and supplement to the Comptroller’s Licensing Manual (which they did seek feedback on) — thereby avoiding publishing new rules that welcome the public vetting process.  This argument will likely have more teeth.

Read the Complaint here: 2017-04-26 – Complaint – CSBS v. OCC

LendIt USA 2017Cornelius Hurley Executive Director, OLPI, Thomas J. Curry of the OCC and Gilles Gade, CEO and President of Cross River Bank — LendIt USA 2017 (photo by Gabe Palacio)

On March 6, 2017, OLPI hosted a day of Policy & Regulation panels at LendIt USA 2017. The panels were the most popular of the day — standing room only. The popularity of the panels and the Q&A with Comptroller Curry shows the hunger for a robust dialogue about the policy and regulatory issues that face fintech (and the need for OLPI). Below are videos of the programming.

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OLPI Announces Formation and Appointment of Executive Director Boston University Professor Cornelius K. Hurley to Serve as Executive Director

cropped-cropped-winning-logo1.jpgWashington, DC—February 9, 2017—The Online Lending Policy Institute (OLPI) today announced its formation and the appointment of its first Executive Director, Professor Cornelius K. Hurley. OLPI will provide a one-stop resource for those interested in FinTech generally and marketplace lending specifically.  It will provide research and education to ensure informed policy and best practices.

“The formation of the Institute represents a milestone in the maturation of this rapidly advancing industry. We are committed to bringing a new and balanced voice to help address issues and communicate with regulators and the policy establishment,” said Professor Hurley.

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During OLPI’s MPL Policy Summit this past September, Comptroller Curry spoke about the importance of the MPL Policy Summit and OLPI in promoting the continued conversation about the importance of responsible innovation.   Among other things, he asked various questions about whether existing laws were adequate in addressing and promoting responsible innovation.  He asked if the innovations seen in marketplace lending should be regulated, who should be responsible for regulating an organization or activity.  This is where he spoke of the possibility of a federal license or charger for marketplace lenders and fintech firms.

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LendIt USA 2017

The World’s Biggest Show in Lending & Fintech

March 6-7, Jacob Javits Center, New York

OLPI will host the Policy and Regulation track.

LendIt USA 2017 is the largest annual gathering of the Lending and Fintech industry. The LendIt USA community is comprised of thousands of lending and fintech companies, investors, banks, services providers, educators, government officials, and journalists from around the world. Read More

Last year, OLPI hosted the first annual MPL Policy Summit.  This Summit was the first of its kind for the marketplace lending industry.  It brought together policymakers, academics, regulators, consumer advocates, and industry participants, as well as media figures, to have a well-informed discussion about the best ways to grow this industry in a fair and compliant manner.

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