WASHINGTON — The Federal Deposit Insurance Corp. will give banks and other parties 45 additional days to comment on a new proposed guidance addressing relationships with third-party lenders.
The plan, released late Friday, stoked concern from industry advocates who worry it might have a chilling effect on partnerships between banks and online lenders.
"Guidance of the sort has to be looked at very carefully to try and anticipate what its impact will be on lending," said Cecelia Calaby, the senior vice president of the American Bankers Association's Office of Regulatory Policy, commenting on the proposal.
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In a board action late last week, the agency proposed a number of changes, including softening the exam appeals process, in response to recommendations by the FDIC Office of Inspector General. It also asked banks to pay particular attention to their relationships with third-party lenders.
August 1 -
The FDIC allegedly rigged exam reports, selectively leaked information to a competitor and hampered a firm's acquisition plans in order to force banks from offering refund anticipation loans.
March 15 -
WASHINGTON The Federal Deposit Insurance Corp. is urging banks to perform due diligence and identify potential risks before conducting business with marketplace lenders.
February 2
Calaby said that the initial comment period deadline, which was Sept. 12, would have given banks little time to process the information contained in the FDIC's proposal, particularly during the slow month of August. The comment deadline has now been pushed back to Oct. 27.
