Citigroup hopes to return $60 billion to shareholders by 2020 while earning $20 billion a year; SEC says firms that use electronic currencies to raise money in initial public offerings may be subject to federal oversight.
Social Finance’s application for an industrial loan charter has not only drawn opposition from a coalition of incumbent banks and community activists, it also serves as a microcosm of several perennial debates in financial services policy.
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Acting Comptroller of the Currency Keith Noreika made it clear that he supports the creation of a federal charter for fintech firms while also arguing that abusive lending happens at state-chartered firms, not national banks.
Online lenders are evading New York regulations by claiming their loans are “made” by federally chartered or out-of-state partner banks, Department of Financial Services Superintendent Maria Vullo told lawmakers Monday.