WASHINGTON, April 28 The Federal Reserve wants
to give input on future rules governing how technology companies
move into consumer lending markets, Fed Governor Lael Brainard
said on Friday.
Technology companies may reach consumers directly with loans
under a new license proposed by a leading U.S. bank regulator
but the Fed has concerns, Brainard said
Policymakers will have to determine whether financial
technology, or fintech, companies may tap the Fed for services
that large, traditional banks enjoy.
The Office of the Comptroller of the Currency (OCC), a
leading regulator for national banks, has said it is open to a
new type of banking charter for technology companies.
"The OCC's proposal raises interpretive and policy issues
for the Federal Reserve regarding whether charter recipients
would become Federal Reserve members or have access to Federal
Reserve accounts and services," Brainard told a conference at
Northwestern University in Evanston, Illinois.
(Reporting By Patrick Rucker in Washington and Anna Irrera in
New York; Editing by Meredith Mazzilli)