Acting Comptroller of the Currency Keith Noreika spoke about the online lending industry, discussing the potential of companies taking deposits and seeking banking charters; he shared,"One way a maturing industry adapts to changing market conditions is to diversify its funding sources and expand into other sources that offer greater stability. As the industry matured, companies have found a balance that includes selling loans to retail and wholesale investors, securitizing loans, and even exploring the potential for deposits." American provides more on his remarks in their article. Source
The Federal Deposit Insurance Corporation (FDIC) Acting Chair Martin J. Gruenberg released on February 7, 2022 priorities for 2022.
While giving a speech the acting head of the OCC stated that banks need more competition not less; he also commented on companies like Amazon or Apple becoming banks, Noreika states; “Laws that prevent companies with resources and means from becoming competitor banks only serve to protect existing big banks from would-be rivals”; as Crowdfund Insider reports the benefits of having big tech companies become banks could help to lower cost, increase access and help to serve those who might be left behind by traditional banks. Source.
While speaking at an event at Georgetown Law School Acting OCC Head Keith Noreika defended the proposed fintech charter; Mr. Noreika also took questions on the fear of commercial companies being granted banking charters; “A national bank charter is a special thing, and the OCC will not undermine its value by granting charters to companies that are not ready to meet our admittedly high expectations” said Noreika. Source.
The LIM Asia Special Situations Master Fund has increased its ownership in the Ranger Direct Lending Fund to 9.2% from 5.48% reported in July; the Ranger Direct Lending Fund is primarily focused on high yield direct lending platforms; it has recently been troubled by its exposure to losses from marketplace lending platform Argon Credit which it invested in indirectly through the Princeton Alternatives Fund. Source
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