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
Keith Noreika, the acting Comptroller of the Currency recently signed the first full-service de novo national bank charter since the financial crisis to Winter Park National Bank of Florida; Noreika believes there are still too few new banks and part of the problem is the onerous process; Noreika outlines the lengthy process and discusses his suggested changes in his testimony back in June. Source