Aug

Online Lenders and Payment Companies Get a Way to Act More Like Banks

The federal government began clearing a path on Tuesday for online lenders and payment companies to more easily and directly compete with traditional banks, a change that one regulator said would allow innovative businesses to expand nationwide.

Online lenders and other so-called fintech firms — including the payment processor Square, the online lender Lending Club and the cryptocurrency exchange Coinbase — have pressed for regulatory routes that would let them cut through the thicket of state and federal laws that govern financial businesses…

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Online Lenders and Payment Companies Get a Way to Act More Like Banks

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