OCC’s Noreika Pleased with Growth in Marketplace Lending
During remarks at a recent policy conference for online lenders, Acting Comptroller of the Currency Keith Noreika praised marketplace lenders, calling the industry "the natural evolution of banking itself."

According to a recent American Banker article, Noreika sees these companies, which may have once sought to challenge the traditional banking model, now moving towards providing a full range of consumer services much like those of traditional banks. Speaking during the conference, Noreika explained, "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."

Encouraged by this shift, Noreika is now encouraging online lenders to begin taking deposits and pursue national bank charters as they develop.

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