Online Lending Rules Clarity Promised by FDIC’s Gruenberg
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The Federal Deposit Insurance Corp. will clarify how banks can lawfully do business with online lenders who have been the subject of a regulatory crackdown.
The FDIC will issue the new guidelines, known as a financial institutions letter, explaining how banks should work with online lenders who may run afoul of state laws, its chairman, Martin J. Gruenberg, wrote in a Sept. 17 letter to lawmakers.