FDIC Eases Path for Amazon and Facebook to Become Lenders
- FDIC says rule offers transparency for firms seeking charters
- Industry says rule lets nonbanks exploit regulatory loophole
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Amazon.com, Facebook Inc., Walmart Inc. and other corporate giants may soon give Wall Street a run for its money as a key U.S. regulator smooths the path for nonbanks to get into lending.
The Federal Deposit Insurance Corp. on Tuesday approved a final rule governing so-called industrial loan companies that will allow major businesses to seek banking charters while escaping capital and liquidity demands faced by dedicated financial firms.