Regulators are planning to create a new type of banking license that will allow upstart financial technology companies to expand more quickly across the country.
The plans for the new type of bank license were announced Friday morningby the comptroller of the currency, Thomas J. Curry, after months of public discussion on the possibility.
The licenses from the Office of the Comptroller of the Currency, which oversees many national banks, will be available to companies like Square and Lending Club that accept deposits, facilitate electronic payments or lend money.
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