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Across the U.S. financial industry, a pattern is emerging of small lenders plowing into crypto and a variety of other hot niches, sending their stocks soaring and eventually crashing.
The Office of the Comptroller of the Currency recently decided to put an official in charge of the rising number of small and midsize national banks that partner with fintechs or have nontraditional business plans. The agency’s goal is to establish a team that understands cutting-edge technologies and establishes consistent oversight policies in response.