Washington Report 360 | July 17, 2020

Banks set aside billions to prepare for potential loan losses; OCC plans to propose rule to identify bank or fintech as lender on loan

Amy S. Matsuo

Amy S. Matsuo

ESG and Regulatory Insights Lead, KPMG LLP

Key Highlights

  • Large U.S. banks set aside billions in reserves to prepare for potential loan losses, signaling regulatory attention to and expansion on credit servicing and credit quality.
  • OCC plans to propose a new rule that would identify whether a bank or another fintech firm is the actual lender on the loan, anticipated to impact bank-fintech partnerships.

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