New York’s brick-and-mortar banks should pursue business opportunities in online lending, an industry now dominated by many out-of-state startup companies, the head of the state’s financial regulator said on Tuesday.
“Your competitors are, and will, be embracing fintech in all of its various forms,” said Maria Vullo, New York State Department of Financial Services (NYDFS) superintendent, referring to new types of financial services technology.
“Don’t be left behind,” she said at a New York Bankers Association conference.
The NYDFS, which oversees New York’s state-chartered banks, has held discussions with several banks that are considering online lending. The niche could help serve lower-income New Yorkers who have little or no access to banking, Vullo said.
For more on this story visit the following link: Regulator wants New York banks to launch online lending services