Mirador is a leader in bringing innovative lending solutions to banks and regulated institutions. We are dedicated to helping these financial institutions serve their communities and enable them to prudently increase their small business lending with our services and technology, while satisfying their regulatory requirements.
Recently the Office of Comptroller of the Currency (OCC) of the US Department of Treasury issued a paper entitled “Supporting Responsible Innovation in the Federal Banking System: An OCC Perspective” (mlend.co/OCCinnovation), and solicited comments from the industry. Mirador, along with other fintech companies and marketplace lenders has provided comments in response to the OCC’s paper, which will soon be published on the regulatory agency’s web site (http://www.occ.gov/topics/bank-operations/innovation/innovation-comments.html).
A top concern for most innovators and the institutions that want to partner with fintechs is “regulatory uncertainty.” Mirador understands that regulation in this space is inevitable, and that it is essential to provide necessary protection for American borrowers. Third-party service providers want to offer the kind of innovation that the bank regulators are comfortable being adopted by regulated institutions. Most technology providers would be more than willing to make changes and adjustments in their products to ensure this comfort level and confidence.
Whatever market events led to this decade’s credit crunch– putting traditional bank loans outside of the reach of many small businesses– are now slowly thawing. And the marketplace has proven beyond any doubt that if traditional lenders cannot deliver loans at competitive rates and competitive speeds, then consumers and entrepreneurs will exercise their options with a myriad other emerging market participants.
We invite you to read the Mirador response to the OCC paper regarding responsible innovation in banking (mlend.co/OCCcomments). This is a time of immense evolution in the lending marketplace, and Mirador intends to be a contributing partner.