(Photo: Johannes Berg/Bloomberg)
(Bloomberg) –Amazon, Facebook, Walmart and other corporate giants may soon give Wall Street a run for its money as a key U.S. regulator smooths the path for nonbanks to get into lending.
The Federal Deposit Insurance Corp. on Tuesday approved a final rule governing so-called industrial loan companies that will allow major businesses to seek banking charters while escaping capital and liquidity demands faced by dedicated financial firms.
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