Payments provider PayPal (NASDAQ:PYPL) is pursuing a Utah-chartered industrial loan company. The company has submitted its application to the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation. An industrial bank charter is a state-issued license, primarily in Utah, allowing a financial institution… Read More
Read more in: Fintech | Tagged ilc, industrial bank charter, lc, payments, paypal
Fitch Ratings says Fintechs and other non-bank financial institutions (NBFIs) are being blocked from receiving bank charters by public officials, adding that these digital firms are at a competitive disadvantage because of this reality. Fitch notes that no industrial loan company (ILC) charters have been… Read More
Read more in: Fintech, Politics, Legal & Regulation | Tagged banking, fitch, ilc, industrial loan charter, occ, office of the comptroller of the currency
The Independent Community Bankers of America (ICBA) has issued a statement of “strong support” regarding pending legislation targeting Industrial Loan Charters (ILC). An ILC is a regulated financial services charter that may be held by non-financial institutions. ILCs may hold FDIC insured deposits – a… Read More
Read more in: Uncategorized, Fintech, Opinion, Politics, Legal & Regulation | Tagged banking, colin walsh, google, icba, ilc, independent community bankers of america, industrial loan charter, john kennedy, nat hoopes, perspective, rebecca lynn, varo money
Payment process platform Square has reportedly reapplied for its banking license. This news comes less than six months after the company withdrew its application. According to Finextra, the company previously submitted its banking license application with the Federal Deposit Insurance Corporation (FDIC) to become a… Read More
Read more in: Fintech | Tagged banking license, fdic, fintech, ilc, square, u.s., united states
Payment process platform Square announced on Thursday it has withdrawn its regulatory banking licensing application. According to Reuters, the company applied with the Federal Deposit Insurance Corp (FDIC) for a special “industrial loan company (ILC)” last year. If granted, the license would have allowed non-traditional financial firms… Read More
There are two ways that big business competes in the USA. You can provide a better product or service for your customers or you can work with elected and appointed officials to block innovative firms. Of course, the consumer loses out in all this, but… Read More
Read more in: Fintech, Opinion, Politics, Legal & Regulation | Tagged christopher cole, icba, ilc, independent community bankers of america, industrial loan charter, perspective, sofi, square
Last week, the Independent Community Bankers of America (ICBA) sent a letter to the attention of Kathy Moe, Regional Director of the FDIC in San Francisco. The subject of the letter was the ICBA’s vehement opposition to Fintech darling SoFi’s effort to become a licensed… Read More
Read more in: Fintech, Opinion, Politics, Legal & Regulation | Tagged banking, christopher cole, fdic, icba, ilc, independent community bankers of america, industrial loan charter, sofi
SoFi has decided to become a bank. The Fintech firm that has spent so much time telling the world they were not a bank has decided to join the ranks of their erstwhile adversaries and apply for a bank charter. If you can’t beat-em, join-em…. Read More
Read more in: Investment Platforms and Marketplaces, Fintech | Tagged banking, ilc, industrial loan charter, mike cagney, sofi
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