PYMNTS

JUNE 20, 2017

The action comes a week after the FDIC announced that digital lender SoFi had applied to the state of Utah for a special banking charter known as an ILC. Ten years ago Walmart to launch in Utah, where many ILCs are based, and was shut down.

Utah 108

Utah Indiana America Community 108

Bank Innovation

SEPTEMBER 18, 2017

The charter, submitted to the State of Utah last June, would give the online lender the ability to collect deposits insured by the […].

Utah 170

Utah Online Security FDIC 170

PYMNTS

DECEMBER 20, 2018

19) announcement, the company said the application is with the Federal Deposit Insurance Corporation (FDIC). Reuters reported that the license allows non-traditional finance firms to collect government loans, and that the bank would be chartered in Utah. Regulators had said a refiling would be permitted. In its Wednesday (Dec.

Utah 134

Utah FDIC System Retail 134

CFPB Monitor

MAY 16, 2019

Under current regulations, private equity firms are ineligible to register as bank holding companies because they are control companies that are engaged in impermissible activities. Risks inherent in these partnerships could (and should) be mitigated by careful structuring and, potentially, OCC and/or FDIC rulemaking.

Utah 68

Utah Fintech New York National 68

PYMNTS

OCTOBER 17, 2017

An industrial bank is an FDIC-insured depository institution that is generally subject to the same banking laws and regulations as any other bank charter type, with the important exception of the Bank Holding Act of 1956. ILCs are used to form industrial loan companies, better known as industrial banks.

Industry 108

Industry Fintech FDIC Community Bank 108

American Banker

MARCH 16, 2023

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Utah 69

Utah FDIC Compliance Regulation 69

CFPB Monitor

OCTOBER 6, 2022

As alleged the Commissioner is not attempting to regulate the transfer of loans in the secondary market. It would be helpful if the FDIC were to submit an amicus brief supporting OppFi’s position regarding federal preemption of California usury law under Section 27(a) of the FDI Act.

California 78

California FDIC Analysis Utah 78

Jeff For Banks

APRIL 19, 2015

I teach Bank Profitability for the Washington, Utah, and Montana Bankers'' Associations EDP programs. Utah has many Industrial Loan Companies (ILC''s), which are FDIC supervised financial institutions that can be owned by commercial firms not regulated by a federal banking agency, like a utility company.

Industry 60

Industry Montana Utah Washington 60

CFPB Monitor

OCTOBER 10, 2019

According to the complaint , Kabbage entered into the scheme with Celtic Bank, a foreign state-chartered bank in Utah, which has no maximum rate limit for commercial loans. Celtic could not make and keep the loans on its balance sheet because they would create an unacceptable risk under FDIC regulations.

Massachusetts 84

Massachusetts California New York Utah 84

CFPB Monitor

MAY 6, 2019

The OCC also argued that the NYDFS’s claims were untimely because it can no longer challenge the OCC’s long-standing regulation (12 C.F.R. According to the OCC, the regulation represents a reasonable interpretation of ambiguous language in the NBA. e)(1)) interpreting the term “business of banking” in the NBA.

Fintech 68

Fintech New York National Regulation 68

CFPB Monitor

AUGUST 7, 2020

s application to the FDIC for deposit insurance was approved in February of 2020 subject to conditions that included OCC charter approval, and approval from the Board of Governors of the Federal Reserve System (the “Federal Reserve”) permitting Varo Money, Inc. team — the first consumer fintech to receive a national bank charter.

Fintech 78

Fintech FDIC Utah National 78

Payments Source

SEPTEMBER 11, 2017

Square became the third fintech firm in recent months to seek out a bank charter. Others are likely to follow.

Fintech 63

Fintech Utah FDIC Regulation 63

CFPB Monitor

JUNE 15, 2022

Four Democratic members of the California state legislature recently sent a letter to the Federal Deposit Insurance Corporation (FDIC) urging the agency to take action against FDIC-supervised banks that partner with non-bank lenders to originate high-cost installment loans.

FDIC 78

FDIC California West Virginia North Carolina 78