PYMNTS

JULY 26, 2019

FDIC) and the state of Utah for an industrial loan company (ILC) charter. The bank would be headquartered in Utah and could handle users’ deposits, according to Lee Carter, Rakuten head of banking and potential ILC CEO. Rakuten is one of a number of FinTechs looking to enter in the banking sector with an ILC charter.

Fintech 192

Fintech Utah US FDIC 192

American Banker

DECEMBER 30, 2019

Organizers of Bank of St. George still need to raise $18 million before opening.

Utah 41

Utah FDIC Community Bank Capital 41

CFPB Monitor

DECEMBER 21, 2021

LoanMart was the subject of an investigation launched in September 2020 in which the DFPI (then still named the Department of Business Oversight) was investigating whether LoanMart, through its partnership with a Utah bank, was evading the interest rate cap in the Fair Access to Credit Act (FACA).

California 78

California Utah FDIC Regulation 78

PYMNTS

MARCH 19, 2020

Also, Square won a banking license for an industrial bank in Utah. FDIC Approves Square for Banking License. The Federal Deposit Insurance Corporation (FDIC) granted Square a banking license to operate a de novo industrial bank in Salt Lake City. Coronavirus Triggers Job Losses, Reduced Hours.

FDIC 130

FDIC Utah Payments Mobile 130

American Banker

JULY 2, 2020

The investment firm is the latest nonbank to try to enter banking through a Utah-based ILC.

Utah 35

Utah FDIC Industry Company 35

PYMNTS

JUNE 13, 2017

Which means it really doesn’t come as all that huge a surprise that as of June 6th, SoFi had applied for a new (de novo) bank charter according to the FDIC. Officially SoFi is looking for an industrial loan charter under the name SoFi Bank in Utah. SoFi has confirmed the news. The bank will offer no other products and services.”.

FDIC 100

FDIC Utah Millennials ATM 100

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

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

CFPB Monitor

MARCH 15, 2022

In 2019, California enacted AB 539 which, effective January 1, 2020, limited the interest rate that can be charged on loans of $2,500 to $10,000 by lenders licensed under the California Financing Law (CFL) to 36% plus the federal funds rate.

California 78

California Innovation Utah West Virginia 78

CFPB Monitor

JANUARY 24, 2022

as a full service national bank headquartered in Cottonwood Heights, Utah. In its press release announcing the withdrawal, the OCC stated that Figure Technologies had amended its charter application for Figure Bank, National Association, to offer FDIC-insured deposit accounts.

National 78

National Fintech Company FDIC 78

American Banker

MARCH 16, 2023

(..)

Utah 69

Utah FDIC Compliance Regulation 69

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

CFPB Monitor

OCTOBER 6, 2022

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. The FDIC’s view at that time was that state law controls when a loan is made by a state bank and the FDIC could not preempt state law on this issue.

California 78

California FDIC Analysis Utah 78

CFPB Monitor

JULY 14, 2022

OppFi’s complaint alleges that because the Bank and not OppFi is making the Program Loans and the Bank is a state-chartered FDIC-insured bank located in Utah, the Bank is authorized by Section 27(a) of the Federal Deposit Insurance Act to charge interest on its loans, including loans to California residents, at a rate allowed by Utah law regardless (..)

California 78

California Innovation Utah Texas 78

CFPB Monitor

MAY 19, 2022

OppFi’s complaint alleges that because the Bank and not OppFi is making the Program Loans and the Bank is a state-chartered FDIC-insured bank located in Utah, the Bank is authorized by Section 27(a) of the Federal Deposit Insurance Act to charge interest on its loans, including loans to California residents, at a rate allowed by Utah law regardless (..)

California 78

California Utah United States FDIC 78

PYMNTS

JULY 14, 2020

Utah-based FuturePay has consistently appeared in PYMNTS’ top 5 alternative credit apps, with its offer of flexible monthly payments for consumers and up-front settlement for merchants. Klarna also launched its new “Klarna: Swedish for smooother shopping” campaign in June. The account comes with 1.30

Lending 130

Lending FDIC Minneapolis Utah 130

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. All industrial banks are chartered in Utah – and there are only 17 such charters issued, 15 of which are currently active.

Industry 108

Industry Fintech FDIC Community Bank 108

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. In its Wednesday (Dec.

Utah 134

Utah FDIC System Retail 134

CFPB Monitor

MAY 16, 2019

As a result, it would not provide an alternative for fintech companies that are considering filing an application with the OCC for a special purpose national bank (SPNB) charter or for an industrial bank charter in a state such as Utah, that permits such charters.

Utah 68

Utah Fintech New York National 68

CFPB Monitor

APRIL 19, 2022

OppFi’s complaint alleges that because the Bank and not OppFi is making the Program Loans and the Bank is a state-chartered FDIC-insured bank located in Utah, the Bank is authorized by Section 27(a) of the Federal Deposit Insurance Act to charge interest on its loans, including loans to California residents, at a rate allowed by Utah law regardless (..)

California 78

California Innovation Utah United States 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

A second alternative is to charter or acquire an industrial bank under Utah law, where ownership would not be subject to the BHCA. Risks inherent in these partnerships could (and should) be mitigated by careful structuring and, potentially, OCC or FDIC rulemaking.

Fintech 68

Fintech New York National Regulation 68

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