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Square Will Reapply for Banking License with the FDIC After Last Week’s Withdrawal

Bank Innovation

It plans to reapply with the FDIC, but did not reveal […]. Payment processor Square has withdrawn its application to become a deposit-taking bank, a move similar to online lender Social Finance or SoFi, which withdrew its application last fall.

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Fintechs Face Difficult Regulatory Realities on Charters

Bank Innovation

. — Fintechs are having trouble facing reality when it comes to obtaining bank charters, FDIC Chairman Jelena McWilliams and Comptroller of the Currency Joseph Otting said here at the FDIC’s Fintech and the Future of Banking conference on Wednesday.

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Banks Push Back On Possible Banking Charters For Big Techs Like Amazon And Facebook

PYMNTS

House committee this week began reviewing the idea of allowing the likes of Amazon or Facebook to receive charters to operate as banks — an idea that’s already gotten plenty of pushback from traditional financial institutions (FIs). FDIC), the states and the courts. This means getting regulation right is critical.

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The Current Banking Crisis – 10 Not So Apparent Lessons

South State Correspondent

It turns out that confidence is more valuable than capital. Percentage of Uninsured Deposits: At the time of failure, SVB had approximately 88% of their deposits above the FDIC-insured $250k limit and ran at 95% at the end of last year. The ratio would provide a bank’s current core capital position to risk-adjusted assets.

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A digital-first bank for south Florida

Independent Banker

While many banks are utilizing technology and trying to be innovative, they are doing so on an existing legacy structure that is too expensive, painful and ingrained in their culture to change.”. The next month, Locality Bank received final approval for a state charter and FDIC-secured deposit insurance.

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Lender Kabbage Furloughs Workers, Warns Of SMB Cash Shortfall

PYMNTS

The company is also reportedly “completely” closing down its Bangalore, India operations. government’s $2 trillion stimulus package allows a number of entities — FDIC banks, credit unions and, most notably for this discussion, FinTechs such as Kabbage — to make loans to smaller firms. staff, which has 500 employees.

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Bank Investment: To De Novo Or Not?

Bank Innovation

It’s been a year since the Federal Deposit Insurance Corporation (FDIC) conditionally approved a de novo charter for Primary Bank. Based in Bedford, New Hampshire, the new Primary Bank raised an astounding $29 million after obtaining approval for its charter on March 17th of 2015. But Primary Bank was not the Read More.