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Figure CEO: Figure Pay, National Bank Charter Will Boost Financial Inclusion

PYMNTS

Figure Pay, he said, debuts in January in Missoula, Montana, and then will see a broader rollout through the quarter. Drilling down into the charter itself, Cagney told Webster that “this is a full national charter — not a FinTech charter, but one where we are not directly collecting FDIC insured deposits or partnering with a bank to do that.”

National 215
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The top-performing community banks of 2021

Independent Banker

Cumberland Security Bank, Inc. First Security Bank of Deer Lodge. Bank of Montana. In order to compete as a small bank, we have been forced to keep higher-than-peer capital levels, so that our lending limit allows us to service local borrowers’ needs. Tom Swenson, CEO and chairman of the board, Bank of Montana.

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What’s in it for Me? Real Estate Investment Technology

Fintech Labs Insights

The company sells debt securities called Limited Resource Obligations (LROs) to investors with a minimum investment of $10. Investor funds are held in an Investors Trust Account with City National Bank and in the event of default, the funds are FDIC insured up to $250,000. Groundfloor. PeerStreet. The minimum investment is $1,000.