PYMNTS
MARCH 19, 2020
The Federal Deposit Insurance Corporation ( FDIC ) gave the green light to an application from the FinTech firm Square to create a de novo industrial bank in Utah, the agency said on Wednesday (March 18). The headquarters will be in Salt Lake City, Utah. The new bank anticipates opening next year.
PYMNTS
DECEMBER 19, 2018
Square said it’s going to resubmit the necessary paperwork with state and federal regulators to start a bank in Utah, which could happen as soon as Wednesday (Dec. The bank will be led by Lewis Goodwin, a former executive at Green Dot, and capitalized with $56 million from Square.
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CFPB Monitor
JUNE 11, 2019
Utah Governor Gary Herbert signed H.B. The sponsor of Utah’s legislation, Rep. ” Utah’s regulatory sandbox, which is effective as of May 13, is similar in many respects to Arizona’s sandbox, which began accepting applications in August 2018 and now has six participants. 378 , Regulatory Sandbox, into law on March 25, 2019.
PYMNTS
APRIL 7, 2017
including Union Square Ventures, Ribbit Capital, Vy Capital and Silicon Valley Bank. The loans will be issued by WebBank out of Utah and later purchased by Upgrade. According to a report in Fortune , Upgrade of San Francisco, Calif., raised $60 million in equity and convertible notes from a slew of investors in the U.S.,
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.
Lex Sokolin
SEPTEMBER 23, 2020
To the extent it pipes people to banking product, that goes to a $500 million market capitalization public company that makes prepaid cards. This generated a good $6 billion of revenue in 2016, though that number is likely further compressed given attempts at regulating this sector. Just referring customers to capital sources.
CB Insights
OCTOBER 26, 2020
In the US, legislation emerged to forbid investment banks from prop trading, or trading with their own capital, and forcing them to keep more capital on hand. This regulation reduced trading profits and created a need to cut costs, spurring investment banks to spin off unprofitable divisions or eliminate them entirely.
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