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. Square, Inc.
PYMNTS
DECEMBER 19, 2018
San Francisco-based FinTech company Square, known for its white card readers, has once again decided to become a banking establishment, according to a report in The Wall Street Journal. The company had previously asked to start a bank in September of 2017, but eventually withdrew from the process over procedural issues.
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Jeff For Banks
MARCH 15, 2014
This week I did my annual tour of the West, teaching Bank Profitability in the Executive Development Program for the Washington, Oregon, and Utah Bankers'' Associations. Regulations : Here is where I think future and existing executives would agree. Look at how regulators impact mortgage financing.
PYMNTS
JULY 13, 2016
The Wall Street Journal reported on Tuesday (July 12) that the online lender, commonly known as SoFi, with $10 billion in student loans and mortgages across its books, may be forced to don more traditional financial services garb as the online lending sector is buffeted about by negative headlines and looming regulations.
PYMNTS
DECEMBER 20, 2018
Amazon in particular has stated that such settlement options would be a desirable alternative to credit and debit cards. 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.
PYMNTS
JANUARY 7, 2019
Indian regulation requires all payments data be processed in-nation — instead of on Facebook’s servers. The company has also reported that, at least thus far, there is no indication that the attacks were successful in stealing any credit card information — though they have contacted users affected and advised them to change their passwords.
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.
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