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. The new bank anticipates opening next year.

FDIC 276

FDIC Utah San Francisco Capital 276

PYMNTS

JULY 26, 2019

A Japanese FinTech company is applying for a banking charter in the United States, according to a report by American Banker. FDIC) and the state of Utah for an industrial loan company (ILC) charter. FDIC) and the state of Utah for an industrial loan company (ILC) charter.

Fintech 192

Fintech Utah US FDIC 192

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. In addition, the parent company of SoFi Bank, N.A.,

National 78

National Fintech Company FDIC 78

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

JUNE 20, 2017

The Independent Community Bankers of America, a trade group representing about 6,000 small banks holding almost $5T in assets, is lining up against SoFi, urging the Federal Deposit Insurance Corporation to reject its application to launch a banking unit. Ten years ago Walmart to launch in Utah, where many ILCs are based, and was shut down.

Utah 108

Utah Indiana America Community 108