Wyoming community bank winds down fintech program
American Banker
APRIL 4, 2024
The Federal Reserve issued an enforcement action against Mode Eleven Bancorp, the holding company for Summit National Bank, which engages in banking-as-a-service.
American Banker
APRIL 4, 2024
The Federal Reserve issued an enforcement action against Mode Eleven Bancorp, the holding company for Summit National Bank, which engages in banking-as-a-service.
Lex Sokolin
JANUARY 14, 2021
We love the robot as much as the next Fintech commentator. American financial regulation is an alphabet soup, and has grown out of politics and crises. Targeting banks and money services businesses allows for jurisdiction and regulation of the choke points (i.e., Second, Fintechs (e.g., Don’t get us wrong.
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Lex Sokolin
JANUARY 14, 2021
We love the robot as much as the next Fintech commentator. American financial regulation is an alphabet soup, and has grown out of politics and crises. Targeting banks and money services businesses allows for jurisdiction and regulation of the choke points (i.e., Second, Fintechs (e.g., Don’t get us wrong.
Lex Sokolin
SEPTEMBER 23, 2020
This generated a good $6 billion of revenue in 2016, though that number is likely further compressed given attempts at regulating this sector. It doesn’t have an ILC charter from Utah, or a crypto bank charter from Wyoming, or a straight-up bank charter like Varo, nor has it acquired any banks like Lending Club or Jiko. No shenanigans.
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