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.
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.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
CFPB Monitor
JANUARY 24, 2022
as a full service national bank headquartered in Cottonwood Heights, Utah. The OCC announced this week that it has conditionally approved applications from Social Finance Inc. SoFi) to create SoFi Bank, National Association (SoFi Bank, N.A.), The OCC’s press release indicates that as part of the transaction, SoFi Bank, N.A.
PYMNTS
OCTOBER 17, 2017
All industrial banks are chartered in Utah – and there are only 17 such charters issued, 15 of which are currently active. And while much has been quiet on the ILC front ever since, as of 2017, two big FinTechs made them very visible again: Sofi in June and Square in mid-September. Industrial banks are not subject to BHA.
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.
PYMNTS
SEPTEMBER 18, 2020
Venture capital appears to be picking back up in the B2B technology startup community. This week saw an impressive $324 million in combined funding for a range of B2B FinTechs and other solution providers, including alternative lenders looking to support small businesses as they manage working capital instability. Allica Bank.
Gonzobanker
DECEMBER 17, 2021
A few years ago, very few people would have guessed that tens of billions of dollars would be invested in fintech vendors and solutions annually – except it happened. 2021 fintech investments, merger activities, and overall focus were off the charts. Best Fintech Acquisition by a Bank. Fintech Acquiring Bank. You tell us.
Expert insights. Personalized for you.
192 
Let's personalize your content