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FDIC Approves Square For Banking License

PYMNTS

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 launched its campaign to open a bank more than two years ago.

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FDIC's unusual order against tiny Utah bank: Sell yourself or liquidate

American Banker

One of the smallest banks in the country hasn't consistently made a profit since 2007 and has been the subject of enforcement actions. The FDIC's public rebuke against it indicates a last-ditch effort to figure out a less messy solution than receivership.

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Banks Fighting SoFi’s Banking Charter

PYMNTS

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.

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Data privacy: How to keep customer data safe

Independent Banker

But as the prevalence of security breaches grows, so do the opportunities for community banks to position themselves as guardians of their customers’ personal data through compliance, technology and relationship building. Shielding sensitive customer information from prying eyes remains a chronic industry challenge. By Katie Kuehner-Hebert.

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OCC approves national bank charter applications of fintech company

CFPB Monitor

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.

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Small Utah bank is again in 'substantial noncompliance' with CRA

American Banker

(..)

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Why The ICBA Is Fighting Industrial Loan Charters For FinTechs

PYMNTS

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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