FDIC Approves Square For Banking License
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). FDIC staff found that Square satisfied each of the statutory factors required for approval, subject to certain conditions. The FDIC is considerin g setting new stricter oversight regulations for FinTechs as a way to boost transparency and establish record-keeping rules.