FDIC Lending Online Utah 
PYMNTS
JULY 14, 2020
Utah-based FuturePay has consistently appeared in PYMNTS’ top 5 alternative credit apps, with its offer of flexible monthly payments for consumers and up-front settlement for merchants. Klarna also launched its new “Klarna: Swedish for smooother shopping” campaign in June. The account comes with 1.30 stores for Google Pay and Apple Pay users.
Bank Innovation
SEPTEMBER 18, 2017
The charter, submitted to the State of Utah last June, would give the online lender the ability to collect deposits insured by the […].
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PYMNTS
JUNE 13, 2017
Which means it really doesn’t come as all that huge a surprise that as of June 6th, SoFi had applied for a new (de novo) bank charter according to the FDIC. Officially SoFi is looking for an industrial loan charter under the name SoFi Bank in Utah. SoFi has confirmed the news. The bank will offer no other products and services.”.
CFPB Monitor
OCTOBER 6, 2022
Unless it settles, it creates a risk to the viability of bank model online lending that is structured like OppFi’s Program. It would be helpful if the FDIC were to submit an amicus brief supporting OppFi’s position regarding federal preemption of California usury law under Section 27(a) of the FDI Act.
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.
CFPB Monitor
APRIL 19, 2022
At the end of last year, we completed a months-long project in updating and expanding a 2017 White Paper addressing bank-model lending—programs involving partnerships between banks (or savings associations) and fintech or other nonbank companies in the interstate delivery of loans.
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