SoFi’s Bank Charter Has Almost No Chance, Former SEC Chairman Says
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 […].
FDIC Online Regulation Utah 
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Banks Fighting SoFi’s Banking Charter
PYMNTS
JUNE 20, 2017
The action comes a week after the FDIC announced that digital lender SoFi had applied to the state of Utah for a special banking charter known as an ILC. Ten years ago Walmart to launch in Utah, where many ILCs are based, and was shut down.
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OppFi files complaint to block “true lender” challenge by California Department of Financial Protection and Innovation
CFPB Monitor
MARCH 15, 2022
The OCC’s attempt to provide a clear bright line test for determining when a bank is the “true lender” in a bank-model program through a regulation was overturned by Congress under the Congressional Review Act.) In addition to “true lender” threats, non-bank participants in bank-model programs will continue to face state licensing threats.
California court rejects OppFi’s attempt to block DFPI’s “true lender” challenge to loans made through bank partnership
CFPB Monitor
OCTOBER 6, 2022
As alleged the Commissioner is not attempting to regulate the transfer of loans in the secondary market. Unless it settles, it creates a risk to the viability of bank model online lending that is structured like OppFi’s Program. Rather, the focus here is on the identity of the lender in the primary market.
Why The ICBA Is Fighting Industrial Loan Charters For FinTechs
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. ILCs are used to form industrial loan companies, better known as industrial banks.
Bankers Tell Me Their Top Industry Game Changers
Jeff For Banks
APRIL 19, 2015
I teach Bank Profitability for the Washington, Utah, and Montana Bankers'' Associations EDP programs. Utah has many Industrial Loan Companies (ILC''s), which are FDIC supervised financial institutions that can be owned by commercial firms not regulated by a federal banking agency, like a utility company.
Small business borrowers bring lawsuit alleging lender engaged in “rent-a-charter” scheme to make usurious loans
CFPB Monitor
OCTOBER 10, 2019
A group of small businesses and their individual owners have filed a putative class action lawsuit in a New York federal district court against online lender Kabbage, Inc. According to the complaint , Kabbage entered into the scheme with Celtic Bank, a foreign state-chartered bank in Utah, which has no maximum rate limit for commercial loans.
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