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). Square Financial Services will originate commercial loans to the retailers that use Square for payments.

FDIC 276

FDIC Utah San Francisco Capital 276

PYMNTS

DECEMBER 20, 2018

For retailers, such speed would shorten the length of time between a transaction being made and the funds’ arrival at the retailer. 19) announcement, the company said the application is with the Federal Deposit Insurance Corporation (FDIC). Regulators had said a refiling would be permitted. In its Wednesday (Dec.

Utah 134

Utah FDIC System Retail 134

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.

Industry 108

Industry Fintech FDIC Community Bank 108