Utah Becomes the Third State to Establish a Fintech Sandbox

CCG Insights

Utah has joined Arizona and Wyoming in establishing a fintech sandbox, a tool for financial innovators to create new products while being partially shielded from regulatory issues. Banker in the Know CCG Catalyst Arizona Compliance fintech regtech Regulations sandbox Utah Wyoming

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Utah’s new regulatory sandbox

CFPB Monitor

Utah Governor Gary Herbert signed H.B. This bill created the nation’s third regulatory sandbox program for fintechs, after Arizona , which enacted sandbox legislation in March 2018, and Wyoming , which enacted sandbox legislation in February of this year.

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California governor to fintechs: Forget Utah. Be an ILC here.

American Banker

ILCs Innovation Fintech Fintech regulations CFPB CaliforniaGavin Newsom's proposal to create a consumer watchdog modeled after the CFPB includes a provision that would make it easier for upstart financial firms to obtain industrial loan charters.

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CFPB and Utah AG announce joint office hours in Salt Lake City as part of ACFIN

CFPB Monitor

The CFPB and Utah AG’s Office have announced that they will hold the first joint office hours as part of the American Consumer Financial Innovation Network (ACFIN). The joint office hours will be held on January 30, 2020 in Salt Lake City, Utah.

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This week’s podcast: A close look at Utah’s new regulatory sandbox program

CFPB Monitor

Utah is now taking applications for its new regulatory sandbox program. Marc Roberts, the sponsor of the bill that created the program, and Bryan Cowley, the Utah regulator who will oversee the program’s administration. FinTech State CFS Monitor sandbox utahIn this podcast, we interview Rep.

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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.

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Here’s How Many People Will Work at SoFi Bank

Bank Innovation

It’s not everyday that a fintech applies for a bank charter, so when SoFi did just that it caught our eye. Capital Exclusive Operations Risk Startups assets bank charter Bank of America Social Finance SoFi Sofi Bank Utah bank charterBut will this be a big bank? The short answer is no, or not at least for a few years. Buried in SoFi’s application are details on the proposed bank’s staffing size. The bank […].

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Square’s ILC bid may open floodgates for fintechs

Payments Source

Square became the third fintech firm in recent months to seek out a bank charter. Fintech regulations ILCs Fintech Law and regulation Square SoFi Varo Money OCC FDIC State of UtahOthers are likely to follow.

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Morning Scan: SoFi Mulls Utah Bank Charter

American Banker

Future of banking: In fintech, as in life, it all comes full circle. The company has reportedly been in discussions with Utah… morning-scan national-regionalReceiving Wide Coverage. While banks are rushing to disrupt themselves through new offerings and partnerships with Silicon Valley, the startups are beginning to look more like banks.

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Japanese FinTech Rakuten Applying For US Banking Charter 

PYMNTS

A Japanese FinTech company is applying for a banking charter in the United States, according to a report by American Banker. FDIC) and the state of Utah for an industrial loan company (ILC) charter. Banking Banking Charter FinTech ILC News Rakuten Square What's Hot

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Southeast Asia Tips The B2B FinTech Funding Scales

PYMNTS

With more than $1 billion raised — and more to come — this week became the most lucrative for B2B FinTech venture capital funding. B2B eCommerce startup Sokowatch scored a win for Kenya’s B2B FinTech community after raising $14 million in Series A funding, reports in TechCrunch said.

B2B FinTech Bucks The VC Slump

PYMNTS

This week, the B2B FinTech startup space bucked any notion of a VC downturn with several high-value deals, and one of the busiest VC investment roundup weeks for the B2B space so far this year.

Wyoming creates fintech sandbox

CFPB Monitor

Earlier this year, Wyoming became the second state to create a financial technology (fintech) sandbox by enacting the “ Financial Technology Sandbox Act ” (Sandbox Act). FinTech State CFS Monitor sandbox wyoming

The United States Of Fintech Startups

CB Insights

The fintech space is gaining momentum. Last year saw a double record of $46B invested across over 2,800 deals to fintech startups — a 92% uptick in funding year-over-year. GET THE 83-PAGE q2 2019 FINTECH TRENDS REPORT. The most well-funded US fintech startup is SoFi, with $2.5B

This week’s podcast: update on OCC fintech charter

CFPB Monitor

The OCC’s decision to issue special purpose national bank (or fintech) charters has sparked renewed litigation. We also look at fintech charter alternatives, including full-service and Utah industrial banks. Federal CFS Monitor FinTech OCC charterIn this episode, we review the charter’s potential benefits and drawbacks, provide a litigation update and examine its possible impact on charter applicants, and flag issues for potential applicants.

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Fed proposal to revise control rules would not create alternative to OCC fintech charter

CFPB Monitor

As a result, it would not provide an alternative for fintech companies that are considering filing an application with the OCC for a special purpose national bank (SPNB) charter or for an industrial bank charter in a state such as Utah, that permits such charters.

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Finicity Announces New ACH Account Verification API

Let's Talk Payments

New offering for payment and funding apps provides industry’s broadest direct ACH account verification service in North America MURRAY, Utah — September 20, 2016 — Finicity, winner of the Finance. API Banking Fintech News Payments news US

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Client Note: E-Commerce Co Eyes Bank Charter, Amazon Acquires Cloud Storage Provider, Klarna Becomes Most Valuable European Fintech, And More

CB Insights

Fintech. Japan-based e-commerce retailer Rakuten aims to launch a bank in Utah to provide loans and financial services to its customers. E-commerce company Rakuten eyes a bank charter.

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The United States Of Fintech: The Most Well-Funded Fintech Startup In Each State

CB Insights

Following our previous mapping of the most well funded startups in each state and most well funded food & beverage startups in each state , we used CB Insights database to identify the most well-funded private fintech startup in each state. FINTECH TRENDS Q3 2017 RESEARCH BRIEFING. Fintech deals and funding are on track to reach record highs in 2017. California-based lending unicorn SoFi is the most well funded fintech company with just over $2B raised since 2011.

Why The ICBA Is Fighting Industrial Loan Charters For FinTechs

PYMNTS

All industrial banks are chartered in Utah – and there are only 17 such charters issued, 15 of which are currently active. And while much has been quiet on the ILC front ever since, as of 2017, two big FinTechs made them very visible again: Sofi in June and Square in mid-September. Square already has an SMB lending arm – Square Capital – which it operates through a deal with Utah-based Celtic Bank.

NY federal district court deals blow to OCC fintech charter

CFPB Monitor

A dark cloud is now hanging over the OCC’s decision to accept applications for special purpose national bank (SPNB) charters from fintech companies as a result of the opinion issued last week by a New York federal district court in the lawsuit filed by the New York Department of Financial Services (NYDFS) seeking to block the OCC’s issuance of the charters. A second alternative is to charter or acquire an industrial bank under Utah law, where ownership would not be subject to the BHCA.

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Lender Kabbage Furloughs Workers, Warns Of SMB Cash Shortfall

PYMNTS

government’s $2 trillion stimulus package allows a number of entities — FDIC banks, credit unions and, most notably for this discussion, FinTechs such as Kabbage — to make loans to smaller firms.

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Square Tries To Create A Bank, Again

PYMNTS

San Francisco-based FinTech company Square, known for its white card readers, has once again decided to become a banking establishment, according to a report in The Wall Street Journal.

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Capitol Hill Hearing Examines ‘Rent-A-Bank’ Schemes To Sidestep Interest Rate Caps

PYMNTS

She offered a list of other firms engaged in similar practices, such as LoanMart, where auto title loan rates range from 60 percent to 222 percent, and where bank sponsors are based in Utah. Testimony from Diaz and Saunders identified three banks based in Utah tied to such schemes.

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Divvy mines gold in employee expense management

Daily Fintech

In late 2017 I had the fortune of interviewing Divvy founder Blake Murray, which I published on Daily Fintech – have a read here. At the time, the Utah based employee expenses management fintech had recently raised US$7M.

AvidXchange: Crossing The Western Frontier

PYMNTS

What do Charlotte, NC, and Salt Lake City, Utah, have in common? According to Praeger, the two locations have a strong startup mentality, both in terms of the workers themselves and when it comes to public and private investors willing to back FinTech companies. Startup Check-In avidXchange CEO SERIES FinTech investments News Piracle Salt Lake City startup check-in startups

Today In Payments: COVID-19 Triggers Job Losses; JPMC First Big Bank To Shutter Branches As Virus Spreads

PYMNTS

Also, Square won a banking license for an industrial bank in Utah. FinTech leader Fiserv has acquired independent software vendor Bypass Mobile, an innovator in the point-of-sale systems arena.

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Could Square be the first global small business bank?

Daily Fintech

While the bank will be Utah based, it isn’t hard to imagine the U.S. These are all jurisdictions that have struggled to produce good small business banking alternatives during the fintech boom, despite many offering ‘neobank type’ licenses.

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FinovateFall: Mapping the Future of Fintech Today

Fintech Labs Insights

Every time we build a Finovate presenter headquarters map, we are reminded how geographically diverse fintech innovation has become. Beyond the United States, familiar international fintech powerhouses like Israel and Canada (eight presenters from the Great White North alone!)

Paul Watkins, Director of the CFPB’s Office of Innovation, discusses final innovation policies in Ballard Spahr webinar

CFPB Monitor

Alan leads the firm’s Consumer Financial Services Group and James is a co-leader of the firm’s inter-disciplinary Fintech Team. CFPB Monitor Fintech CFPB sandbox

GPS Capital Markets For Sale, Sources Say

PYMNTS

As of last year, the company employed 63 people, reports said, citing Utah Business data. Earlier this year Laurent Descout, CEO and founder of corporate cash management FinTech Neo, told PYMNTS about the growing risk of FX volatility. “On

Big Fizzle: The Recession Comes, Quickly

PYMNTS

Banking, Done Digitally: In more evidence of FinTechs crossing the great divide into traditional banking, Square has gotten the green light from the Federal Deposit insurance Corp.

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Fintech Fundings: 12 Companies Raise $240 million Week Ending June 25

Fintech Labs Insights

And there are few fintech success stories bigger than 2008 alum, Credit Karma , which scored $175 million this week at a reported $3.5 Total investment into the fintech sector this week were $240 million flowing to 12 firms. So far this year, fintech has attracted $7.9

The United States Of Artificial Intelligence Startups

CB Insights

Collectively, these startups have raised over $5B, with leading companies such as Butterfly Network (Connecticut, $350M in total disclosed equity funding), Welltok (Colorado, $339M), and InsideSales.com (Utah, $264M). Funding to artificial intelligence startups is soaring.

Small Business Borrower Sues Kabbage

PYMNTS

Kabbage works with Celtic Bank, chartered by the state of Utah, to provide SMB borrowers with loans via its platform. The Kabbage case exemplifies the litigation risk inherent in using bank partnerships to originate high-interest loans,” said the National Law Review , “a practice that has become more common as FinTech and traditional banking entities collaborate.”.