More than three dozen organizations are asking the FDIC to reject Square’s pending application to become an industrial loan company, according to a letter filed Tuesday.
The Small Business Administration should consider partnering with fintechs, which have the capacity to approve loans quickly, to help avoid the kind of application backlog the agency faced after the last government shutdown.
A group of state regulators has signed off on 14 recommendations, developed by the fintech industry, aimed at streamlining multistate licensing and supervision.
The vast majority of comment letters to the FDIC support the fintech’s banking venture, in stark contrast to the public outcry over the pre-crisis ILC bids by large retailers.
The bureau wants to further remove the threat of legal liability for firms that test products benefiting consumers, but the attorneys general say the agency cannot provide immunity from state law.
Undercover cops arrested a Miami Beach man for trying to sell bitcoin for dollars. Carlton Fields attorney Matthew Kohen explains what the case means to banks.
Wide coverage of the mega-deal between BB&T and SunTrust; GSE reform, CFPB underwriting rule are on collision course; Swift showing more swagger in its rivalry with Ripple; and more from this week's most-read stories.
Steve Boms, executive director of the Financial Data and Technology Association, says open banking standards are needed for U.S. banks and fintechs to follow.
