The Independent Community Bankers of America had initially called for a moratorium in response to SoFi's application, and says now that Square's bid "has significantly increased our concerns."
The Consumer Financial Protection Bureau issued its first "no-action letter" to an online lender that uses alternative data to determine creditworthiness and loan pricing.
More blazers — and fewer T-shirts — are evident at this tech conference than when it began 10 years ago, a sign of how fintech and traditional banking are blending.
Vikram Pandit, who ran Citigroup during the financial crisis, said developments in technology could see some 30% of banking jobs disappearing in the next five years.
Many of the arguments in this debate have less to do with the applicants’ qualifications than with traditional banks’ fear of new, innovative competitors.
The changes to the National Multistate Licensing System will include a more customized user experience for companies and functionality for states to share examination data.
