Thrivent hires former MUFG Union executive to run proposed bank


Brian Milton, who ran MUFG Union's digital bank, was named head of banking and would become CEO of Thrivent Bank, a digitally focused platform that plans to operate as an industrial loan company.


Square’s long-planned bank opens for business


The payment processing company will offer loans and deposit accounts to its small-business customers through a Utah-based industrial bank.


Thrivent pursuing ILC charter to offer nationwide digital platform


The Fortune 500 conglomerate is looking to form Thrivent Bank to provide banking products to more customers.


Fintech seeks ILC to be one-stop banking resource for startups


Brex currently relies on bank partners to offer credit cards and cash management accounts to small and midsize businesses. It is looking to charter its own FDIC-insured institution to be a direct provider.


General Motors seeks to avoid mistakes of last foray into banking


The Detroit automaker says it will stick to car loans and steer clear of mortgage lending if regulators approve its application to establish an industrial bank.


FDIC board to consider brokered deposit, ILC rules at public meeting


The agency's principals are scheduled to meet Dec. 15 to vote on a new definition for brokered deposits and on regulatory standards for industrial bank parents.


General Motors faces ‘big task’ in building a bank: Ally CEO


The automaker is reportedly planning to apply for a bank charter so it could collect deposits and grow its own auto-finance business. That could create more competition for Ally, which was spun off from GM in 2006 but remains a key lending partner.


Why is it so hard for a fintech to become a bank?


The success of some fintechs in getting bank charters this year only underscores how onerous the process remains for many others. That’s unlikely to change unless policymakers reconsider what it means to be a bank.