News Topic: ILCs

The student loan servicer called the move a "temporary step back" in what it had expected to be a lengthy process. ... Read full article

The industry group wants the FDIC to reject an ILC request from student lender Nelnet and impose a two-year ban on future applications. ... Read full article

One firm's inability to access bank data shows how fragile fintechs can be; payments processor Square quietly withdraws bank application; turnover of chief risk officers is on the rise; and more from this week's most-read stories. ... Read full article

Online lenders and other firms await news from OCC and Treasury on the future of their supervision, even as they absorb the news that Square had to temporarily pull its industry loan company application. ... Read full article

The payments processor has pulled its submission to the FDIC to become a depository bank but says it plans to make a second attempt soon. ... Read full article

Nelnet’s planned bank would be an online enterprise focused on gathering deposits and making private student loans. ... Read full article

How the big banks fared in the Fed's latest round of stress testing; what's on new FDIC chair Jelena McWilliams' plate; why banks' biggest risk factor may be employees who don't speak up; and more from this week's most-read ... Read full article

In her first speech as chairman, Jelena McWilliams signaled a focus on reviewing old policies, speeding up decisions on new bank applications and helping banks navigate marijuana laws. ... Read full article

Trump-appointed regulators are making headway on easing regulations. But there's one critical voice missing. ... Read full article

Comments by Federal Reserve Vice Chairman for Supervision Randal Quarles appeared to contrast with past statements by former officials about the controversial charter. ... Read full article

A decision by the Federal Deposit Insurance Corp. — soon to be under new management — on Square’s ILC application could foreshadow how other fintech firms seek banking powers. ... Read full article

Three Trump administration nominees faced thorough questioning from the Senate Banking Committee, although Democrats reserved much of their fire for the president’s nominee to the Federal Reserve Board. ... Read full article

The Silicon Valley payment processor is firing back at critics who say its bid for a bank charter would open the door to similar gambits by tech giants. Community activists, meanwhile, seem to be coming around to the idea of Square opening a bank. ... Read full article

Acting Comptroller of the Currency Keith Noreika called for reopening the debate over the barrier between banking and commerce, saying there is evidence removing it could benefit small banks. ... Read full article

Acting Comptroller of the Currency Keith Noreika pushed back against concerns that his agency's proposed fintech charter will unduly benefit nonfinancial firms. ... Read full article

Student loan platform Social Finance has withdrawn its application for deposit insurance, a month after former CEO Mike Cagney retired in the wake of sexual harassment allegations. ... Read full article

As market forces redefine much of the industry, similar to the effects of disruption in the retail sector, regulators should be embracing new banking models. ... Read full article

The Independent Community Bankers of America is formally opposing a bank charter application by payments processor Square, accusing it of trying to “avoid” certain “legal prohibitions and restrictions.” ... Read full article