Licenses and charters

Rakuten withdraws ILC application, plans to refile

03/23/20

The company's plan had drawn strong criticism from bankers about Rakuten's potentially controlling an industrial loan company while engaging in its non-financial businesses.

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ILC freeze breaks with federal approvals for Square, Nelnet

03/18/20

In signing off on deposit insurance for the payments giant and student loan servicer, the FDIC sanctioned the first new industrial loan companies in over a decade.

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FDIC nears decision on ILC bids as it floats new standards for charter

03/17/20

On the same day the Federal Deposit Insurance Corp. said it will soon rule on two applications, the agency also proposed benchmarks for all firms that want to own industrial loan companies.

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FDIC to issue proposal on ILCs at agency board meeting

03/11/20

A decision by regulators on how to move forward with the controversial charter could have broad implications for fintech firms that want to enter the banking system.

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OCC proposes eliminating 'outdated' licensing rules

03/05/20

As part of a review, the agency said it had identified requirements dealing with operating subsidiaries, non-controlling investments by banks and other corporate activities that were no longer necessary.

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Simpler is better for fintechs breaking into banking

02/20/20

LendingClub and Varo Money are making inroads into the traditional financial system, but other fintechs still face long odds.

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The API race, CFPB vs. Citizens, Varo's bank charter: Top stories of the week

02/14/20

Wells Fargo appears to be outpacing its rivals in the API race; CFPB's unexpected showdown with Citizens; Varo gets vital FDIC OK for bank charter; and more from this week's most-read stories.

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Banks need to do more than just complain about credit unions

02/14/20

The entire banking industry needs to join the fight instead of waiting for Congress to act.

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FDIC aims to smooth de novo process for nontraditional firms

02/10/20

The agency released two new manual supplements and other materials to help nonbanks and its own staff better understand application procedures.

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FDIC aims to smooth de novo process for nontraditional firms

02/10/20

The agency released two new manual supplements and other materials to help nonbanks and its own staff better understand application procedures.

[more]