Licenses and charters

FDIC aims to smooth de novo process for nontraditional firms


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


Are states gaining upper hand in fintech charter battle?


With fintech firms appearing stuck in neutral in their efforts to seek bank charters from federal regulatory agencies, observers say state licensing options could be in vogue again in 2020.


OCC files appeal in fintech charter case


In October, U.S. District Judge Victor Marrero ruled against the OCC in a case brought by the New York State Department of Financial Services.


Is Congress spoiling for another fight over ILCs?


The Rakuten application has piqued interest in reviving legislation aimed at stopping commercial firms from owning banks. Yet Congress previously had the chance to enact such a measure and declined.


Regulators ease hemp banking rules; alternative credit checks get the nod


Banks will not have to file reports on customers just because they're in the hemp business; making it easier for people with no credit history to get loans.


Robinhood to pull application for national bank charter


The fintech firm, which had made prior attempts to offer a federally insured consumer account product, said it has “no plans at this time” to become a bank.


Charter or not, fintechs are already ‘banking’


A more practical approach for U.S. regulators on whether to bring fintechs into the banking fold might be ‘better the devil you know than the devil you don’t.’


Congress can work around court’s nixing of OCC fintech charter


Former Comptroller Thomas Curry, who initially proposed the special charter now blocked by a judge, calls on policymakers to find another way to regulate financial tech startups.


GOP senator tries to block commercial firms from becoming banks


Sen. John Kennedy, R-La., has proposed a bill to bar companies such as Rakuten from using industrial loan companies to access the banking system.


14 years after Walmart, banks face a new ILC bogeyman


The Rakuten application has opened another front in the battle over nonfinancial companies' ownership of banks.