Licenses and charters

New York state expands feedback program for fintech startups

06/09/20

The Department of Financial Services is going live with DFS FastForward, which aims to help innovators in finance, healthcare and insurance consult directly with regulators on specific compliance issues.

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‘Banks are the infrastructure’: OCC leader on pandemic, recovery, CRA

06/07/20

Acting Comptroller of the Currency Brian Brooks says financial institutions are needed more than ever to “sustain existing businesses” and help entrepreneurs rebuild. Meanwhile, reforming the Community Reinvestment Act, he says, can “unblock opportunities” in minority neighborhoods.

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Even with FDIC endorsement, fintechs' path to becoming banks is bumpy

06/03/20

Recent steps that would help nonbank lenders enter the traditional banking system, like a proposal clarifying the industrial loan company charter, are needed but face strong opposition.

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State regulators question timing, legality of OCC licensing proposal

05/05/20

The Conference of State Bank Supervisors says parts of the plan are an overreach, while the agency should think twice about developing the proposal during the coronavirus pandemic.

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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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