Licenses and charters

A bill recently introduced in the California state assembly would create a framework for local governments to set up their own taxpayer-owned banks. It’s more specific than other public-bank proposals, which raised more questions than they answered, but still faces long odds.

With the two companies said to be still mulling which charter to seek, the various options each have possible advantages and drawbacks.

The agency began seeking comments in December through a "request for information" on how to improve the agency's process for considering new deposit insurance applications.

The industrial loan company charter is getting more attention as doubts grow about a new federal license for fintechs.

Whether it's the OCC's special-purpose charter, ILCs or some other option, observers see fintechs being able to obtain banking powers.