Square

Square gets OK for bank; Banks seek regulatory relief

03/19/20

Utah bank is expected to launch next year; banks want to hold off regulations that would hamper efforts to keep money flowing during virus crisis.

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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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Speed matters during a crisis. Here's how tech can help.

03/18/20

Online platforms and apps can be utilized to quickly support small businesses and consumers facing unexpected financial hardship.

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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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How Square turns unconventional credit data into loans for tiny businesses

11/22/19

The payments company has loaned $5.5 billion to 275,000 small businesses, thanks to a data-driven process free from human interaction.

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Charter or not, fintechs are already ‘banking’

11/22/19

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.’

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14 years after Walmart, banks face a new ILC bogeyman

10/24/19

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

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Praise and scorn for California's new business loan disclosure plan

08/18/19

Under a state proposal, annual percentage rates would have to be disclosed on nonbank commercial loans of $500,000 or less. Lenders' responses have been mixed depending on their business model.

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Mortgage servicer AmeriNat refiles for industrial bank charter

08/14/19

The company withdrew an earlier bid to become an ILC after regulators identified problems with its application. It is seeking a Nevada bank charter because it wants to add deposit management services and expand into small-business lending.

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