SoFi’s Bank Charter Has Almost No Chance, Former SEC Chairman Says
Bank Innovation
SEPTEMBER 18, 2017
The charter, submitted to the State of Utah last June, would give the online lender the ability to collect deposits insured by the […].
FDIC Online Utah 
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Rakuten files third application for FDIC insurance
CFPB Monitor
JANUARY 25, 2021
Per the Utah Department of Financial Institutions website, Rakuten Bank America’s application for a Utah ILC charter was received on July 26, 2019 and remains pending. . Rakuten’s first FDIC deposit insurance application was filed in July 2019, and was withdrawn in March 2020. based bank, Rakuten Bank America.
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Today In Payments: COVID-19 Triggers Job Losses; JPMC First Big Bank To Shutter Branches As Virus Spreads
PYMNTS
MARCH 19, 2020
Also, Square won a banking license for an industrial bank in Utah. FDIC Approves Square for Banking License. The Federal Deposit Insurance Corporation (FDIC) granted Square a banking license to operate a de novo industrial bank in Salt Lake City. Coronavirus Triggers Job Losses, Reduced Hours.
SoFi Officially Files For A Bank Charter Of Its Own
PYMNTS
JUNE 13, 2017
Which means it really doesn’t come as all that huge a surprise that as of June 6th, SoFi had applied for a new (de novo) bank charter according to the FDIC. Officially SoFi is looking for an industrial loan charter under the name SoFi Bank in Utah. SoFi has confirmed the news. The bank will offer no other products and services.”.
Banks Fighting SoFi’s Banking Charter
PYMNTS
JUNE 20, 2017
The action comes a week after the FDIC announced that digital lender SoFi had applied to the state of Utah for a special banking charter known as an ILC. Ten years ago Walmart to launch in Utah, where many ILCs are based, and was shut down.
Why The ICBA Is Fighting Industrial Loan Charters For FinTechs
PYMNTS
OCTOBER 17, 2017
An industrial bank is an FDIC-insured depository institution that is generally subject to the same banking laws and regulations as any other bank charter type, with the important exception of the Bank Holding Act of 1956. All industrial banks are chartered in Utah – and there are only 17 such charters issued, 15 of which are currently active.
Call It Alt-Credit Or POS Lending, ‘Buy Now, Pay Later’ Just Got Bigger
PYMNTS
JULY 14, 2020
Utah-based FuturePay has consistently appeared in PYMNTS’ top 5 alternative credit apps, with its offer of flexible monthly payments for consumers and up-front settlement for merchants. Klarna also launched its new “Klarna: Swedish for smooother shopping” campaign in June. The account comes with 1.30 stores for Google Pay and Apple Pay users.
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