CFPB Monitor

SEPTEMBER 10, 2020

Thereafter, “using its existing lending operations and personnel, LoanMart commenced ‘marketing’ and ‘servicing’ auto title loans purportedly made by CCBank, a small Utah-chartered bank operating out of Provo, Utah.” The FDIC has not yet proposed a similar rule.

Utah 78

Utah California FDIC West Virginia 78

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.

FDIC 130

FDIC Utah Payments Mobile 130

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.”.

FDIC 100

FDIC Utah Millennials ATM 100

CFPB Monitor

AUGUST 7, 2020

In a statement issued after presenting the charter , Acting Comptroller Brian Brooks discussed the value and attributes of a national bank charter, including the ability to operate nationwide under a uniform regulatory framework subject to a single primary prudential supervisor, and the confidence the charter inspires in consumers.

Fintech 78

Fintech FDIC Utah National 78

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.

Industry 108

Industry Fintech FDIC Community Bank 108

CFPB Monitor

MAY 6, 2019

A second alternative is to charter or acquire an industrial bank under Utah law, where ownership would not be subject to the BHCA. Risks inherent in these partnerships could (and should) be mitigated by careful structuring and, potentially, OCC or FDIC rulemaking.

Fintech 68

Fintech New York National Regulation 68