Remove Fintech Remove Online Remove Utah
article thumbnail

Capitol Hill Hearing Examines ‘Rent-A-Bank’ Schemes To Sidestep Interest Rate Caps

PYMNTS

In terms of general practice, lenders, including those that operate online, must partner with chartered banks.). She offered a list of other firms engaged in similar practices, such as LoanMart, where auto title loan rates range from 60 percent to 222 percent, and where bank sponsors are based in Utah.

Utah 130
article thumbnail

Banks Fighting SoFi’s Banking Charter

PYMNTS

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.

Utah 108
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Why The ICBA Is Fighting Industrial Loan Charters For FinTechs

PYMNTS

All industrial banks are chartered in Utah – and there are only 17 such charters issued, 15 of which are currently active. And while much has been quiet on the ILC front ever since, as of 2017, two big FinTechs made them very visible again: Sofi in June and Square in mid-September. Industrial banks are not subject to BHA.

Industry 108
article thumbnail

Today In Payments: COVID-19 Triggers Job Losses; JPMC First Big Bank To Shutter Branches As Virus Spreads

PYMNTS

Also, Square won a banking license for an industrial bank in Utah. FinTech leader Fiserv has acquired independent software vendor Bypass Mobile, an innovator in the point-of-sale systems arena. In today’s top news, due to the coronavirus, over 3,600 workers have lost their jobs and JPMC has temporarily closed 1,000 branches.

FDIC 130
article thumbnail

Connecticut poised To become fifth state to enact privacy law

CFPB Monitor

The CTDPA follows the form and content of other privacy laws passed in the prior year, including the Colorado Privacy Act (CPA), Virginia Consumer Data Protection Act (VCDPA), and Utah Privacy Act (UPA). This language was likely drafted with Connecticut’s fintech and payment processing industries in mind. Children’s Data. Biometrics.

article thumbnail

Stripe Teardown: How The $35B Payments Company Plans To Supercharge Online Retail

CB Insights

As businesses and consumers become more comfortable using credit cards online, the proportion of US commerce that takes place online has steadily increased over the last 20 years. Specifically, the Collisons aimed to more seamlessly connect online businesses and payment processors, allowing more businesses to accept online payments.

Online 98
article thumbnail

Big Fizzle: The Recession Comes, Quickly

PYMNTS

The idea of hunkering at home means that at least some economic activity shifts online. Banking, Done Digitally: In more evidence of FinTechs crossing the great divide into traditional banking, Square has gotten the green light from the Federal Deposit insurance Corp. Mall operators like Simon have shuttered malls.

Maine 130