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Morning Scan: SoFi Mulls Utah Bank Charter

American Banker

Future of banking: In fintech, as in life, it all comes full circle. The Wall Street Journal published a lengthy profile Tuesday of online lender Social Finance, which has made $10 billion in loans, including student loans, since 2011. The company has reportedly been in discussions with Utah… Receiving Wide Coverage.

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Top 18 Online Digital Corporate Credit Cards for Small Businesses (Oct 2024)

Fintech Labs Insights

Get Started Founded: 2016 | HQ: Utah | Funding: $418M Below is a list of the 17 challenger business credit cards currently active in the United States. FAB score = Fintech Attention Barometer , a proprietary measure of company size calculated by Fintech Labs. 4,800 18 16 Dash.fi (was FunnelDash ) 4 1 Oct 24 2016 Austin $3.7

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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.

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Top 25 Online Digital Accounting Services for Small Business (SMB): Aug 2024

Fintech Labs Insights

When I started reporting on the space in the mid-90s, I thought banks would end up delivering the bulk of basic accounting functions through their online banking programs. We call it the FAB score, standing for Fintech Attention Barometer. Fintech Labs earns money by referring new customers to SMB financial providers.

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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.

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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.

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Rakuten files third application for FDIC insurance

CFPB Monitor

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. . based bank, Rakuten Bank America. Rakuten’s first FDIC deposit insurance application was filed in July 2019, and was withdrawn in March 2020.

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