Affirm applies for a banking charter
The buy now/pay later lender is seeking to create Affirm Bank, a Nevada-chartered industrial loan company.
ILCs
PayPal eyes industrial loan charter
The payments company submitted applications to the Utah Department of Financial Institutions and the Federal Deposit Insurance Corp. to create PayPal Bank. If approved, Mara McNeill, the former president and CEO of Toyota Financial Savings Bank, will serve as PayPal Bank's president.
Regions buying industrial loan company EnerBank USA
The deal for the Salt Lake City-based home improvement lender, which Home Depot tried to acquire more than a decade ago, is part of a larger effort by Regions Financial to diversify its home lending business.
Bank regulators grilled on climate efforts, ILCs, ‘true lenders’
During a House Financial Services Committee hearing, Democrats largely praised the policy decisions of acting regulators named by the Biden administration and knocked their predecessors. But Republicans warned that moves to reverse Trump-era policies would leave financial institutions without a clear road map.
General Motors faces ‘big task’ in building a bank: Ally CEO
The automaker is reportedly planning to apply for a bank charter so it could collect deposits and grow its own auto-finance business. That could create more competition for Ally, which was spun off from GM in 2006 but remains a key lending partner.
SoFi applies to open a national bank
If it’s approved, the charter is expected to lower the fintech’s cost of funds and allow for more product offerings. It comes nearly three years after SoFi pulled the plug on an earlier effort to open an industrial bank.
ILC freeze breaks with federal approvals for Square, Nelnet
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.
Equipment finance firm applies for industrial loan charter
GreatAmerica Financial in Iowa is looking to form a bank so it can offer more products to small and midsize companies.
Opinion How regulators besides the OCC can help fintechs
The Office of the Comptroller of the Currency has gotten the ball rolling for financial technology firms trying to operate a national platform, but the FDIC and Federal Reserve should act to remove other policy roadblocks.
ICBA calls for a new FDIC moratorium on industrial loan charter applications
The industry group wants the FDIC to reject an ILC request from student lender Nelnet and impose a two-year ban on future applications.
This month could be a turning point in fintech regulation
Online lenders and other firms await news from OCC and Treasury on the future of their supervision, even as they absorb the news that Square had to temporarily pull its industry loan company application.
Student loan servicing giant seeks industrial bank charter
Nelnet’s planned bank would be an online enterprise focused on gathering deposits and making private student loans.
SoFi withdraws bank application in wake of scandal
Student loan platform Social Finance has withdrawn its application for deposit insurance, a month after former CEO Mike Cagney retired in the wake of sexual harassment allegations.
