Community Activists Submit Letter to Oppose Square’s ILC Application

A group of 37 community groups sent a joint letter to the FDIC opposing the ILC application for the fintech firm Square; they are asking the FDIC to extend the comment period and hold hearing in California about concerns related to the Community Reinvestment Act (CRA); the concern is how will the FDIC handle applying conditions to Square when they won’t have branches outside of Utah; the CRA was enacted in 1977 and is focused on communities close to a specific branch; Square has started to engage communities to address concerns but the groups believe Square needs to do more. Source.

  • Todd Anderson

    Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.