Smaller dollar loans can be very profitable and are often provided by payday lenders; there are also some fintech companies...
President Trump’s pick to head the FDIC, Jelena McWilliams, has spoken favorably about ILC charters in the past; ILC charters exist in a handful of states, most notably Utah who has seen a spike in inquires about applications; charters can allow fintech companies to bypass state by state licensing; ILC charters are an controversial way for fintech companies to act like banks and with the national charter proposed by the OCC in limbo more companies might look to take this route. Source.
No new bank applications have been filed with the FDIC since the end of December, which is the longest drought...
Over the weekend regulators raced to find a resolution for the waves made by SVB's demise. Failure of the financial system may be adverted.
The FDIC has proposed a potential set of standards and a certification program intended to make it easier for financial...
Moody's has released a report commenting on the new FDIC guidelines for bank lending through third-party lenders; guidance from the FDIC is proposed and seeks to potentially improve controls on bank lending through marketplace loans; the new FDIC guidance will help to improve the overall quality of loans on marketplace lending platforms, according to Moody's; the new controls focus on greater analysis and oversight by banks of marketplace lenders' credit underwriting models to ensure that they align with the bank's lending terms. Source
The Madden saga has been plaguing the marketplace lending industry for years now. We have covered this issue on Lend...
Japanese e-commerce giant Rakuten first applied for an ILC charter last year before withdrawing the filing and refiling this May;...
Leading fintech platform, SoFi, has applied for a national bank charter with the OCC; unlike back in 2017 when they...
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The experience of this past weekend highlights a type of business continuity risk that managers of FBO accounts should stop to consider.