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.
If the government does not delay, 2022 is the year that Washington gets serious about crypto.
In a statement defending allegations against its issuance of new bank charters, the FDIC reaffirmed its authority to review and approve applications for US businesses seeking deposit insurance from the FDIC; the criticism comes from the OCC as it continues to develop plans for its national fintech charter; in a podcast interview Friday with a Commodity Futures Trading Commission official, Keith Noreika criticized the FDIC's process for chartering banks, suggesting that the open process was too long and cost too much for requesting companies eventually leading to many withdrawn applications; Noreika also said the OCC has proposed a bill that would take away the FDIC's role in approving newly chartered entities for deposit insurance. Source
A group of 37 community groups sent a joint letter to the FDIC opposing the ILC application for the fintech...
The FDIC proposed new standards for companies seeking an ILC charter including parent companies agreeing to examinations, specialized capital and...
Banking led off fintech news again this week with the regional bank "mini crisis" continuing to unfold
Financial Health Network CEO Jennifer Tescher hosted a panel featuring Federal Deposit Insurance Corp. Chairman Jelena McWilliams and acting Comptroller...
The FDIC sent a letter to banks outlining problems they see with the current way vendor contracts are done; the...
Big banks have now joined the fight alongside their smaller counterparts in opposing new industrial loan charter applications; in March...
The OCC and FDIC issued a joint proposal for the overhaul of the Community Reinvestment Act last month while the...