U.S. banking watchdog the Office of the Comptroller of the Currency (OCC) is facing a lawsuit, adding another setback to its struggling effort to provide FinTechs with national banking licenses. Reports in The Wall Street Journal said on Wednesday (Sept. 12) that the Conference of...
Though Square has reportedly withdrawn its application to create a deposit-taking bank, the payments processor intends to file the application again in the future. The firm had applied for an “industrial loan company (ILC)” license with the Federal Deposit Insurance Corporation (FDIC), Reuters reported. “We have been...
Social Finance, otherwise known as SoFi, the student loan online lender, is giving up on its hopes to become a bank for now. According to a news report in Reuters, the company has withdrawn its application to get a bank license after senior executives –...
January 14, 2019
China’s central bank has yet to acknowledge applications submitted by Visa and Mastercard that would allow the companies to process renminbi payments. Citing sources familiar with the matter, Financial Times (FT) reported that while Visa and Mastercard submitted their applications to the People’s Bank of China (PBoC) more than a year ago, the bank has not […]
July 06, 2018
Though Square has reportedly withdrawn its application to create a deposit-taking bank, the payments processor intends to file the application again in the future. The firm had applied for an “industrial...
October 16, 2017
Social Finance, otherwise known as SoFi, the student loan online lender, is giving up on its hopes to become a bank for now. According to a news report in Reuters,...
