Square

The Independent Community Bankers of America had initially called for a moratorium in response to SoFi's application, and says now that Square's bid "has significantly increased our concerns."

Few lawmakers have stated positions on fintech applications for industrial loan company charters. It may not stay that way.

Square became the third fintech firm in recent months to seek out a bank charter. Others are likely to follow.

Many of the arguments in this debate have less to do with the applicants’ qualifications than with traditional banks’ fear of new, innovative competitors.

Petal is using machine learning in its new card program to make the most of the scant financial data available from young consumers.

Company is third fintech firm in the past few months to seek its own bank charter; vice chair’s departure gives Trump four vacancies to fill on the Federal Reserve Board.

The company's application, which is expected to be announced as early as Thursday, comes after the online lender SoFi applied in June for an industrial loan charter. The bank is expected to be led by a former Green Dot executive.

The $2.6 trillion-asset bank's recent commitment to digital lending augurs the development of a two-tier market for borrowers who want fast access to cash.

Square Inc.’s lending business is booming, but Chief Executive Officer Jack Dorsey said that rather than competing with banks, his company is focused on offering traditional banking services to more merchants and consumers who might not have easy access to them.

Square has long been considered at the vanguard of digital payment innovation, so it may be a little unexpected to see the company take a step backward into physical card issuance.