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The reloadable debit card resembles a bank account with new high-yield savings account and other tweaks.May 27
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The company's plan had drawn strong criticism from bankers about Rakuten's potentially controlling an industrial loan company while engaging in its nonfinancial businesses.March 23
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On the same day the Federal Deposit Insurance Corp. said it will soon rule on two applications, the agency also proposed benchmarks for all firms that want to own industrial loan companies.March 17
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A decision by regulators on how to move forward with the controversial charter could have broad implications for fintech firms that want to enter the banking system.March 11
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The Rakuten application has piqued interest in reviving legislation aimed at stopping commercial firms from owning banks. Yet Congress previously had the chance to enact such a measure and declined.December 10
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The two companies agreed to continue to collaborate on a prepaid card program until 2027. The deal holds particular importance for Green Dot, which relies heavily on revenue generated at the discount retail giant.October 29
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The Rakuten application has opened another front in the battle over nonfinancial companies' ownership of banks.October 24
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The launch of the products comes more than a year after Capital One wrested the Walmart partnership from Synchrony Financial.September 18
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Anticipating recession, banks start scrubbing loan books; how Trump's political appointees thwarted tougher settlements with two big banks; the Fed's plans on its real-time payment service; and more from this week's most-read stories.August 9
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There are subtle differences in Walmart's virtual currency project compared to Facebook's Libra, but these may be enough to avoid the regulatory firing squad that Facebook has endured.August 9
