ILCs

Readers opine on Square’s applying for an industrial loan company charter, the Federal Reserve’s role in faster payments, assumptions about operational security, and more.

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 debate over the separation of banking and commerce has come roaring back, but instead of Walmart in a spotlight role, many banks have centered on a player they see as the new villain: fintech.

Rep. Maxine Waters, D-Calif., is calling on the FDIC to hold a public hearing on SoFi's application for deposit insurance.

Readers weigh in on the tax-exempt status of credit unions, SoFi's application for an industrial loan company charter, ideas for mortgage policy reforms and more.

Acting Comptroller of the Currency Keith Noreika is using his short time in office to open a debate about the separation of banking and commerce, which he says is anti-competitive, stifles diversification and may limit regulators' options in times of crisis.

Not only did Walmart's bid for an industrial loan company galvanize bankers, it also turned the ILC world upside down.

More than a decade after Walmart’s unsuccessful banking bid, the core reasons to oppose nonbank conglomerates owning banks remain the same.

As the interest of fintech firms in the banking system brings a focus on the industrial bank charter once again to Washington, it is necessary to dispel a few misconceptions.

Critics of the industrial bank charter, as well as those who support more mixing of banking and commerce, describe the intent of industrial banks inaccurately.