ILCs

In signing off on deposit insurance for the payments giant and student loan servicer, the FDIC sanctioned the first new industrial loan companies in over a decade.

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.

GreatAmerica Financial in Iowa is looking to form a bank so it can offer more products to small and midsize companies.

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.

Wells Fargo appears to be outpacing its rivals in the API race; CFPB's unexpected showdown with Citizens; Varo gets vital FDIC OK for bank charter; and more from this week's most-read stories.

Congress should further expand a tiered regulatory system to help community banks better serve local neighborhoods.

The agency released two new manual supplements and other materials to help nonbanks and its own staff better understand application procedures.

Gavin Newsom's proposal to create a consumer watchdog modeled after the CFPB includes a provision that would make it easier for upstart financial firms to obtain industrial loan charters.

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.

A day after House Democrats urged the banking agencies to unite behind a joint plan to update the Community Reinvestment Act, Senate Democrats worried that an impending proposal from the OCC and FDIC will reduce access to credit.

Her comments signaled cooperation between the two agencies on a coming proposal to revamp the Community Reinvestment Act, but she raised questions about CRA assessment areas and developing a single compliance metric.

Sen. John Kennedy, R-La., has proposed a bill to bar companies such as Rakuten from using industrial loan companies to access the banking system.

More details have surfaced about Interactive Brokers' planned bank. It would accept deposits and originate loans through an online channel only, its application says.

A group affiliated with Interactive Brokers Group has filed an application with the FDIC to form Interactive Bank.

Why the Toronto bank is focusing on digital features; complaints about credit monitoring plans flood CFPB; the strategies midsize banks are relying on to stimulate growth; and more from this week’s most-read stories.

The Rakuten application has opened another front in the battle over nonfinancial companies' ownership of banks.

A regulatory cloud still follows fintech companies following a judge's decision throwing out the Office of the Comptroller of the Currency’s special-purpose charter.

Jelena McWilliams knows the value of the FDIC’s role in a way most other Americans do not. Now she's in charge as it grapples with difficult questions and sets out to reshape the industry.

The company withdrew an earlier bid to become an ILC after regulators identified problems with its application. It is seeking a Nevada bank charter because it wants to add deposit management services and expand into small-business lending.

Citigroup's made some strides after the battering its share price took last year, but it still trails JPMorgan Chase and Bank of America; chiefs at the top U.S. global banks own on average more than 15 times the amount of their own firm's stock than their European counterparts.