ILCs

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.