ILCs

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.

The industry trade group said Rakuten's nonfinancial activities raise questions about its pursuit of a banking charter.