Search Results for "Federal Deposit Insurance Corporation (FDIC)"
2 results for "Federal Deposit Insurance Corporation (FDIC)"
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FDIC Finalizes Rule Clarifying Industrial Loan Company Application Process
The FDIC issued a final rule on January 15, 2021, clarifying the application and supervisory process for industrial loan companies (ILCs), an increasingly popular charter path for fintech firms seeking banking capabilities. The rule establishes conditions and commitments for ILC parent companies without granting new specific charters. This codification is significant for fintechs exploring BaaS models via ILC structures.
Varo Money Closes $45M Series B to Pursue National Bank Charter
Varo Money announced a $45M Series B financing round, publicly disclosed on January 18, 2018. The mobile banking fintech had applied for a national bank charter from the OCC and FDIC in July 2017, aiming to become the first U.S. national bank designed for smartphones. The funding was intended to support its charter application process and product expansion.