Search Results for "Nelnet"
4 results for "Nelnet"
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FDIC Approves Thrivent Financial ILC Charter, First in Four Years
The FDIC approved an industrial loan company charter for Thrivent Financial for Lutherans on June 14, 2024, the first ILC approval since Block and Nelnet in 2020. The new Thrivent Bank will be based in Salt Lake City and will absorb Thrivent Federal Credit Union. The approval followed a February 2021 application and prior conditional approval from Utah's Department of Financial Institutions.
OCC Approves Zero Fintech De Novo Bank Charters Under Acting Comptroller Hsu
As of October 2023, the OCC had not approved any de novo bank charter applications from fintech companies since Acting Comptroller Hsu took office. More than half of fintechs that filed since 2017 withdrew their applications. This regulatory freeze has pushed fintechs toward acquiring existing banks rather than building new ones.
Brex Applies for Industrial Loan Company Charter with FDIC and Utah
Corporate credit card fintech Brex applied for an Industrial Loan Company (ILC) charter with the FDIC and Utah Department of Financial Institutions. The application followed renewed interest in ILC charters after Square and Nelnet received approvals in March 2020. Obtaining a charter would allow Brex to take deposits and reduce reliance on bank partners.
FDIC Approves ILC Bank Charters for Square and Nelnet
The FDIC approved Industrial Loan Company (ILC) charters for Square Financial Services (Square Bank) and Nelnet Bank, ending a years-long moratorium on new ILC charters. This landmark decision opens the door for fintechs to obtain banking charters and operate deposit-taking institutions.