Search Results for "Square Financial Services"
3 results for "Square Financial Services"
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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.
Square Financial Services Launches as Industrial Loan Company Bank in Utah
Square Financial Services officially launched as an FDIC-insured industrial loan company (ILC) bank in Utah in March 2021. The launch followed years of regulatory review and made Square one of the few major fintechs to secure its own banking charter. This milestone enables Square to offer deposit accounts and loans directly through its ecosystem.
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.