Search Results for "Utah Department of Financial Institutions"
3 results for "Utah Department of Financial Institutions"
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GM Financial Withdraws ILC Charter Application from FDIC
GM Financial withdrew its 2020 industrial loan company charter application from the FDIC on June 17, 2024, despite having received conditional approval from Utah's Department of Financial Institutions just days earlier. The automaker's finance arm indicated plans to refile at a later date. The withdrawal came three days after the FDIC approved Thrivent's competing ILC application.
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.
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.