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...In March, Jack Dorsey’s payments company Square became one of the rare fintechs to receive conditional approval for the ILC charter, putting it on track to debut Square Bank in 2021....
...SoFi, the biggest and brashest of a new breed of online lender in the US, applied to the Federal Deposit Insurance Corporation in June for a special charter from the state of Utah....
...SoFi declined to comment on the ILC application, which, if granted, would be the first in eight years....
...These ILCs allow companies to accept Federal Deposit Insurance Corporation-insured deposits, make loans to customers and issue credit cards, but are less regulated than traditional banks....
...Sheila Bair, FDIC chairman, said in a statement that themove reflected the public policy concerns generated by the growth in commercial ownership of the banks, known as industrial loan corporations (ILCs...
...The application also drew attention to the continuing rapid expansion of state industrial loan corporations (ILCs), which fall outside the provisions of the federal bank holding company law and the supervision...
...also known as industrial loan corporations (ILCs)....
...Home Depot, the second- largest US retailer, is also seeking approval from the Federal Deposit Insurance Corporation for its takeover of Enerbank, a Utah-based industrial loan company (ILC)....
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