On July 31, 2020, Varo Money Inc. announced that it was granted a national bank charter by the U.S. Office of the Comptroller of the Currency (OCC). The charter will allow Varo, a mobile banking fintech, to launch a national bank and offer a range of financial services and products that are backed by the
Banking and Finance
The Role of Fintech Lenders in the Paycheck Protection Program
The latest regulations coupled with the Treasury Department guidance have left many scratching their heads as to whether fintech companies will be able to provide small business loans under the recently enacted Paycheck Protection Program (PPP), a crucial part of the U.S. legislature’s latest attempts to address the serious economic impacts of the COVID-19 pandemic. …
Square Obtains FDIC Charter To Operate Its Own Bank As An Industrial Loan Company
By Carolee Anne Hoover, Anthony Le & Molly M. White on
On March 18, 2020, Square Inc., became the first U.S. fintech company to receive conditional approval of an Industrial Loan Company (“ILC”) charter from the Federal Deposit Insurance Corporation (“FDIC”), to pair with its prior charter approval on March 17, 2020 from the Utah Department of Financial Institutions. It became the first new de novo…