U.S. regulator proposes path for non-banks to gain deposit license [Reuters]
Block, Inc. Class A, (SQ)
Last block, inc. class a, earnings: 2/26 04:05 pm
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Source: Reuters
U.S. regulator proposes path for non-banks to gain deposit license WASHINGTON (Reuters) - A U.S. banking regulator proposed a set of standards Tuesday for how it would consider special charters to allow non-banks to accept deposits and engage in other limited banking activities. The proposal from the Federal Deposit Insurance Corporation would lay out in detail the regulator’s vision for new “industrial loan charter” (ILC) banks, which are companies that are chartered by states, can provide limited banking services and receive FDIC guarantees for their deposits. The proposed rule would codify what the FDIC had effectively already applied to existing ILCs through contracts and supervision, according to a senior agency official, and is aimed at assu
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