Fintech Firms Look to Enter Banking Via Century-Old Tactic
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Cited in: Lalita Clozel
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This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/fintech-firms-look-to-enter-banking-via-century-old-tactic-1518085801 Fintech Firms Look to Enter Banking Via Century-Old Tactic FDIC nominee has spoken favorably about industrial loan company charters, raising hopes they can make a comeback By Lalita Clozel WSJ Pro Jelena McWilliams, the nominee to head the Federal Deposit Insurance Corp., testifying before the Senate Banking Committee on Jan. 23. Photo: Ron Sachs / Zuma Press PARK CITY, Utah —Financial-technology firms eager to offer banking products are eyeing a century-old model that fell out of favor during the financial crisis but could see a revival under the Trump administration. The industrial loan company charter, available in a handful of states and particularly popular in Utah, allows nonfinancial companies to enter the banking sector without being subject to many of its restrictions, including oversight by the Federal Reserve. Companies seeking the charters must still obtain deposit insurance from the Federal Deposit Insurance Corp., which last approved insurance for an industrial loan company in 2008. Copyright © 2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8 Advertisement Advertisement
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