WSJ, Lalita Clozel, "Fintech Firms Look to Enter Banking Via Century-Old Tactic" Feb. 8, 2018

Archived source: WSJ, Lalita Clozel, "Fintech Firms Look to Enter Banking Via Century-Old Tactic" Feb. 8, 2018. Captured from www.wsj.com.

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“WSJ, Lalita Clozel, ‘Fintech Firms Look to Enter Banking Via Century-Old Tactic’ Feb. 8, 2018.” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/wsj-lalita-clozel-fintech-firms-look-to-enter-banking-via-century-old-81109d79b3/, SHA-256 fc5dc1de3497c9101a2b915d094f37389169a063be86503df312e513e2ef915b.

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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

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

By Lalita Clozel

Feb. 8, 2018 5:30 am ET

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.

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