In The Press June 26, 2020

Increasing Fintech Bank Charter Applications Draw Ire From Banks (Fastinform)

Banks and other traditional financial institutions are wary about the increasing number of applications from fintechs and nonfinancial companies seeking to charter industrial loan companies even as the U.S. Federal Deposit Insurance Corp. mulls a new rule aimed at boosting financial strength requirements for parent companies of the industrial banks. But William Stern, a partner in Goodwin’s Financial Industry and Fintech groups, said the new rule would simply codify requirements that the FDIC has typically already imposed on an individual basis for companies seeking to establish an industrial bank or industrial loan company. Read the Fastinform article here