Square withdraws bank application, plans to refile: American Banker
Square confirms that it has withdrawn its application to open a depository bank, but plan to refile at a later date after it "strengthens" its application, American Banker reports.
The fintech known for its square-shaped device that plugs into cell phones and allowing small businesses to scan credit and debit cards first submitted an application to the Federal Deposit Insurance Corp. last September.
Square also filed an application with the Utah Department of Financial Institutions, where it plans to base its industrial loan company bank. The company said that application "remains active."
If approved, Square would be the first company to get approval by the FDIC for an ILC since 2008. ILC charters have been controversial because it allows a company to have insured deposits though isn't required to follow Bank Holding Company Act rules.
The installments processor Square affirmed Thursday that it has pulled back its application to open a safe bank, in spite of the fact that it intends to refile with a best controller at a later date.
The fintech startup initially presented its application to the Federal Deposit Insurance Corp. to make a mechanical advance organization last September. Be that as it may, Square never again shows up on an open rundown of pending new bank applications kept up by the office.
A Square representative revealed to American Banker on Thursday that the San Francisco organization wants to refile after it reinforces its application.
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