Square Gets Approval for Industrial Loan Charter

The journey has been two and a half years in the making; Square has now officially received approval from regulators to start a Utah-based bank through an Industrial Loan Charter (ILC); the structure of an ILC is similar to that of a commercial bank but allows the bank to be owned by a regular company; over the years we’ve seen other companies pursue this path with varying degrees of success; Some of the requirements for Square Financial Services include having significantly higher levels of capital than other banks along with an FDIC examination of Square, their parent company. Lend Academy

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