Banking

Tech Banks: Will Fintech Dethrone Traditional Banking?

August 20, 2017
Article by:

Will Fintech Dethrone Banking?

This article is from deBanked’s July/August 2017 magazine issue. To receive copies in print, SUBSCRIBE FREE On Halloween, 2014, a largely unknown, Boston-based financial institution, First Trade Union Bank, embraced high-technology, went paperless, and officially adopted a new name: Radius Bank. In reinventing itself, Radius did more than dump its dowdy moniker. It shuttered five […]

View Post

Loans to a Business Not Paying Their Payroll Taxes Results in the Banker Being Convicted

July 29, 2017
Article by:

Arrested

Here’s a chilling situation that lenders, factors and MCA funders working with merchants who are behind on their taxes might want to take note of. On June 27th, Douglas Corriher, a bank VP, was hit with a 32-count superseding indictment over a factoring fraud conspiracy with a staffing company in North Carolina. Despite the dozens […]

View Post

Becoming a Bank – Varo Articulates the Leap from Fintech to Banking

July 26, 2017
Article by:

Colin Walsh Varo

Above: Colin Walsh, CEO and Co-founder, Varo Money Varo Money wants to become Varo Bank. The completely mobile-app driven fintech startup already lets customers juggle financial tasks with the touch of a button but now they want to make it official. Varo has applied for a full national bank charter with the bank’s headquarters in […]

View Post

SmartBiz Loans Expands Its Footprint With a NorCal Bank

April 25, 2017
Article by:

bank

Technology-based lending platform SmartBiz Loans, which is dedicated to facilitating SBA loans, has expanded its bank roster. SmartBiz announced today a new partnership with Sacramento-based Five Star Bank, bringing the tally of the number of banks on the startup’s platform to five and thrusting marketplace lending into the spotlight once again. Five Star already delivers […]

View Post

Dear Fintech, The OCC Wants to Welcome You to The Family

March 16, 2017
Article by:

banks

Congratulations fintech, you did it. The OCC wants fintech companies who are interested and meet the criteria, to apply for a Special Purpose National Bank (SPNB) charter if they so choose, according to a licensing manual published by the agency. “Providing a path for fintech companies to become national banks can make the financial system […]

View Post

Biz2Credit – Citigroup Small Business Loan Partnership Spotted

January 27, 2017
Article by:

Biz2Credit citibank

Business Insider revealed that Biz2credit and Citigroup have quietly partnered up on a website to make small business loans up to $1 million. There was no actual link to it, so we’ve found it ourselves. The link appears in several areas of Citi’s website under the small business finance category and that brings you here: […]

View Post

Two U.S. Senators Say ‘Not So Fast’ to OCC’s Plans for Limited Charter

January 10, 2017
Article by:

Senator Sherrod Brown & Senator Jeffrey Merkley

The limited fintech charter concept is meeting resistance from prominent Senate Democrats Senator Sherrod Brown (D) and Jeffrey A. Merkley (D) both believe that the OCC does not possess the authority to grant the limited purpose charters it plans to move forward with. In a letter penned to Comptroller Thomas Curry on Monday, Brown and […]

View Post

The OCC Wants Online Lenders to Become Limited Purpose Banks

December 2, 2016
Article by:

banks

Earlier today, Comptroller of the Currency Thomas J. Curry announced that the OCC will move forward with chartering financial technology companies that offer bank products and services that meet their high standards and chartering requirements. “We have decided to move forward and to make available special purpose national charters to fintech companies for a few […]

View Post

UK’s P2P Pioneer Wants to Be a Bank. Who’s Next?

November 16, 2016
Article by:

Zopa

Will alternative lenders in the US also drink the kool-aid and become the entity they intended to overhaul?

View Post

Debanked: Europe’s ING Bank, Commerzbank to Slash Jobs, Go Digital

October 3, 2016
Article by:

mobile banking

Last week, two large European banks — ING and Commerzbank announced slashing jobs and spending the savings on digitizing its business.

View Post