Banking

Varo Money Chief Eyes Next Year for Bank Launch

September 10, 2018
Article by:

Colin Walsh-2

San Francisco-based Varo Money just cleared a major hurdle in its pursuit to become a bank. Varo Bank N.A. received the preliminary green light from the Office of the Comptroller of the Currency (OCC) to form a de novo national bank. It brings Varo one step closer to becoming the maiden all-mobile national bank in […]

View Post

Varo Money Likely to Become First All-Mobile US Bank

September 7, 2018
Article by:

Colin Walsh Varo

Varo Money announced on Tuesday that it was granted preliminary approval by the Office of the Comptroller of the Currency (OCC) for its application to form a de novo (new) national bank, paving the way for the company to become the first all-mobile bank in the U.S. Varo Money has no physical branches. All of […]

View Post

The Seven-Minute Loan Shakes Up Washington And The 50 States

August 19, 2018
Article by:

moneyacrossthecountry

This story appeared in deBanked’s Jul/Aug 2018 magazine issue. To receive copies in print, SUBSCRIBE FREE It takes seven minutes for Kabbage to approve a small-business loan. “The reason there’s so little lag time,” says Sam Taussig, head of global policy at the Atlanta-based financial technology firm, “is that it’s all automated. Our marginal cost […]

View Post

Survey Indicates That Senior Loan Officers Have Eased Standards

August 10, 2018
Article by:

Federal Reserve Building

Domestic banks eased standards or terms on commercial and industrial (C&I) loans over the past three months, according to a July 2018 Federal Reserve survey that gathered information from senior loan officers at banks. The survey received responses from 72 U.S. banks. In the survey, banks cited increased competition from other lenders as a reason […]

View Post

Signature Bank Expands West

August 6, 2018
Article by:

Signature Bank in NY

Signature bank announced last week that it received approval from both the New York State Department of Financial Services and the Federal Deposit Insurance Corp. (FDIC) to begin operating in California. The Bank already opened an accommodation office at the beginning of the year as it began preparations to introduce its single-point-of-contact banking model on […]

View Post

Trade Group Urges FDIC to Reject NelNet Bank Application

August 3, 2018
Article by:

Independent Community Bankers of America

On Wednesday, the Independent Community Bankers of America (ICBA) asked the Federal Deposit Insurance Corp. (FDIC) to deny Nelnet’s application to become an Industrial Loan Corporation (ILC) bank. ILC banks are special purpose banks that are not required to adhere to the same regulations as other banks, yet they can bear the same risk of […]

View Post

Can Fintech Startups Become Banks? OCC Opens The Gates

August 1, 2018
Article by:

opening of the gates

Yesterday, the U.S. Treasury Department released a report that prompted the Office of the Comptroller of the Currency (OCC) to say that it would start accepting applications from fintech for special purpose national bank charters. This is boon for fintech companies that, until now, have mostly been prevented from applying for national bank charters because […]

View Post

nCino Partners With Santander

July 24, 2018
Article by:

Santander Bank

Pierre Naudé, CEO, nCino nCino partnered with Santander Bank last week, its latest in a string of partnerships with major banks. “Innovative institutions such as Santander Bank understand the importance of ensuring the customer experience is as fast, easy and intuitive as possible,” said Pierre Naudé, CEO of nCino. “[Santander] also recognizes that a shiny […]

View Post

Texas Man Defrauds Banks with Cattle

July 18, 2018
Article by:

funny cow

A Texas man was arrested last week on allegations of using 8,000 heads of cattle he did not own as collateral for outstanding loans of more than $5.8 million, according to Dallas News. The arrest was the culmination of a 16-month investigation carried out by the Texas and Southwestern Cattle Raisers Association. They were contacted […]

View Post

FCI Implements Factoring Solution That Is Islamic Law-Compliant

July 17, 2018
Article by:

The FCI, an international trade group focused on factoring, implemented changes to its General Rules of International Factoring so that they are now compliant with Islamic (Shari’a) law. The Amsterdam-based factoring group, which just celebrated its 50th anniversary, worked with Dubai-based Noor Bank and other constituents, to create amendments to its rules that would make […]

View Post