Square Gets FDIC's Approval To Launch A Bank In 2021

Square Gets FDIC's Approval To Launch A Bank In 2021

March 18, 2020, Law360

Michael Nonaka is quoted in Law360 regarding Square Inc.’s approval from the FDIC to form a bank. The article also mentions that, Nelnet, a federal student loans company, received an approval to create a digital-only ILC. Mr. Nonaka says, “The FDIC Board’s approval of the Square and Nelnet applications shows that the ILC charter is compatible with different business models and that the FDIC is comfortable tailoring capital, liquidity and other supervisory requirements to the proposed ILC’s activities and financials, even if the ILC is only one part of a larger commercial or technology company.”