An advertisement for the Square Inc payment processor is seen outside a vendors site along the High Line in New York March 9, 2016. REUTERS/Shannon Stapleton
Payments processor Square Inc. withdraws banking license application: statement
WASHINGTON (Reuters) – San Francisco-based payments processor Square Inc. (SQ.N) said on Thursday it had withdrawn its regulatory application to open a deposit-taking bank, but that the company plans to refile its paperwork at a later date.
The fintech firm last year applied with the Federal Deposit Insurance Corp (FDIC) for a special “industrial loan company (ILC)” license that, if granted, allows nontraditional financial firms to collect government-insured deposits.
“We have been engaged in constructive dialogue with the FDIC, and our decision to withdraw and refile was a procedural step in the review process that will allow us to amend and strengthen some areas of our FDIC insurance application,” a Square representative said in an emailed statement.
The company said its separate ILC charter application with the State of Utah Department of Financial Institutions remains active.
“We continue to work closely with the FDIC and Utah DFI on our applications,” the representative said.
JULY 6, 2018 / 2:09 AM
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