The Federal Deposit Insurance Corp. would move to quickly review applications for industrial loan company charters, FDIC nominee Jelena McWilliams told the Senate Banking Committee during her confirmation hearing Jan. 23.
If confirmed by the Senate, McWilliams’ leadership of the FDIC could break with the agency’s previous conservative pace in approving new industrial banks for deposit insurance. The FDIC has been cautious over the past decade in approving new ILCs after a political tumult caused by Wal-Mart’s interest in entering the lending space through an ILC.
McWilliams’ comments could be good news for Square, Inc., if its industrial bank charter ...
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