Rakuten Card Co., one of Japan’s largest online bank and credit card companies, is the latest company to seek a U.S. industrial bank charter.
Rakuten plans to file applications in Utah and with the Federal Deposit Insurance Corp. on July 26, according to a company press release.
It would be the first foreign entity to seek to become an industrial bank, also known as an industrial loan company (ILC), since FDIC Chairwoman Jelena McWilliams indicated her agency encouraged new bank applications.
The FDIC had long been reticent to grant deposit insurance to new banks, but is now seen as a ...
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