To embed, copy and paste the code into your website or blog:
Seyfarth Synopsis: The Federal Deposit Insurance Corporation (“FDIC”) has issued a new rule codifying and clarifying its expectations for industrial banks and their parent companies to receive approval for federal deposit insurance. As industrial banks are state-regulated and not subject to certain federal restrictions on non-banking activities by ownership, the new rule is especially beneficial to FinTech companies looking to enter the banking space. While the new rule does not materially change the already-existing application process, by formalizing the process in a written rule the FDIC has made that process easier to navigate.