For the first time, a U.S. fintech company is acquiring a regulated U.S. bank, which will give it access to a stable and cheaper source of funding – as well as a national bank charter.

On February 18th, LendingClub, one of the largest providers of personal loans in the U.S., announced that it will pay $185 million in cash and stock to acquire Radius Bancorp, an online bank with about $1.4 billion in assets. The […]

On August 19, 2021, New York state enacted legislation requiring banks to adopt check processing practices intended to minimize non-sufficient funds charges. These new requirements come amid a number of other initiatives aimed at providing relief to economically vulnerable consumers and those adversely impacted by the COVID-19 pandemic, including New York’s relief from overdraft and other fees and proposed federal legislation seeking to address overdraft fees and marketing. New York’s new law, which becomes effective on January 1, 2022, will […]