Square’s ILC Charter Application Finds Broad Support

When Square initially filed for an ILC charter there were many in fintech who though the payments firm was doomed like Walmart was more than a decade ago; comment letters to the FDIC show a different story, there is a lot of support for the application; former ICBA CEO Camden Fine tells American Banker, “At its heart, Square is a financial services company that’s heavily involved in payments.”; Fine was the leader in opposing Walmarts bid which failed; the FDIC has received 15 letters with 14 supporting the application and only the ICBA opposing; Square’s support for SMB’s have helped set the stage for support as many letters comment on how the fintech has helped provide capital to businesses who need it. Source.