Flexible Finance Applies for Industrial Bank Charter in Utah
Fintech company Flexible Finance has submitted an application to the Federal Deposit Insurance Corporation (FDIC) and the Utah Department of Financial Institutions to charter Flex Bank, a proposed industrial bank. The new institution will be headquartered in Salt Lake City and operate exclusively through digital channels on a national scale. This move is part of Flexible Finance's strategy to expand its financial services offerings by leveraging an industrial bank structure, which allows for broader access to banking activities while maintaining regulatory compliance. Industrial banks are typically owned by non-banking corporations and can offer traditional banking products without engaging in lending or deposit-taking directly from the public. The application process will determine whether Flex Bank meets all necessary requirements set forth by federal and state regulators before it can begin operations.
Topics: Banking Regulation Digital Banking Fintech