Square Cleared by Regulators to Open a Bank

Payments company Square (NYSE: SQ) has received federal and state authority to open a bank.

The Federal Deposit Insurance Corp. (FDIC) announced Wednesday that it has approved the deposit insurance application that Square submitted in order to create a de novo industrial loan bank.

Square then announced in its own blog post that it had obtained a state banking charter from the Utah Department of Financial Institutions.

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Source Fool.com