An online student loan provider’s recent decision to withdraw its bid to become a chartered industrial loan company (ILC) represents the third instance of such a retraction by a fintech in a little more than a year.
Nelnet Inc., an online student loan servicer, released a statement indicating that the company may consider reapplying for an ILC charter with the Federal Deposit Insurance Corp. and the Utah Department of Financial Institutions in the future.
Find out why the Independent Community Bankers of America stands opposed to such charters.