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First fintech purchase of bank draws praise
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Banking
Friday, February 21, 2020
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Last week, LendingClub Corp. made the first move into traditional banking for a fintech company, announcing that it would buy Radius Bank, a Boston-based online bank, for $185 million.
The move comes after failed attempts by fintechs in recent years to secure access to banking through special charters.
Chris Cole of the Independent Community Bankers of America talked with Dodd Frank Update about the announcement and whether the association supports fintechs accessing banking services in this way. Read on for details.
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