The post PayPal Moves to Launch Its First U.S. Bank appeared first on Coinpedia Fintech News
PayPal submitted applications to the FDIC and Utah regulators for an industrial loan company charter called PayPal Bank. The goal is to expand small business lending, building on over $30 billion provided to 420,000 accounts since 2013, with interest-bearing savings and FDIC insurance if approved. CEO Alex Chriss aims to reduce third-party reliance and fuel US economic growth under lighter regulations.
