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Why this fintech pulled its FDIC charter application

Sep 28, 2018 - American Banker

Varo Money is inching closer to having a bank - the next step will require a major leap.

The fintech, which aims to offer consumer banking services with no fees, applied for a national bank charter over a year ago. While it recently received preliminary and conditional approval from the Office of the Comptroller of the Currency, Varo has been unable to secure the blessing of the Federal Deposit Insurance Corp.

The FDIC wants Varo to fill key posts and have its systems in place, said ...