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Bank Merger Compliance Risks: Are You Prepared?

January 17, 2023 | Compliance Financial Crime Consulting

Bank mergers and acquisitions are becoming a regular part of life in the banking industry, especially for smaller and medium-sized organizations. They provide significant opportunities for institutions to expand their customer base, enhance capital for lending and investments, and grow geographically to capture new customers and new products. But they can also disrupt existing compliance programs and controls. For example, the acquiring institution must set aside sufficient resources to identify and address potential compliance gaps before the merger is completed … Read More

The Unique Advantages Fintechs Have When Expanding into Banking Operations – A Trend is Underway

March 12, 2021 | Financial Crime Consulting Risk + Compliance

In 2021, Square, Inc. (“Square”) announced that it had commenced banking operations under its independently governed subsidiary industrial bank, Square Financial Services (“Square Financial”). The announcement comes after Square successfully completed the charter approval process with the Federal Deposit Insurance Corporation (“FDIC”) and the Utah Department of Financial Institutions for an Industrial Bank/Industrial Loan Corporation (“ILC”) license. Square Financial will offer business loan and deposit products, beginning with underwriting and originating business loans for Square’s existing sellers who use its … Read More

Historic Action on the Hill: Cannabis Banking Bill Passes House

October 31, 2019 | Compliance

As the state-legal cannabis industry continues to march forward at a nearly unprecedented pace, it has remained hobbled by federal legal constraints. The fact that cannabis is illegal at the federal level throws myriad wrenches into the works. Banking is the most notable sticking point.

To run a legitimate business, one needs access to a legitimate bank, but the federal government’s stance on cannabis makes banks hesitant to take on cannabis businesses as clients. In a  response that many consider … Read More

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