Flex Files Application for Utah Industrial Bank Charter

Corporate Action
โดย GlobeNewswire·Read original
Summary · why it matters

Flexible Finance has submitted applications to the FDIC and the Utah Department of Financial Institutions to charter Flex Bank, a Utah state-chartered industrial bank. The proposed bank would give Flex an FDIC-insured institution to support its products and services, issuing its core credit products including Flex Rent directly and providing customers with access to FDIC-insured deposit accounts. Since 2019, Flex has processed more than $40 billion in rent for over 3.2 million renters, helping them avoid more than $780 million in late fees. Jeff Berkson, Flex's Chief Banking Officer and former EVP Chief Risk Officer of WebBank, is proposed to serve as President and CEO of Flex Bank. The bank would be headquartered in the Salt Lake City area and operate nationally through digital channels.

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Flexible Finance, Inc.Private▲ Positive
Regulationrelevance

Flex filed for an industrial bank charter, which would enable it to issue credit products and offer FDIC-insured deposits, a regulatory milestone.

WebBankPrivate± Mixed
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