Square has withdrawn its application for an industrial loan company ( ILC ) charter from the US Federal Deposit Insurance corporation ( FDIC ) as it looks to " amend and strengthen " some aspects of its application , a spokesperson confirmed . The payments processor still has an active partnership with the Utah Department of Financial Services , where it will headquarter the new ILC . Square 's lending business grew 68 % year on average in Q2 to $ 318 m . The New ##erated State Department of Financial Services approved Square 's application for a virtual currency licence in June .
Square has withdrawn its application for an industrial loan company (ILC) charter from the US Federal Deposit Insurance Corp (FDIC) as it looks to "amend and strengthen" some areas of its application, a spokesperson confirmed. The payments processor still has an active application with the Utah Department of Financial Institutions, where it will headquarter the new ILC. Square's lending business grew 68% year on year in Q2 to $318m. The New York State Department of Financial Services approved Square's application for a virtual currency licence in June.