PAYPAL APPLIES TO ESTABLISH BANK

Summary from the TLDR newsletter

PayPal has filed with the Utah Department of Financial Institutions and the Federal Deposit Insurance Corp. to establish PayPal Bank. As a Utah-chartered industrial lone company, the bank will be able to lend money, hold FDIC-insured deposits, and be owned by a non-financial institution. The proposed bank would help make PayPal's lending to small businesses more efficient, as it would reduce reliance on third parties. PayPal also plans to offer interest-bearing savings accounts to customers through the proposed bank.