A group of 37 community groups sent a joint letter to the FDIC opposing the ILC application for the fintech firm Square; they are asking the FDIC to extend the comment period and hold hearing in California about concerns related to the Community Reinvestment Act (CRA); the concern is how will the FDIC handle applying conditions to Square when they won’t have branches outside of Utah; the CRA was enacted in 1977 and is focused on communities close to a specific branch; Square has started to engage communities to address concerns but the groups believe Square needs to do more. Source.
