Industry Specific · Financial Institutions Groups (FIG)
Square 2020 Industry Achievement
This question asks about a notable 2020 milestone for Square that had broader implications for the FinTech sector.
- Difficulty
- Easy
- Topic
- Industry Specific
- Subtopic
- Financial Institutions Groups (FIG)
What this question trains
This problem tests knowledge of how FinTech companies intersect with banking regulation, especially through chartering and deposit-taking authority. Candidates need to understand why a company gaining approval to operate a bank is strategically important, how an Industrial Loan Company charter differs from a typical nonbank model, and why such approvals attract close attention in FIG interviews. Interviewers ask questions like this to see whether candidates can connect a company-specific event to broader themes in financial regulation, competition, and the evolving structure of the banking industry.