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Chartered banks, sometimes known as commercial banks, are public corporations that are licensed by the federal government to operate a banking business within Canada.

Operating through a bank charter also confers significant advantages on lenders, since insured depository institutions are permitted to export interest and fees that are components of interest from the state where the bank is located to borrowers in other states, thereby eliminating the need to comply with various

The direct regulatory costs involved in chartering a new bank include a $15,000 application fee payable to the Department upon submission of the application and a $10,000 investigation fee payable when the application is determined to be officially accepted for filing.

Analysis of the timeline of previous fintechs who have received bank charters suggests that the bank charter approval should be in the near future (within ~6 months).

A charter is the legal authorization to conduct business and is granted to a financial institution by federal or state government....Number of new FDIC-insured commercial bank charters in the United States from 2000 to 2021. CharacteristicNumber of new charters2020720191320187201759 more rows ?

Analysis of the timeline of previous fintechs who have received bank charters suggests that the bank charter approval should be in the near future (within ~6 months).

A congressional charter is a law passed by the United States Congress that states the mission, authority, and activities of a group. Congress issued federal charters from 1791 until 1992 under Title 36 of the United States Code. The first charter issued by Congress was for the First Bank of the United States.