Flex Files Application for Utah Industrial Bank Charter

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Postmedia has not reviewed the content. by GlobeNewswire Flex Files Application for Utah Industrial Bank CharterAuthor of the article: You can save this article by registering for free here. Or sign-in if you have an account.Flex has submitted applications to the FDIC and Utah Department of Financial Institutions to charter Flex Bank, a Utah state-chartered industrial bank. GNWNEW YORK, July 24, 2026 (GLOBE NEWSWIRE) — Flexible Finance, Inc. (“Flex”), the financial technology company behind Flex Rent, today announced it has submitted applications to the Federal Deposit Insurance Corporation (“FDIC”) and the Utah Department of Financial Institutions (“UDFI”) to charter Flex Bank, a Utah state-chartered industrial bank.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe proposed bank subsidiary would give Flex an FDIC-insured institution to support its products and services as it continues to scale responsibly.Renters using Flex Rent incur fewer late fees and penalties, see fewer credit inquiries and reduced serious delinquency, and rely less on payday loans and other high-cost credit, with no broader adverse effects on credit scores, delinquency, or collections activity.1 Properties offering Flex Rent see higher on-time rent payment rates, lower short-term delinquency, reduced vacancy, longer resident tenure, and improved net operating income.2Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againSince 2019, Flex has processed more than $40 billion in rent for more than 3.2 million renters nationwide, helping them avoid more than $780 million in late rent fees to date. Flex for Good, an independent 501(c)(3) nonprofit funded by Flex and leveraging Flex’s technology platform at no cost, has provided more than $1 million in direct rental assistance to more than 800 households nationwide to help prevent evictions.3 Flex maintains unique consumer safeguards that ensure responsible use of credit to manage cash flow and avoid higher cost alternatives and harmful tradeoffs. Flex does not charge late fees, does not compound interest, and does not permit stacking of Flex Rent loans.4 Repayment is due in full before reuse. On time rent payments are reported to Transunion to help renters build their credit history.The proposed bank would issue Flex’s core credit products, including Flex Rent, directly, helping responsibly scale its suite of products and services and providing Flex customers with access to FDIC-insured deposit accounts. This would help Flex expand access to its flexible payment solutions for essential expenses to more customers nationwide. Jeff Berkson, Flex’s Chief Banking Officer and former EVP Chief Risk Officer of WebBank, is proposed to serve as President and Chief Executive Officer of Flex Bank.“A bank charter allows us to build directly on a foundation of federal deposit insurance and full state and federal bank regulatory oversight, strengthening the products millions of renters already rely on. Rent is the single biggest bill in most people’s lives, and it’s often the one least adapted to how they’re actually paid. This charter gives us a permanent, regulated foundation to keep closing that gap,” said Shragie Lichtenstein, Co-Founder and Chief Executive Officer of Flex.The proposed bank would be headquartered in the Salt Lake City area and would operate nationally exclusively through digital channels.This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.Flex is a New York-based financial technology company that helps people split large essential bills into smaller, more manageable payments. With over 3.2 million customers to date, Flex has processed more than $40 billion in on-time payments and has earned an average 4.8-star rating across more than 432,000 reviews. Flex provides financial technology services and does not operate as a bank. All loans, lines of credit , banking services, loan disbursements, and payment transmissions are provided by Lead Bank or Column N.A., Members FDIC. 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