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eBay Seeking Banking Charter for PayPal
SAN JOSE Officials from eBay Inc. and its payments division PayPal Inc. have recently held private discussions in Washington about the possibility of applying for a limited banking charter, according to two people familiar with the company’s moves.
The charter would reduce PayPal’s dependency on partnerships with other banks.
But San Jose-based eBay’s plans were thrown into doubt last month after the Federal Deposit Insurance Corp. extended its freeze for another year on all applications for deposit insurance from commercial parent companies.
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