Courtesy of Square

Square, the payments company co-founded by Twitter CEO Jack Dorsey, plans to apply on Thursday for a license to be an industrial loan company, as American Banker first reported on Wednesday and the company has confirmed to Axios. The license would allow it to perform certain banking services like offer loans without having to get licenses in each state or relay on a bank to originate them.

"The primary purpose of the Bank will be to offer business loans to small businesses, similar to the existing business of Square Capital, and to offer deposit products," a Square spokesperson told Axios in a statement. Square Capital has been making small advances to the company's business customers since 2014. The new unit will be based in Utah and get $56 million in capital.

New wave: Square's application comes just a few months after SoFi, another San Francisco tech company that provides loans and refinancing, submitted its own. The FDIC hasn't approved a new license since Walmart unsuccessfully applied for one in 2005.

Go deeper

GAO finds Chad Wolf, Ken Cuccinelli are ineligible for top DHS roles

Photo: CQ-Roll Call, Inc via Getty Images

Acting Homeland Security Secretary Chad Wolf and his acting deputy Ken Cuccinelli are ineligible to be serving in their positions, the Government Accountability Office (GAO) decided in a report released Friday.

Why it matters: While the finding has no immediate power, it could be important evidence in litigation over policies enacted under Wolf and Cuccinelli's leadership, said America's Voice's Ur Jaddou, who served as chief counsel to U.S. Citizenship and Immigration Services (USCIS) under President Obama.

The many divisions over Trump's methane rollback

Illustration: Rebecca Zisser/Axios

EPA's decision to cut regulation of methane is laying bare an oil-and-gas industry divide and setting the stage for political battles this fall and beyond.

Why it matters: Methane is an extremely powerful greenhouse gas and the industry is a key emissions source.

Kushner says Trump didn't promote false Kamala Harris birtherism theory

White House senior adviser Jared Kushner told "CBS This Morning" on Friday that he does not believe President Trump promoted a baseless claim that Sen. Kamala Harris is ineligible to be vice president.

Driving the news: During a press briefing on Thursday, Trump did not question the veracity of a Newsweek op-ed that inaccurately claimed Harris may be ineligible for the office due to her parents' naturalization status at the time of her birth. Harris is an American citizen and was born in Oakland, Calif.