Reported 2 days ago
A group of lawyers has urged U.S. authorities to streamline the bank charter process to foster new bank entries and boost competition, highlighting that current bureaucratic inefficiencies have created significant barriers. They argue that the process can take over a year and requires involvement from various agencies, which deters potential new banks, especially in light of the growing influence of fintech companies. The group suggests that regulators should set realistic expectations and acknowledge that failure is a part of innovation.
Source: YAHOO