Reported about 21 hours ago
An increasing number of non-banking companies, including automakers and cryptocurrency firms, are applying for US banking charters, which has raised concerns among traditional banks. Banks worry that these new entrants aim to gain the ability to offer banking services while avoiding the stringent regulations that typically apply. The tension is growing as regulatory bodies, such as the FDIC and OCC, reassess rules regarding banking charters. This shift could alter the competitive landscape of the financial industry and prompt debates about the regulatory standards applicable to different market participants.
Source: YAHOO