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by clairity
2953 days ago
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as i understand it second-hand, you can effectively no longer get a federal charter to be a bank if that’s not your sole purpose, because of the high regulatory burden that comes with it. nordstrom, for example, is/owns a bank (until recently, it seems it’s been sold to charles schwab) but that’s because they got their charter in the 90’s before the regulatory burden became prohibitive (and was grandfathered in). so i’m not sure tech companies can easily verticalize into banking. |
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