[andrew311]

This has been my experience as someone who started a fintech company and has friends in compliance departments at banks. Highly bureaucratic on both the bank and regulator side. Compliance reviews are mostly an expensive song and dance by the banks. People jump from bank to regulator and vice versa all the time so there is rampant cronyism. Combine the cost of this song and dance with the cronyism and it becomes nearly impossible for a startup without a ton of funding.