Main issue is companies really do not want to become banks because it opens a ton of new regulations on them. That's why square fought so hard for an industrial bank charter which allows them to skirt oversight
Same reason why we hold the ritz carlton to a higher standard than a hilton
Main issue is companies really do not want to become banks because it opens a ton of new regulations on them. That's why square fought so hard for an industrial bank charter which allows them to skirt oversight