menlo park: Yet the company known for its trading and investment app may face an even more uphill battle getting a national bank charter from the Office of the Comptroller of the Currency, according to The Independent. Previous fintech applicants have yet to get final approval for banking powers, suggesting that tech-focused companies still have work to do to satisfy regulatory standards. But now, the Menlo Park, Calif., company has mounted an even more ambitious effort applying for a full-fledged bank charter. There is some skepticism just sort of generally about the more tech-oriented firms entering banking, said Brian Knight, a senior fellow at George Mason University's Mercatus Center. Bloomberg News Meanwhile, the company's damage control last year over a brokerage product it had first described as a federally insured deposit account doesn't help, Knight said. Robinhood had suggested backing for a cash management product from the Securities Investor Protection Corp. was akin to the Federal Deposit Insurance Corp., but criticism from bankers, SIPC and others forced the company to backtrack.
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