Fintech Firms Get Chance to Apply for Banking License

Re:Fintech Firms Get Chance to Apply for Banking License by dforrestwilson on Wednesday March 15, 2017 @10:19PM (#13881852)

So they might actually have a level playing field now?

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Re:Fintech Firms Get Chance to Apply for Banking License by btmerr on Wednesday March 15, 2017 @10:29PM (#13881913)

Not exactly. The proposed charters are limited compared to traditional bank charters, but it's a start.

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Re:Fintech Firms Get Chance to Apply for Banking License by PretzelFisch on Thursday March 16, 2017 @08:42AM (#13884514)

So what will the Fintech firms gain from having a Banking license under this charter?

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Re:Fintech Firms Get Chance to Apply for Banking License by shortimer on Thursday March 16, 2017 @10:17AM (#13885175)

New fintechs who want to move money have to obtain a Money Service Business license in every state where they operate. In almost all cases, that means they have to get 48ish MSB licenses (a state or two don't require them). Each one can be both complicated and expensive to obtain and maintain.

This new license would let those fintechs instead obtain a single license (and set of rules, and costs, etc) for nationwide use.

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