Great. The regulations are working. It’s really not up to two kids with a laptop plus a sugar daddy to decide for society that a regulation is no longer needed.
Not saying it is bad, just that they short circuited regulation. So why aren’t there new banks?
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Ally? SV Credit Union? (not super new) Basic banking: solved problem. The banks most needed IMO are in places overrun by check cashing/payday loan/rent-to-own joints. That will take a special kind of org. I’d love to start one. http://even.com seems to be in the space
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Those are not new banks, they’re new skins on old banks, which is a fundamentally different thing
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Why do we need another bank? I’m happy with my frumpy credit union. I put money in, they don’t lose it, they don’t try to sell me financial crap, when i need some cash, i get it from an ATM. It’s all good.
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The basic function of a bank should be no more exciting than the basic function of Stripe. I hire both companies to displace stuff that should never bring “surprise” to my life, so i can concentrated on the stuff that does, or that should.
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You literally just named an enormous problem a new bank could solve then said “why do we need a new bank?” in the next tweet
End of conversation
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