Those are not new banks, they’re new skins on old banks, which is a fundamentally different thing
You spent six months full-time and didn’t know about Dodd Frank or why there aren’t new banking charters?
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my long project was pre-2010 and the post-2010 work was focused on the customers, not the bank.. again, i was thinking less about creating a bank for a low-margin market (sounds messy) and more about re-skinning an existing bank for a specialty market, if that market even existed
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i think http://even.com is walking that fine line. the “problem” of market entry for that demographic, as you know, is as much about education about a new way of handling money, as it is about access to a physical branch. It needs both. Also it’s big.
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but hey, we have some success - we’ve identified an example of a regulation that is at least not entirely beneficial to the public (maybe it’s helping prevent more meltdowns? I dunno)… that could be fixed.. that has prevented new entrants to the market…
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Every regulation will prevent negative scenarios. It just won’t necessarily offset the cost of what could happen without it. Not enough consider the lost potential upside in trying to protect everything. How many fintech startups don’t exist *because* you cant create a bank?
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Dunno. We have a LOT of fintech startups to be sure. Really need more? What would they do? Money should be boring. Credit unions seem to be doing well. Those seem better suited anyway to helping the unbanked than traditional banks though I can’t compute the nuance.
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Sounds like a serious lack of imagination and creativity IMO. If you don’t think anything good could be done that isn’t being done I just don’t know what to tell you.
End of conversation
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