Are you trying to be intentionally dense and obtuse? Try googling “why aren’t banks being started in the US” or “rate of bank creation in US over time.” You are trying to defend a point without having any idea what the hell you’re talking about, which speaks volumes
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Replying to @AustenAllred
The rate of bank creation will answer nothing about “why”. I did google and just answered you with the articles I found: banking generates less profit now than ever, so it’s not attractive AND there is more regulation so it’s more annoying.
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Replying to @JimYoull
So banks magically became less profitable in 2008 for no reason having to do with Dodd-Frank or regulations at all? That’s the position you’re taking given your 30 seconds of research?
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Replying to @AustenAllred
No actually I’ve spent in aggregate maybe 6 months full-time reading up about banking between 2005ish and again recently, thinking about this banking-for-the-unbanked problem. and 30 seconds just now. i figured we could overlay on an existing small bank.
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Replying to @JimYoull
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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Replying to @AustenAllred
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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Replying to @JimYoull @AustenAllred
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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Replying to @JimYoull @AustenAllred
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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Replying to @JimYoull
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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Replying to @AustenAllred
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.
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