New bank formation in the United States is at an all-time low, and Americans increasingly rely on non-bank financial technology companies (fintechs) to satisfy their financial services needs. Fintechs that do not operate through banks mostly operate outside t…
How to Improve the Bank Charter Application Process
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Jan-29
Technology
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With new bank formation stagnating, the rise of non-bank financial technologies (fintechs) signals a shift towards more efficient, market-driven alternatives to traditional banking. However, excessive regulation and bureaucratic red tape in the bank charter application process are stifling innovation and economic growth. It's time to cut through the regulatory clutter, simplify the application process, and allow the free market to bring robust, innovative financial solutions to American consumers. By doing so, we can unlock economic prosperity and ensure that the U.S. remains a global leader in financial services.