3 ms·
Companies can easily get around this. Instead of Facebook opening the Bank. It'll be zuck first banking national forms a partnership with Facebook Inc. Accompl
by cobookman 7y ago
Companies can easily get around this.
Instead of Facebook opening the Bank. It'll be zuck first banking national forms a partnership with Facebook Inc. Accomplishing the same things.
Only accomplishment will be that it's harder for the two companies to share their point datasets. Albeit, not impossible.
- valenciarose 7y agoIt is not quite as easy as you suppose. The Bank Holding Company act of 1956 (as amended in 1970) places any company that owns 25% or more of a bank under the regulatory supervision of the Fed. The holding company rules for Broker/Dealers (investment banks and retail/institutional brokerages) are less airtight but not insignificant. I worked on Wall Street for years, many of the them on the business side. Fed supervision is no joke.