Well, I wouldn't say it was shut down per-say and more of it was never allowed to start. They never got a banking license. IIUC, the regulator's argument is th

Well, I wouldn't say it was shut down per-say and more of it was never allowed to start. They never got a banking license. IIUC, the regulator's argument is that people are incredibly interested at putting their money in a narrow bank (aka Pass-Through Investment Entities) such that few people would want to store money not at a PTIE and it would screw over liquidity in the financial market. https://www.bloomberg.com/opinion/articles/2019-03-08/the-fed-versus-the-narrow-bank?leadSource=uverify%20wall https://www.bloomberg.com/opinion/articles/2019-03-08/the-fe... https://www.federalregister.gov/documents/2019/03/12/2019-04348/regulation-d-reserve-requirements-of-depository-institutions https://www.federalregister.gov/documents/2019/03/12/2019-04...