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You can't really "take deposits and issue loans" without just becoming a bank yourself. People start new banks all the time. Or by "disrupting" does he just me
by 2d8a875f-39a2-4 2y ago
You can't really "take deposits and issue loans" without just becoming a bank yourself. People start new banks all the time.
Or by "disrupting" does he just mean "end run around the laws and regulations"?
- n4r9 2y ago> People start new banks all the time Is that true in the US? In the UK there was recently a period of around 150 years during which not a single new banking licence was issued. There's a film called Bank of Dave which dramatises the attempts of Dave Fishwick - a businessman from the North of England - to set up a local community bank. It's distressing the lengths that the established banks went to to quash it. If I understand correctly, he still does not have a licence, although Metro bank did manage to get one in 2010. Wiki article about the film: https://en.wikipedia.org/wiki/Bank_of_Dave_(film) https://en.wikipedia.org/wiki/Bank_of_Dave_(film) Guardian article from the real-life inspiration for the main character: https://www.theguardian.com/tv-and-radio/tvandradioblog/2012/jul/12/why-i-opened-bank-of-dave https://www.theguardian.com/tv-and-radio/tvandradioblog/2012...
- 2d8a875f-39a2-4 2y agoDon't know the UK banking landscape, but it doesn't look that unusual in recent times: https://www.bankofengland.co.uk/prudential-regulation/new-bank-start-up-unit/new-banks-authorised-since-2013 https://www.bankofengland.co.uk/prudential-regulation/new-ba...
- piperswe 2y agoBanking licenses are surely not an easy feat in America, but they are at least regularly issued. Not issuing any licenses for 150 years sounds quite crazy to my American ears, though as I understand it America is quite the outlier with thousands of active banks and credit unions.