Fintech companies like Square are leveraging the banking licenses of services like Cambr, which manages accounts in many smaller banks, to handle payments
Julie Verhage / Bloomberg : Tweets: @mdudas and @mdudas Tweets: Mike Dudas / @mdudas : Per usual, the odd FinTech + community bank business setup in the US is due to financial regulators being unhappy or suspicious of something yet taking no specific regulatory action other than stall + kick the can down the road. https://www.bloomberg.com/... https://twitter.com/... Mike Dudas / @mdudas : We now have an “Airbnb of banking” in the US because companies like Square, Acorns, MoneyLion and Betterment want to offer banking services but would rather someone else take on the hassle of US banking compliance regulations https://www.bloomberg.com/...