FDIC announces long overdue regulations
pertaining to Fintechs and so-called “Industrial Banks” (other entities who are clearly offering bank like services), the regulations will insure funds held are protecting by deposit insurance. About a two-minute read.
Comment: I’m pretty surprised it took FDIC this long to step into and begin to regulate. For too long now tech entities have been accepting and holding funds but NOT offering the benefits of deposit insurance. Why not? INSURANCE COSTS MONEY. Now they have no choice.