Bank supervision in America is unfit for the digital age

www.economist.com

HERE COME the Germans. On May 21st Raisin, a “deposit marketplace” from Berlin, declared its intention to set up shop in America. Within a year Raisin hopes to follow its compatriot, N26, a mobile bank that is due to open there soon. Yet neither will, technically, be a bank.

There hasn't been a new banking license issued in ages in the US and the process to get approved is extremely convoluted...

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