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New entrants in the U.S. banking sector face a daunting $20 million floor to launch, a stark reflection of the regulatory and capital costs that have stifled competition since 2010.
The FDIC is considering an industry-led body to certify fintechs, a move that could standardize risk management and lower the compliance burden for bank partnerships.
The Federal Deposit Insurance Corp. is working to launch an independent standards committee to certify bank-fintech partnerships, a move that could permanently alter the unit economics of the bank-as-a-service sector.