AFREF filed comments in opposition to giving Coinbase, the nation’s biggest cryptocurrency exchange, its own bank charter. The proposed new crypto bank would impermissibly combine commerce and banking, create giant risks to the financial system and economy when the next crypto crash inevitably occurs, and gives Coinbase the public benefits of being a member bank of the […]
Join us on May 21st for an analysis and discussion of the important developments in the regulation and supervision of large banks, and their effects on financial stability and economic security. View the details here, or below.
“…The essence of SoFi’s application is a request to seek the benefits of federal deposit insurance without subjecting SoFi itself or its private equity owners to the well-founded requirements for bank holding companies. The FDIC should not approve the application to facilitate this regulatory arbitrage. …If its application is granted, SoFi will be the first new ILC to secure deposit insurance in over a decade. That will send a clear signal to the marketplace that the FDIC intends once again to approve ILC deposit insurance applications. FDIC should not grant SoFi’s application and allow the ILC loophole to be revived.”