The Indicator from Planet Money · Wednesday, September 9, 2026
The US is seeing a renewed push for financial technology companies to obtain banking licenses. According to Michelle Alld, a consultant for these firms, a key bank regulator has announced it is once again accepting applications. This move aims to increase competition within the financial industry by allowing more 'fresh faces' to enter the banking sector.
“This is the game show where financial technology companies vie for a shot at a US banking license.”
“They don't have banking licenses, but they want them.”
“It said there were years in which very few new banks got approved. And now it wants more fresh faces to increase competition in the industry.”
“It sort of like, ooh, encumber me, please. Encumber me. I love encumbrance.”
“Waylen, they've won deposit insurance. Yay! That's right. This prize is furnished by the Federal Deposit Insurance Corporation, or FDIC.”