The Indicator from Planet Money · Wednesday, September 9, 2026
Financial technology companies are actively pursuing US banking licenses, even though it means facing more regulatory oversight. Michelle Alld explains that these firms desire greater access to the US financial system. This pursuit is characterized by a willingness to embrace 'encumbrance' in exchange for expanded market participation.
“Michelle says these companies want greater access to the US financial system, even if it comes with more regulatory scrutiny.”
“It sort of like, ooh, encumber me, please. Encumber me. I love encumbrance.”