Several groups have gone public with plans to start a bank since the state enacted a law to make it easier, but none have actually filed with the FDIC.
Entrepreneurs in the digital-assets industry say that even as some attract investment from multibillion-dollar institutions, they are routinely refused basic banking services by the likes of HSBC and JPMorgan Chase.
Community banks can’t afford the digital banking services customers demand; Vanguard's "banklike" cash management service couldn't match banks' offerings.
A legal memo conducted on behalf of the trade group says the agency’s policy goes beyond statutory intent and places undue restrictions on healthy banks.
