Fintech Insider Podcast by 11:FS cover image

674. News: Is Apple's big bank dream impossible?

Fintech Insider Podcast by 11:FS

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In the United States, as far back as after the Great Depression, there's been a separation between commerce and banking. Apple by itself has no ability to issue a debit card or credit card in the US; it can't hold consumer deposits. There is a sort of loopholes, not quite the right word, but a small category of banks called industrial loan companies, which are able to do this. But for a large tech company like Apple to secure the necessary deposit insurance to operate a bank would be, in my opinion, rather unlikely in the current political climate.

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