Bank Nerd Corner Why Everyone Wants a Bank Charter
Nov 6, 2025
In this engaging chat, Dan McGonegle, a senior manager at Crowe and former Federal Reserve supervisor, dives into the dynamic world of bank charters. He explains why nonbanks are eager to secure these charters for access to Fed infrastructure and payment systems. Dan discusses the competitive landscape, highlighting how new entrants leverage modern tech against traditional banks. The conversation also touches on the critical role of Fed master accounts for payment efficiency and the evolving relationship between banks and stablecoins. Tune in for insights on the future of banking!
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From Iowa Examiner To Fed Novel Activities Lead
- Dan traces his career from community bank examiner in Iowa to the Federal Reserve's Novel Activity Supervision Program.
- That path shaped his focus on fintech, banking as a service, and digital asset supervision.
Charters Buy Access To Core Payment Infrastructure
- Many nonbanks pursue bank charters primarily to access payment system infrastructure and Fed master accounts.
- Charters position firms at the fiat–digital asset nexus to enable interoperability rather than replace banks entirely.
Charter As A Technology Stack
- Think of a bank charter as a technology that grants capabilities and shapes competitive advantage.
- The charter's powers will be delivered through a firm's tech stack, changing how consumers experience banking.