America's regulatory system for digital banks is fiendishly complex
the Germans. On May 21st Raisin, a “deposit marketplace” from Berlin, declared its intention to set up shop in America. Within a year Raisin hopes to follow its compatriot,, a mobile bank that is due to open there soon. Yet neither will, technically, be a bank. Remarkably, no such startup yet has a national banking charter in America, although the country is a hotbed of financial technology, spawning innovators from PayPal to Quicken Loans.
America’s regulatory system is fiendishly complex, comprising “patchworks on patchworks”, says Brian Knight of the Mercatus Centre at George Mason University. As well as several federal regulators, created in response to successive crises—the
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