The news: We’ve recently covered a fintech, a stablecoin issuer, an auto manufacturer, foreign banks, and credit unions that are considering, applying for, or in the process of acquiring US banking licenses. Some have already succeeded, inspiring others to follow suit. And according to the Office of the Comptroller of the Currency, banking charter applications have increased 70% since 2024.

What’s the problem? In this less regulated environment, banks could gain a lot of new competitors that have an edge. Banks are concerned that new charters allow nonbanks to offer banking services with "more lenient regulations," bypassing some obligations traditional banks face, according to Yahoo Finance. Banks also believe that granting these charters—especially to crypto firms—violates the "separation of banking and commerce," creates conflicts of interest, and "unwisely extends the federal safety net to commercial interests," per Yahoo Finance.