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Last week Robinhood, the company behind the free mobile trading app, filed an application to open an online bank that would be FDIC insured and offer high rates on savings and low rates on credit cards. There will be no fees attached to the account. retail consumers,” it says in its application to the OCC, according to the report.
Regulatory guidance has reinforced banks hesitations, with agencies such as the Financial Crimes Enforcement Network (FinCEN) and the Office of the Comptroller of the Currency (OCC) requiring extensive due diligence when working with crypto clients.
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