US proposes barring tech companies from offering financial services
Isn’t a banking license mandatory for a company that offers financial services? And if so, why does it matter what else a company does as long as it lives up to regulations?<p>If it’s problematic that a licensed tech company is offering financial services, isn’t there something wrong with the requirements for acquiring this license?<p>Seems to me that if Facebook lives up to the regulations, it should be allowed to acquire a banking license. And if there’s something problematic about this, the requirements for acquiring a banking license should be changed, and applied to everyone.