Michele Alt, Co-Founder of Klaros Group, on the new era for fintechs and bank charters

When it comes to fintechs getting bank charters we are entering a golden age. With zero fintech-oriented bank applications approved in the Biden administration we already have several fintechs with shiny new bank charters just a few months into the new administration. So, if you are a fintech and are thinking about bank charters now is the time.

To break all this down, I was delighted to chat recently with Michele Alt, Co-Founder and Managing Director at Klaros Group. She was last on the show in 2021 and certainly a lot has changed since then. Michele takes us through the different types of charters and explains the different options for fintech companies seeking charters.

On this podcast you will learn:

• The fundamental change in attitude for bank charters with the new administration in DC.
• The two paths that fintechs can take to get a bank charter.
• The pros and cons for each of these paths.
• Michele’s thoughts on the SmartBiz acquisition of Centrust Bank.
• Why she thinks the timelines for bank acquisitions will be shorter from now on.
• The difference between an ILC charter and a regular bank charter.
• Why most ILC banks are located in Utah.
• Why some of the big names in fintech are applying for the MALPB charter in Georgia.
• Why Wyoming created the SPDI charter.
• How the Federal Reserve is reacting to this change in the new bank formation environment.
• Why some of the crypto companies are looking for federal bank charters.
• Michele’s perspective on the big tech companies getting bank charters.
• What she would say if Amazon came calling looking to explore an ILC charter.
• What the fintech banking landscape might look like at the end of the Trump administration.

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