"It's an interesting time for fintechs, despite regulatory uncertainties like the open banking ruling, that call infrastructural configurations into question. Fintechs like Affirm are also eyeing some greenfield opportunities like becoming a bank. The charter rush Getting a US bank charter isn't easy. But the rising number of charter applications indicates that multiple major players in the industry perceive Trump's second term in the White House as the right time to push for the elusive bank status."
"The charter rush Getting a US bank charter isn't easy. But the rising number of charter applications indicates that multiple major players in the industry perceive Trump's second term in the White House as the right time to push for the elusive bank status. Charter application activity has surged notably under the current administration. Just the first eight months of 2025 produced 21 applications - more than twice the total from the entirety of 2024, which saw only 8."
Fintech companies face regulatory uncertainty from rulings like open banking that question infrastructural configurations. Several fintechs, including Affirm, are considering transforming into banks to access new services and regulatory benefits. Obtaining a U.S. bank charter remains difficult, but charter applications have risen sharply. The increase in applications suggests many major industry players view the political environment as favorable for pursuing bank status. Charter activity accelerated in early 2025, with 21 applications filed in the first eight months, more than double the eight applications submitted during all of 2024. This trend signals intensified strategic moves toward banking integration.
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