Investors have bought a one-branch bank in Elmore City, Oklahoma (the town that inspired "Footloose"), renamed it Old Glory Bank and plan an all-digital brand that emphasizes patriotism. Experts question whether Old Glory is offering a solution to a nonexistent problem.
One of the few crypto companies to receive a banking charter from the Office of the Comptroller of the Currency, Anchorage is putting more people and resources into compliance.
Financial services regulators should treat cryptocurrency trading for what it is another form of wagering, some experts say. But banks seeking to provide custody and many other services tied to digital assets would face even tighter restrictions under that approach.
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The Consumer Financial Protection Bureau has accused the challenger bank, which charges customers a monthly membership fee, of violating the Military Lending Act and other consumer protection laws. MoneyLion says the allegations are baseless, but some analysts said the consumer bureau appears to have strong claims.