Regulatory barriers prevent the creation of new solutions in consumer banking: the Office of the Comptroller of the Currency had essentially stopped issuing new federal banking charters after the financial crisis, and the distinction between checking and savings accounts is legally mandated rather than a bank's choice, making it difficult for new entrants to disrupt the market.
factualpending
Speaker
Patrick CollisonEvidence Quote
“the office of the controller of the currency which is the entity that uh sort of issues federal banking charters uh had had basically stopped issuing new banking charters both financial crisis and so if you came along and you're like well i'm going to go solve all these problems and consider banking you're essentially blocked from doing so by the kind of regulatory apparatus”
Source
Patrick Collison: Philosophies for Running Stripe, Hiring, Decision Making, and Reading— The Knowledge Project PodcastCreated: 8/10/2026, 11:17:01 PM
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