The Indicator from Planet Money
The Indicator from Planet Money

Let's play ... Who Wants To Be a Bank!

September 9, 2026

AI Summary

5 min read

In 2024, the U.S. Office of the Comptroller of the Currency approved just seven new bank charters. Through August of this year, it has already approved fourteen. That is not a typo. The Trump administration has signaled it wants more competition in banking, and a wave of financial technology companies—payment apps, crypto firms, buy-now-pay-later lenders—are lining up to apply for the one thing they do not currently have: a real banking license. On this episode of The Indicator, hosts Whelan Wong and Ricky Mulvey frame the phenomenon as a game show called "Who Wants to Be a Bank?" and walk through what is driving the surge, what the prizes actually are, and what it takes to win.

Why Fintechs Want to Be Banks

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What you'll learn

  • 1 (00:13) **Game Show Setup: Why FinTechs Want Banking Licenses** - The hosts frame the episode as "Who Wants to Be a Bank?," where financial technology companies compete for a US banking license, spurred by a Trump administration push to approve more new banks.
  • 2 (02:22) **The "Regulatory Whisperer" Explains the Stakes** - Michelle Old, co-founder of the Claris Group and advisor to fintechs on becoming banks, joins to describe the grueling approval process and why companies want the burden of regulation.
  • 3 (03:46) **The Prizes: Deposit Insurance, Fed Discount Window, and Master Account** - Michelle Old reveals the three main benefits of winning a banking license: FDIC deposit insurance, emergency borrowing from the Fed, and a Fed master account for payment processing.
  • 4 (05:21) **Contestant #1: Mercury's Quest for Full Banking Powers** - Emma Lakim, co-founder and CEO of Mercury, explains why his fintech, which serves startups and small businesses, is seeking a bank charter after years of partnering with a real bank.
  • 5 (07:00) **Winner's Circle: Square Financial Services** - Richard Rosenathon, President and CEO of Square Financial Services, describes why Square became a bank in 2021, focusing on growing deposits and offering competitive pricing.
  • 6 (08:09) **The Approval Gauntlet and Regulatory Scrutiny** - The hosts detail the surge in applications (14 approved by the OCC through August, double 2025's total) and the tough paperwork demands, including Michelle Old's blunt advice: "Stop sending us crap."
  • 7 (09:12) **Closing: The Unresolved Quest** - The show ends by leaving Mercury's fate open, promising a future update on whether it will win its "shiny new Fed master account."

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Guests on this episode

Whelan Wong Ricky Mulvey

Show Notes

Why do so many fintech companies — like Square and Mercury — want to be banks? And what does it take to get there? Find out today when we play our fake game show … Who Wants To Be A Bank!

Fact checking by Sierra Juarez.

Your Next Listen 
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