Torba has no idea what it takes and the federal regulations that go into starting a bank. You need to have INSANE amounts of capital to start a bank since your whole function is to loan out money to people. You can't just 'start a bank'. That's all approved on a federal level and it takes years to get approved and the business plan going. You also need enough money to settle all debts in the event you go belly up which means a MASSIVE amount of money is held in a protected trust. And getting FDIC approved and insured is a REQUIREMENT for operating in the US. And THEN, you need need to make a deal with payment processors so you can have debit/credit cards. And if I remember, Visa/Mastercard have blacklisted Torba. That leaves AMEX and they're not accepted everywhere.
They're not going to start a bank.
Torba has no idea what it takes and the federal regulations that go into starting a bank. You need to have INSANE amounts of capital to start a bank since your whole function is to loan out money to people. You can't just 'start a bank'. That's all approved on a federal level and it takes years to get approved and the business plan going. You also need enough money to settle all debts in the event you go belly up which means a MASSIVE amount of money is held in a protected trust. And getting FDIC approved and insured is a REQUIREMENT for operating in the US. And THEN, you need need to make a deal with payment processors so you can have debit/credit cards. And if I remember, Visa/Mastercard have blacklisted Torba. That leaves AMEX and they're not accepted everywhere.
Torba should sue Visa/Mastercard and every bank that has blacklisted Gab