Michele Alt, Co-Founder of Klaros Group, on the new era for fintechs and bank charters

When it comes to fintechs getting bank charters we are entering a golden age. With zero fintech-oriented bank applications approved in the Biden administration we already have several fintechs with shiny new bank charters just a few months into the new administration. So, if you are a fintech and are thinking about bank charters now is the time. To break all this down, I was delighted to chat recently with Michele Alt, Co-Founder and Managing Director at Klaros Group. She was last on the show in 2021 and certainly a lot has changed since then. Michele takes us through the different types of charters and explains the different options for fintech companies seeking charters. On this podcast you will learn:The fundamental change in attitude for bank charters with the new administration in DC.The two paths that fintechs can take to get a bank charter.The pros and cons for each of these paths.Michele’s thoughts on the SmartBiz acquisition of Centrust Bank.Why she thinks the timelines for bank acquisitions will be shorter from now on.The difference between an ILC charter and a regular bank charter.Why most ILC banks are located in Utah.Why some of the big names in fintech are applying for the MALPB charter in Georgia.Why Wyoming created the SPDI charter.How the Federal Reserve is reacting to this change in the new bank formation environment.Why some of the crypto companies are looking for federal bank charters.Michele’s perspective on the big tech companies getting bank charters.What she would say if Amazon came calling looking to explore an ILC charter.What the fintech banking landscape might look like at the end of the Trump administration. Connect with Fintech One-on-One: Tweet me @PeterRenton Connect with me on LinkedIn Find previous Fintech One-on-One episodes