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Robinhood Drops Bid to Become a Bank, No Plans to Re-enter Space

Saturday, Nov 30 2019
News
Written by  FinTech News Brief Staff
Robinhood Drops Bid to Become a Bank, No Plans to Re-enter Space

Robinhood Markets Inc. has pulled its application with the Office of the Comptroller of the Currency to become a bank. So reports the Los Angeles Times.

The proposal would have allowed the company to offer banking products, like debit cards, without the need to enter partnerships with existing banks. The company has recently run into some trouble with regulators after trying to launch a checking and savings product without having the needed insurance or approvals. The company is not planning resubmission at this time.

Read the full story from the Los Angeles Times.

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