Tech firms muscling in on banks, like it or not

Uber Technologies on Oct. 28 announced Uber Money, a program that will allow the ride-hailing firm to pay its drivers in real time, and could eventually include offering bank accounts for consumers.

The U.S. Federal Deposit Insurance Corp is considering a deposit insurance application by Japan’s e-commerce firm Rakuten, which wants to establish a U.S. bank through an industrial loan company charter. The regulatory agency hasn’t approved such an application in more than 10 years. Congress imposed a three-year moratorium on ILCs applying for deposit insurance in the 2010 Dodd-Frank Act. Payments firm Square has also applied for deposit insurance.

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