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The costs of opening a new bank haven’t changed much, and the Federal Reserve has cut interest rates to near-zero yet again. But the coronavirus crisis and the market gyrations it caused have shown the benefits of a banking license—and the low-cost deposits that come with it.
“There’s still a lot of the country where we weren’t making our inclusive, affordable products available,” Mr. Vazquez said. Oportun loans and deposit accounts will be offered both online and at bricks-and-mortar locations.
https://www.wsj.com/articles/bank-applications-get-a-coronavirus-boost-11606213806?mod=hp_lead_pos7
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