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48FINANCE

Jack Dorsey's Block applies for federal bank charter to establish Builders Bank & Trust

⚡ Markets: Potentially transformative for Block, allowing it to hold deposits and make loans directly without a partner bank, which could significantly improve its margins and product offerings. Positive for Block (SQ) stock if approved.SQ

Block, the financial technology company led by Jack Dorsey, has applied with the US Office of the Comptroller of the Currency (OCC) to establish a federally chartered bank. The move is part of a trend of fintech companies seeking to operate under federal banking regulations.

West MSM: noneFinancial press 21 country
2 sources across the spectrum
Financial pressWall Street Journal — Block Applies to Establish Builders Bank & Trust
Financial pressThe Block — Jack Dorsey's Block joins rush for federal bank charters from OCC
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