THIS ISSUE👇 of whether trust charters can be used as de facto bank charters (including making loans + obtaining Fed master accounts) at only 10-15% of the capital requirement of a bank is very likely to be litigated. Interesting reaction by the bank trade associations to fight👇—if what they fear will happen ends up happening, then why wouldn’t banks just convert to trust companies & keep their existing businesses at a small fraction of the capital requirements & regulations??🤔