Concerns About Square Becoming a Bank

The Independent Community Bankers of America have expressed concern about Square’s plans for a bank charter; they believe it would set a precedent for other tech companies like Amazon; According to Jacqueline Reses, Amazon and Facebook haven’t expressed interest in a banking license and they would have to be evaluated on their own merits; Square also recently met with the National Community Reinvestment Coalition to address concerns with the Community Reinvestment Act. Source