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Block Applies to Establish Builders Bank & Trust
Block has applied for a federal charter to establish a specialized national trust bank named Builders Bank & Trust.
What: Jack Dorsey's company Block is seeking regulatory approval to operate as an uninsured national trust bank, a move that could alter how the company manages its internal financial infrastructure and customer services.
Why it matters: By pursuing a national trust charter, Block is likely looking to bypass traditional state-by-state banking restrictions, allowing for more streamlined handling of digital assets and commercial banking products.
Decoder
- National Trust Bank: A specialized bank that can perform trust services, asset management, and custodial functions across state lines with a federal charter.
Original article
Block has submitted an application to federal regulators to establish a federally regulated, uninsured national trust bank called Builders Bank & Trust.
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