TNB’s business model is to keep ALL of its deposits at the Fed and share a portion of the 2.4% interest with its customers. Safe. Simple. And even better than the original goldsmith banks.
You’d think the Federal Reserve would be jumping for joy. Finally! A bank that doesn’t risk its customers’ deposits. No more bailouts, no more financial crisis.
But you would be wrong. The Fed wants no part of this and has rejected TNB’s proposal.
ODing in the fediverse!