"It's very difficult to build what we built," said Sam Sidhu, the bank's vice chair and COO. "We thought that this would resonate well with other banks and we were right."
"While the self-service capabilities ... work well to meet a lot of [military members'] fundamental needs, there's still ... a need for them to be able to walk into a branch and get some financial guidance," a credit union executive said.
The bank failed to timely comply with a 2015 consent order requiring that it hire qualified compliance staff, conduct an AML risk assessment and develop internal controls for Bank Secrecy Act compliance, the regulator said.
Founder Hassan Miah said he plans to add overdraft protection, free retailer cash deposits, payments, transfers, check cashing, payday loan advances and consumer lending to the platform.
With Democrats now in control of the House and Senate, and a Democrat chairing the Senate Banking Committee, some industry observers said 2021 will be the year for SAFE Banking, in addition to broader pot legislation.
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