One problem, you're going from one woman's top-down control to another.
Jane Larimer, President and CEO
Jane Larimer is President and CEO of Nacha, which governs the modern ACH Network, the payment system that quickly and safely moved more than 29 billion payments in 2021. Nacha also develops rules and standards, provides industry solutions, and delivers education, accreditation, and advisory services.
Jane has led Nacha since July 2019, guiding the association as it builds consensus to further innovation in the payments industry. Jane has been recognized for her work in advancing the ACH Network and for Nacha as a leader in payments education. In 2022, Jane was named one of Washington DC’s Most Influential People by Washingtonian Magazine, and in 2021, she was named one of the Most Influential Women in Payments by PaymentsSource.
You set up a bank, a proper bank, FDIC insured, everything, and then you direct market it as a free speech harbor.
At that point it's MUCH harder for other companies to say they won't work with you. If the customer with the money says to transfer the money, they have to transfer it as a legitimate, authorized transaction.
Refusing at that point means going to federal court and convicting the BFS to say you're not a legitimate bank. That's a much, MUCH higher hurdle, one these leftists won't be able to clear.
It's a non-starter. Banks have capital requirements that none of us could meet. If you go under them for a second, you'll be shut down. You also need to do a lot of paperwork to operate internationally.
Also, as I edited in, ACH suffers from the same problem as MasterCard. A feminist woman pulling the strings. You're just relying on her being constrained by red tape from using the power available to her.
So don't use card processing.
Build a system on ACH clearing.
https://www.investopedia.com/terms/a/ach.asp
This?
One problem, you're going from one woman's top-down control to another.
Jane Larimer, President and CEO
Yes, that.
You set up a bank, a proper bank, FDIC insured, everything, and then you direct market it as a free speech harbor.
At that point it's MUCH harder for other companies to say they won't work with you. If the customer with the money says to transfer the money, they have to transfer it as a legitimate, authorized transaction.
Refusing at that point means going to federal court and convicting the BFS to say you're not a legitimate bank. That's a much, MUCH higher hurdle, one these leftists won't be able to clear.
It's a non-starter. Banks have capital requirements that none of us could meet. If you go under them for a second, you'll be shut down. You also need to do a lot of paperwork to operate internationally.
Also, as I edited in, ACH suffers from the same problem as MasterCard. A feminist woman pulling the strings. You're just relying on her being constrained by red tape from using the power available to her.
You are thinking the numbers are a couple orders of magnitude larger than the numbers really are.
How do you think local credit unions keep poping up and then going under?
Yes, and?
NACHA IS ONLY AN INDUSTRY GROUP, THE RULE MAKING BODY IS THE DEPARTMENT OF THE TREASURY.