PGK Can Become a FinTech Instead of a Bank
If the full banking route is too complex, PGK can:
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Partner with an existing bank to offer white-label banking services.
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Operate as a credit union or cooperative (lighter regulations than a bank).
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Apply for an Industrial Loan Company (ILC) license (allows lending but not full banking).
Key Takeaways
✔ Phase 1: No banking license needed, but legal loan agreements and tax compliance are crucial.
✔ Phase 2: PGK must register as a private lending institution, get a Money Transmitter License (MTL) if handling payments, and comply with state lending laws.
✔ Phase 3: To become a full bank, PGK must apply for a banking charter, FDIC insurance, and comply with federal laws.
✔ Alternative: PGK could become a FinTech lender, credit union, or partner with an existing bank instead of going through full bank licensing.