PayPal Applies To Become a Bank As US Loosens Regulatory Reins

PayPal has applied to become a US bank by forming a Utah-chartered industrial loan company, signaling a push to deepen its financial services “as companies rush to capitalize on a friendly regulatory environment under the Trump administration,” reports Reuters. From the report: If approved, the move will help PayPal to strengthen its lending offerings to small businesses in the U.S. as well as reduce its reliance on third parties. “Securing capital remains a significant…