Companies Push for Bank Charters, Sparking Industry Debate

Imagine if companies like Amazon or your favorite video game maker wanted to start their own banks.

Right now, lots of different companies are asking the government for permission to do just that.

Some of these companies, especially those dealing with digital money like cryptocurrencies, want to become special kinds of banks called 'trust banks.'

These trust banks don't usually take regular money deposits or give out loans like your normal bank.

Instead, they hold onto important stuff for customers and charge a fee.

Banks that already exist are worried about this.

They say it's not fair because these new companies want to offer similar services without following all the same strict rules that big banks have to follow.

They worry it could make the whole money system less safe.

But the companies wanting to start these new services say they need these permissions to be clear about what they're doing and to work with other big companies.

They believe it will help make new kinds of money and services available to everyone.