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There are actually laws prohibiting non-banks from using the word "bank" in their name. A lot of bank holding companies (which are not, technically, banks) got
by Umalu 15y ago
There are actually laws prohibiting non-banks from using the word "bank" in their name. A lot of bank holding companies (which are not, technically, banks) got around this by replacing the "k" in "bank" with a "c" -- such as "BancAmerica Corp". I'm sure we all breathed a sigh of regulatory relief seeing that "c" there.
- al3x 15y agoYup. Those laws are pretty loosely enforced and vary on a state-by-state basis, but they're definitely a concern.
- deleted 15y ago[deleted]
- rapind 15y ago1-600-DOCTORB ("The B is for 'Bargain'")
- nickpinkston 15y agoThanks Dr. Nick!
- dman 15y agoIs avoiding regulation as simple as changing what you call yourself?
- steve918 15y agoIf the regulation governs naming, then yes.
- mschaecher 15y agoUberCab becoming Uber is another pretty good example of this name switch to get ahead of regulators from a brand perspective.