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It was only Thursday of last week when our lead story was about the challenges banks were facing in the Banking-as-a-Service space. Then Friday we learned that Blue Ridge Bank was hit with its second regulatory action in less than 18 months and is now deemed to be in a "troubled condition".

It is a bold or naïve CEO that prefaces a major announcement with the words, "This will shock the world". New PayPal CEO Alex Chriss said exactly that in his first public interview since becoming CEO. That was a week ago and he was referring to major announcements that would happen at the company's Innovation Day that it conducted yesterday.

It is a bold or naïve CEO that prefaces a major announcement with the words, "This will shock the world". New PayPal CEO Alex Chriss said exactly that in his first public interview since becoming CEO. That was a week ago and he was referring to major announcements that would happen at the company's Innovation Day that it conducted yesterday.

You could say Banking as a Service is under siege. The number of severe enforcement actions BaaS banks received skyrocketed in 2023 to 13.5% of the total. When you consider there are probably only around 100 banks out of 4,800 that are involved in banking as a service, you can see why this number is disturbing.