Its exactly the excuse they need to start a cbdc.
“Want a safe place to park your cash? Get an account directly with the fed! Infinite insurance is better than $250k, right?”
Discussion
Yeahhhhhh. If nothing else, every time a bank shuts down, there's more consolidation. Eventually all commercial banks will be owned by 3 or 4 banks anyway, which just happens to be the same banks that are the shareholders to the federal reserve.