The corporate parent of broker-dealer Edward Jones has submitted an application to the Federal Deposit Insurance Corp. and the Utah Department of Financial Institutions to establish the Edward Jones Bank, a Utah-chartered industrial bank.
“If approved, the bank would help Edward Jones better serve clients’ needs for saving, spending and borrowing,” the company said in a release.
The Jones Financial Cos. said that the application process could be lengthy, and that bank operations could begin in late 2021. Ray Dardano would serve as the bank’s president, it added.
The financial advice industry has been facing inquiries into its cash sweep programs for years now.
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