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PayPal is applying to create a bank called PayPal Bank, which would be a Utah-chartered industrial loan company. This move aims to streamline lending to small businesses and lessen dependence on third-party services. Since 2013, PayPal has issued over $30 billion in loans to businesses worldwide.
The article discusses the increasing private credit loan exposure of US banks, which is approaching $300 billion. This trend highlights the growing significance of private credit in the banking sector.