“Fintech companies that want to act like banks–but without the consumer protections and safeguards that actual banks must adhere to–put people’s hard-earned money at risk,” said Brown in the interview. The senator also warned of increased risks of fraud, privacy breaches and hidden fees associated with using those services.
Estimated reading time: 0 minutes, 30 seconds
Chair of Senate Banking Committee Calls Out Fintech Banks for Lack of Regulation, Fraud Concerns
Sen. Sherrod Brown, chairman of the U.S. Senate Committee on Banking, Housing and Urban Affairs, said in a recent interview he is skeptical of neo-banks like Chime since they do not operate under the same rules as legacy banks. So reports Business Insider.
Most Read
-
-
Apr 27 2019
-
Written by FinTech News Brief Staff
The Securities and Exchange Commission announced the concept of digital…
-
-
-
Sep 21 2018
-
Written by Jacob Roberts
Online software vendor Kashoo is forming focus group to react…
-
-
-
Jan 09 2019
-
Written by FinTech News Brief Staff
Ripple CEO Brad Garlinghouse said cryptocurrency and blockchain stand to…
-
-
-
Jan 16 2020
-
Written by FinTech News Brief Staff
Representatives from the Reserve Bank of Australia said they are…
-