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Chime to stop calling itself a ‘bank’ to settle legal action Download Share US-based neobank Chime will no longer refer to itself as a bank after it agreed to a settlement with the California Department of Financial Protection and Innovation. The regulator took action against the US neobank in 2020 because it doesn’t have a state banking license. The settlement calls for Chime to add clarifications about its operations to its website and advertising by May 15. Moving forward, Chime will state that it is a fintech and that it partners with outside banks to provide its offerings.  Some of the neobank’s licensed competitors argue that their licensing helps bolster their reputations, which would also come with the ability to offer deposit products without needing to partner or share revenues with a sponsor bank. Green Dot CEO Dan Henry

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