by Carson Kessler
ProPublica is a Pulitzer Prize-winning investigative newsroom. Sign up for The Big Story newsletter to receive stories like this one in your inbox.
The chair of the Senate Banking, Housing, and Urban Affairs Committee is calling for the Consumer Financial Protection Bureau to evaluate the risks associated with apps that provide banking services, citing ProPublica’s article on Chime, the most widely downloaded of those apps.
In a letter sent today, Sherrod Brown, D-Ohio, wrote to the CFPB’s acting director, Dave Uejio, stating that “Chime’s abrupt, involuntary closures of its customers’ accounts” call for further “insight into the risks posed by nonbanks to consumers as well as the measures the Bureau is taking to address the risks by nonbank fintech companies and their affiliated banks.”
Senate Banking Chair Asks CFPB How It Plans to Address Risks of Chime and Other Banking Apps propublica.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from propublica.org Daily Mail and Mail on Sunday newspapers.