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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.

Sherrod Brown2“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.

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