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Genesis Bank Announces Official Opening And Headquarters Location
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Payday Loans Dropped During Pandemic, But Californians Are Not Out Of The Woods
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Payday Loans Dropped During The Pandemic, But Californians Are Not Out Of The Woods
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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.”
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In a webinar hosted by the Innovative Payments Association last week, Christina Tetreault, the new leader of the Office of Financial Technology and Innovation (OFTI) within the California Department of Financial Protection and Innovation (DFPI), gave us a glimpse of the OFTI s purpose, function, and initial goals. Tetreault also welcomed discussion and questions from the audience about the role of the OFTI.
Tetreault emphasized the OFTI s focus on outreach and engagement. To that end, she is leading efforts to collect as much feedback from a broad range of individuals, including industry stakeholders and consumers, concerning the issues underlying financial services technology and innovation. She even invited webinar participants to submit meeting requests and shared her direct email address.