Ca regulator instructions Chime to quit calling it self a bank. Banking institutions and fintechs are doubling straight down on the conformity efforts a s scrutiny that is regulatory up, Ungureanu said

Dive Quick:

The Ca Department of Financial Protection and Innovation has bought challenger bank Chime to stop and desist language the regulator states falsely portrays the fintech as being a bank, in accordance with a settlement contract reached March 29.

The San company that is francisco-based been the topic of a yearlong research by the Ca regulator for making use of “chimebank.com” as the web site just before February 2020, and for making use of the terms “bank” or “banking” in its company.