Carson Kessler

Lorana Sullivan Business Fellow

Senate Banking Chair Asks CFPB How It Plans to Address Risks of Chime and Other Banking Apps

Citing a ProPublica report on the high numbers of complaints about involuntary Chime account closures and other problems, Sherrod Brown asked the Consumer Financial Protection Bureau to lay out a plan for overseeing neobanks.

A Banking App Has Been Suddenly Closing Accounts, Sometimes Not Returning Customers’ Money

Chime, a “neobank” serving millions, is racking up complaints from users who can’t access their cash. The company says it’s cracking down on an “extraordinary surge” in fraudulent deposits. That’s little consolation to customers caught in the fray.

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