Great work on this @julieverhage
Wow, checking and savings is gone, cash management is in. Full story online here. What a vacation day/what a week! https://www.bloomberg.com/news/articles/2018-12-15/robinhood-will-retool-checking-product-following-scrutiny …pic.twitter.com/GvMBrPJPHo
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thanks so much!
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Did these guys think you could just open up a bank by saying “we are a bank now”?
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Regulation is for people constrained by limits man!
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Go fast break things. As I tell my clients — the Uber approach to regulation is not usually the optimal regulatory strategy in the Fintech space...
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Still unanswered: How will the cash be insured? Swept into banks eligible for FDIC insurance like Fidelity?
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RH claims SIPC insurance i believe
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Hmm. You all probably already know all this, but..if they're just brokers/custodians for customers' investment holdings, ok. That's why SIPC limits are so high. But if they're loaning out deposits...they're a bank, and it's FDIC, and 250k.
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Agreed, thats why SIPC has been saying they might not actually insure it. Gonna be interesting to see how it plays out
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SIPC insures the cash funds as long as the deposits are incidental to the brokerage account. Since they are selling the accounts as a specific product that isn’t incidental and therefore not likely to be covered.
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It’s like someone took the “I declare bankruptcy” image and instead said “I declare I’m a bank”
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Starting to sound like
#Theranos, all over again. -
Bigger than Theranos. No doubt, this will turn out to be the biggest fraud and subsequent cover-up of our lifetime. I started to get suspicious when Robinhood asked for a blood sample to verify my identity.
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The app still calls it checking & savings...
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