Sadly, until regulators become more aggressive, we'll continue to see this a lot, especially in the FinTech space... we really need a couple of high-profile cases that end with companies being round-up and executives in jail.
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Not even a regular, uninsured bank (which I don't think the regulations anywhere actually allow either but that used to be a thing).
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I don't understand the fuss my local CU offers 3% on checking and it's insured. It's a victory of marketing + the idea that everything these "innovators" do is unprecedented because their 20-something target audience haven't heard of it before. I'm probably getting old though!
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Because misrepresentation is fraud. There’s no insurance from FDIC or SIPC.
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Presumably this wasn’t followed … https://occ.treas.gov/topics/licensing/index-licensing.html …
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