Marc Andreessen appeared on the Joe Rogan podcast this week arguing that the Consumer Financial Protection Bureau (CFPB) should be shut down as it debanks conservatives.
In today's video we use the example of the finfluencer promoted fintech bank Yotta - look at its ties to another fintech - synapse to try to understand if the CFPB should be defunded or if savers need to be protected from fintech firms that are mostly unregulated.
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Additional Reading:
CNBC Article: https://www.cnbc.com/2024/11/22/synapse-bankruptcy-thousands-of-americans-see-their-savings-vanish.html
How Safe are Online Banks & Fintechs?: https://www.bloomberg.com/news/articles/2024-10-09/how-safe-is-your-money-really-in-online-banks-and-fintechs
Andreessen-Backed Fintech's Meltdown Shows Bank Middlemen Risks: https://news.bloomberglaw.com/banking-law/andreessen-backed-fintechs-meltdown-shows-bank-middlemen-risks
Rob Copeland - How To Keep Your Money Safe: https://www.nytimes.com/2024/08/10/business/online-lending-banking-money-risks.html
CFPB Debanking Press Release: https://www.consumerfinance.gov/about-us/newsroom/cfpb-finalizes-rule-on-federal-oversight-of-popular-digital-payment-apps-to-protect-personal-data-reduce-fraud-and-stop-illegal-debanking/
a16z Investment list: https://a16z.com/investment-list/
Joe Rogan - Marc Andreessen Interview: https://www.youtube.com/watch?v=ye8MOfxD5nU
