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June 3rd, 2023 | OpenAI does what OpenAI wants

Hacker News Recap

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The Role of Regulators in Digital Financial Services

The Consumer Financial Protection Bureau, CFPB, warns that these services lack the protections offered by banks and credit unions. Companies of consumer dollars are at risk as these apps encourage holding funds in their non-federaly insured platforms similar to the panic-based bank runs experienced by Silicon Valley Bank. Debates covered whether banking regulations should be applied to airline miles and the differences between services like PayPal and FDIC-insured banks. The implications of businesses not taking on excessive regulatory burdens were also discussed.

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