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S8 E5: Fintech Recap: The BaaS Multiverse of Madness, the CFPB’s New Earned Wage Access Rule, and a Brief Conversation on Brokered Deposits
Fintech Takes
Trust Eclipses Safety Nets
The financial trust that consumers place in non-bank providers like Chime and PayPal is primarily built on their track record of reliability, rather than any inherent safety measures designed to protect user funds. In the event of a bankruptcy, customers do not have guaranteed access to their money immediately, and the recovery process can be chaotic. Companies operating under state money transmitter licenses, such as MoneyGram, face regulations concerning the management of customer funds, but this does not prevent risks associated with potential mismanagement or insolvency. Ultimately, consumers must understand that their trust is based on past performance, not a foolproof safety net.
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