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by thephyber
1110 days ago
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But your FDIC example is perfect. FDIC effectively regulates its member banks. But the end user still needs to know if the app/product they are using is protected by FDIC, which is the point of the CFPB announcement in the article. PayPal, Venmo, CashApp are not banks, are not regulated like banks, and are not member of FDIC (or NCUA). So far I haven’t seen anyone in this HN thread bring up a valid action a US regulator could legally take that is stronger than this statement. |
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