Another week, another consent order.
Welcome back to BaaS Island, where regulators keep throwing more bodies at the problem, hoping something will work.
Fintech Business Weekly’s Jason Mikula chats with Alex about the latest consent orders for Piermont and Sutton, as the duo debate whether or not “direct” has lost all meaning. Is it possible to really go “direct” from a fintech company to a bank without middleware? Too much regulatory authority has pushed banks away from doing everything except for technology, so in what form do regulators really want BaaS to survive in this current climate?
Then, the guys debate whether or not 15% of American households actually use Chime. According to Ron Shevlin’s latest article for Forbes, Chime is poised to IPO with 38 million customers, on par with the likes of Wells Fargo. Does the math… math? Because the math certainly seems to be generous math…
Meanwhile, states want to protect their residents from out-of-state banks charging interest rates above state usury caps. Sure, it sounds like a good thing, but is it actually a good thing for consumers?
And later, Alex and Simon talk about the misuse of the FDIC logo and the uptick in fintech Twitter trolls. Why can’t we all just get along? Or at the very least, why can’t we all just say nasty things on Twitter without the protection of an anonymous handle?
01: 45 – BaaS Island
22:15 – Chime
42:27 – Trade Groups vs. Colorado
53:30 – Misusing the FDIC Logo and Debating with Twitter Trolls
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S7 E4: Not Fintech Investment Advice: Modak Makers, Casap, Silver, Elpha Secure
S7 Ep3: The WILD Story of PayPal’s Origin, with Author Jimmy Soni
S7 Ep2: BNC: The Relationship Between Stock Prices and Bank Health, Tokenization’s Disruptive Potential, and Lots of FHLB Talk with Steven Kelly.
S6 Ep12: Workshopping Fintech Theses
S6 Ep11: Not Fintech Investment Advice: Chipp.ai, Whop, Revenew, and NayaOne
S6 Ep10: BNC: Unpacking the 1 Year Collapsiversary of SVB, Exploring Banking Deserts, and Is This the End of BaaS Innovation(?)
S6 Ep9: Fintech Recap: The Discover/Capital One Merger, Lineage’s Latest Consent Order, Inflation Affects Tooth Fairy Pricing
Killing It! The Hidden Toll of Startup Success: Matt Harris on Founder Burnout
S6 Ep8: Oh, What a Gorgeous Business Model! (A Deep Dive into ServiceTitan, AmEx, and The Bancorp
Killing It! – Leaving the Hero Complex of Foundership Behind, with Shamir Karkal, CEO of Sila
Killing It! –Fintech’s Biggest Disrupters on Startups, Success, and All the Hard Lessons In Between
S6 Ep7: Bank Nerd Corner: New York Community Bank, Panacea Financial, the BSCA, and the State of Auto Lending
S6 Ep6: Not Fintech Investment Advice: Tip Top, Lucite, Rove, and Prosper AI
S6 Ep5: Fintech Recap: Regulators Crack Down on BaaS, Buy Now Pay Later’s Newest Offerings, Paypal (Kind Of) Shocks the World
S6 Ep4: The Nuances in Credit Underwriting that Most People Miss with Frank Rotman
S6 Ep3: Banks Gaming the Fed, The Fight Over ILCs Ramps Back Up, and Frequent Flyer Mile Madness
S6 Ep2: Not Fintech Investment Advice: Foyer, Claim, Crew, and Brico AI
S6 Ep1: Fintech Recap: Revolut Cries Wolf, Tomo Boost’s Continued Craziness, and Tales from BaaS Island
Fintech Predictions for the Not-So-Distant Future, with Frank Rotman
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