I recently had the chance to sit down with Chris Britt, the CEO of Chime. Chime is an innovative company in the FinTech space that aspires to be the banking solution for Millennials.
There are several outstanding companies in mobile banking/fintech space right now, such as Acorns, Atom, Robinhood, Betterment and Wealthfront. It’s a particularly exciting time to be in fintech for entrepreneurs and investors.
Why did you decide to start Chime?
Chris Britt: Millennials hate the traditional banking options. Of the 10 LEAST loved brands among Millennials, four are financial institutions you know well – Bank of America, Chase, Citi and Wells Fargo. They’re moving away from bank branches and want to manage everything in their lives on their phone, including their finances.
U.S. banks are now being questioned in the FIFA corruption scandal that has rocked the sports world.
Citigroup (C) said in a recent securities filing that it has been slapped with a subpoena from U.S. officials investigating alleged “bribery, corruption and money laundering” at FIFA.
Anti-money laundering laws require banks to alert authorities about shady transactions like the ones at the heart of the FIFA scandal. Senior FIFA officials used various U.S. banks — including Citi, JPMorgan Chase (JPM) and Bank of America (BAC) — to transfer and receive $150 million in bribes and kickbacks, authorities alleged last year.
Six banks have been collectively fined £2.6bn by UK and US regulators over their traders’ attempted manipulation of foreign exchange rates.
HSBC, Royal Bank of Scotland, Swiss bank UBS and US banks JP Morgan Chase, Citibank and Bank of America have all been fined.
A separate probe into Barclays is continuing.
The fines were issued by the UK’s Financial Conduct Authority FCA and two US regulators.
The country’s Commodity Futures Trading Commission CFTC issued fines of $1.4bn to five banks, while the Office of the Comptroller of the Currency OCC added $950m in further fines to three lenders.
Separately, the Swiss regulator, FINMA, has penalised UBS 134m Swiss francs.
Barclays, which had been expected to announce a similar deal to the other banks, said it would not be settling at this time. “After discussions with other regulators and authorities, we have concluded that it is in the interests of the company to seek a more general coordinated settlement,” it said in a statement.
Forex failings “let down public trust”FCA boss Martin Wheatley told the BBC: “This isn’t the end of the story.””The individuals themselves will face the consequences,” he said.
You can’t be a customer and a protester at the same time, the manager said.
What about the 1st Amendment? – Ed.
Another reason to love BofA:
The bank recognized that the transfers were improbable, but didn’t stop them. A bank official called Bao to report “unusual activity” on his account, but refused to tell him what it was because Huang was the company’s only “authorized agent” and she was on a business trip in Hong Kong