Yotta Bank & The Problem with Fintech!
Patrick Boyle On Finance
Patrick Boyle
4.9 • 308 Ratings
🗓️ 1 December 2024
⏱️ 23 minutes
🧾️ Download transcript
Summary
Marc Andreessen appeared on the Joe Rogan podcast this week arguing that the Consumer Financial Protection Bureau (CFPB) should be shut down as it debanks conservatives. In today's video we use the example of the finfluencer promoted fintech bank Yotta - look at its ties to another fintech - synapse to try to understand if the CFPB should be defunded or if savers need to be protected from fintech firms that are mostly unregulated. Subscribe to Patrick's interview channel here: https://www.youtube.com/@PBoyleInterviews Patrick's Books: Statistics For The Trading Floor: https://amzn.to/3eerLA0 Derivatives For The Trading Floor: https://amzn.to/3cjsyPF Corporate Finance: https://amzn.to/3fn3rvC Ways To Support The Channel Patreon: https://www.patreon.com/PatrickBoyleOnFinance Buy Me a Coffee: https://www.buymeacoffee.com/patrickboyle Visit our website: https://www.onfinance.org Follow Patrick on Twitter Here: https://twitter.com/PatrickEBoyle Business Inquiries ➡️ sponsors@onfinance.org Additional Reading: CNBC Article: https://www.cnbc.com/2024/11/22/synapse-bankruptcy-thousands-of-americans-see-their-savings-vanish.html How Safe are Online Banks & Fintechs?: https://www.bloomberg.com/news/articles/2024-10-09/how-safe-is-your-money-really-in-online-banks-and-fintechs Andreessen-Backed Fintech's Meltdown Shows Bank Middlemen Risks: https://news.bloomberglaw.com/banking-law/andreessen-backed-fintechs-meltdown-shows-bank-middlemen-risks Rob Copeland - How To Keep Your Money Safe: https://www.nytimes.com/2024/08/10/business/online-lending-banking-money-risks.html CFPB Debanking Press Release: https://www.consumerfinance.gov/about-us/newsroom/cfpb-finalizes-rule-on-federal-oversight-of-popular-digital-payment-apps-to-protect-personal-data-reduce-fraud-and-stop-illegal-debanking/ a16z Investment list: https://a16z.com/investment-list/ Joe Rogan - Marc Andreessen Interview: https://www.youtube.com/watch?v=ye8MOfxD5nU
Transcript
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| 0:43.8 | It's Thanksgiving weekend in the United States, |
| 0:46.8 | which kicks off a holiday season |
| 0:48.6 | in which Americans eat turkey and watch films about bank runs. |
| 0:53.0 | These are American traditions. In keeping with this |
| 0:56.5 | tradition, CNBC reported last week that thousands of Americans have seen their savings vanish |
| 1:02.9 | with the collapse of a financial tech company called Synapse. The article gives the example |
| 1:09.1 | of a school teacher who deposited the proceeds of her |
| 1:12.4 | home sale, so basically her life savings, into an influencer-promoted bank called Yada. |
| 1:18.8 | She first found herself locked out of that account. This went on for over six months, |
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