Chime, a San Francisco based company in an agreement with California, promised to stop portraying itself as a bank, and according to a report, the deadline is very close.
The fintech company was using "chimebank" in its website address. According to the California Department of Financial Protection and Innovation, this violates a state law that is meant to prevent businesses from misleading the public.
The agency in the settlement agreement also pointed out that Chime was also using the terms "bank" and "banking" elsewhere in its advertisements.
Inclusion Times Newsletter
Join the newsletter to receive the latest updates in your inbox.