We recently submitted a comment letter in response to a Request for Information from federal banking regulators in the U.S. on the topic of bank-fintech partnerships. We did so to share more about our business and how we're working on behalf of Chime members across the country to keep their funds safe and continue unlocking their financial progress.
As the letter states, Chime's direct relationship with our two longstanding partner banks has served to benefit millions of consumers. Importantly, our model is based on direct relationships with our partner banks, not middleware; customer funds that are held in FDIC-insured accounts; and strong ledgering and daily reconciliation practices. We look forward to partnering with regulators to continue advocating on behalf of Chime members.
