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A comment on Robinhood Will Retool Checking Product Following Scrutiny. Parent comment

Re:Robinhood Will Retool Checking Product Following Scrutiny by jakebasile on Saturday December 15, 2018 @08:53PM (#18691343)
It doesn't seem like that to me. It seems like they tried to sidestep the required regulatory hurdles to offer a real checking/savings account and got a wake up call.
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Re:Robinhood Will Retool Checking Product Following Scrutiny by jnwatson on Saturday December 15, 2018 @11:36PM (#18691753)
Sure, but they just weren't sophisticated enough. It isn't wrong, they just need to go through some more steps, like Fidelity. It will be a non-issue in 60 days.
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Re:Robinhood Will Retool Checking Product Following Scrutiny by vinay427 on Sunday December 16, 2018 @12:05AM (#18691827)
Sure, though it wasn't an ominous attempt to shut them down, which is what the commenter was replying to.
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Re:Robinhood Will Retool Checking Product Following Scrutiny by fastball on Sunday December 16, 2018 @02:33AM (#18692167)
I don't know.

This line from the SIPC CEO

  ...I have serious concerns about this. This has gigantic ramifications for the banking industry.
makes me thing that this is precisely what it is. "We don't want to let you do this easily because the other banks can't compete."
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Re:Robinhood Will Retool Checking Product Following Scrutiny by jakebasile on Sunday December 16, 2018 @02:33PM (#18694709)
Uninsured deposit accounts in a fractional reserve system are extremely risky to the banking system as a whole. Perhaps he meant that?
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