George Cook could have joined Somerset Trust, where his father is CEO. Instead, he founded Honeycomb Credit, a crowdfunding platform that competes with banks.
Rep. Katie Porter, D-Calif., wants details about refunding "hundreds of millions of dollars" in fees improperly charged on checking accounts. Wells has acknowledged the potential problem but hasn't estimated how much it owes.
A more practical approach for U.S. regulators on whether to bring fintechs into the banking fold might be ‘better the devil you know than the devil you don’t.’
