Chime to stop using the word ‘bank’

Chime has agreed to stop referring to itself as a “bank”. Evidently, the eight-year-old, San Francisco-based outfit was the target of an investigation by the California Department of Financial Protection and Innovation after Chime used “chimebank” in its website address, as well as used “bank” and “banking” elsewhere in its advertisements, according to the agency in a settlement agreement.

Read more: TechCrunch