On Feb. 27, the California Department of Financial Protection and Innovation (DFPI) announced a consent order with San Francisco-based Chime Financial, Inc. (Chime).
The order, which includes a $2.5 million penalty, resolves DFPI’s investigation regarding the accuracy and responsiveness of Chime’s handling of customer service transactions.
Chime, incorporated in Delaware with headquarters in San Francisco, acts as an intermediary between banks and consumers to provide access to retail banking products such as savings and checking accounts.
Chime is responsible for training its employees and third-party customer service vendors in handling consumer complaints. Chime cooperated with the investigation and as set out in the consent order, has already begun its remediation process which has reduced consumer complaints to the DFPI commissioner.
Access the ‘Compliance Hotline’
Your League-member benefits include the Compliance Hotline — providing exclusive access to dedicated compliance experts:
Using the above phone number and email address, you can gain access to a knowledgeable team that’s ready to address all your credit union’s compliance inquiries — promptly and efficiently. With the Compliance Hotline, you can proactively respond to impromptu questions and issues by getting clarity and insight on technical topics that normally slow you down. We want to help you unlock the full potential of your League membership by leveraging the resources and support you need to navigate the complex world of compliance effortlessly. We’re ALWAYS just a phone call or email away!
Additionally, other League-member compliance resources include:
For more information, email Lisa Quaranta.
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