Why US Banks Are Trying to Turn Themselves Into Super Apps

In this episode of the Odd Lots podcast, hosts Tracy Alloway and Joe Weisenthal interview Rohit Chopra, former director of the Consumer Financial Protection Bureau (CFPB), about the Silicon Valley Bank (SVB) collapse, bank regulation, and current banking practices. Chopra discusses the events leading up to the SVB failure, the role of uninsured deposits, and the regulatory response, including the expansion of deposit insurance and the creation of the Bank Term Funding Program (BTFP). The conversation further explores the scrutiny of banks dealing with crypto companies, the rise of fintech and Buy Now Pay Later services, and the implications of stablecoins on the future of payments and the financial system. Chopra also touches on the trend of bank consolidation and the differences between the Trump administrations regarding financial regulation.