Banking Law News

Congress Will Fight Google-Citi Checking Account, Cowen Says

Nov. 13, 2019, 6:23 PM

Google’s plans to roll out a checking-account service with Citigroup and a California credit union will likely meet with “stiff political opposition” amid consumer privacy concerns and rancor toward financial and tech companies, according to Cowen.

“There is a real debate about whether big tech or big banks are more politically toxic in Washington,” analyst Jaret Seiberg wrote in a note. “We don’t see how combining the two will make either less contentious.”

Seiberg flagged the “intense scrutiny” aimed at other big tech efforts to break into financial services. He cited the global focus on Facebook’s proposed stable coin Libra...

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