Why US Banks Are Trying to Turn Themselves Into Super Apps | Odd Lots

Rohit Chopra is a former director of the Consumer Financial Protection Bureau, which was created in the aftermath of the 2008 financial crisis. In this episode, we speak with him about the current status of the CFPB under the Trump administration, and Rohit's experience while working at the bureau, including decisions made by regulators during the collapse of Silicon Valley Bank and others. Rohit frames his experience as one where he was often dealing with the convergence of old-fashioned banking with lightning-fast technological development. In this context, we also talk about stablecoins (which Rohit says aren't really "crypto," per se), why US banks are now trying to turn themselves into "super apps," and the massive growth of "Buy Now, Pay Later" platforms. Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox — now delivered every weekday — plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlots (https://www.bloomberg.com/subscriptions/oddlots?in_source=oddlotspodcast) Bloomberg's Joe Weisenthal and Tracy Alloway analyze the weird patterns, the complex issues and the newest market crazes. Join the conversation every Monday and Thursday for interviews with the most interesting minds in finance, economics and markets. Subscribe to Bloomberg Podcasts: https://bit.ly/BloombergPodcasts Check out more Odd Lots: https://youtube.com/playlist?list=PLe4PRejZgr0MuA6M0zkZyy-99-qc87wKV Get the Odd Lots newsletter via https://www.bloomberg.com/account/newsletters/oddlots And for all things Odd Lots, visit https://www.bloomberg.com/oddlots Visit our other YouTube channels: Bloomberg Television: https://www.youtube.com/@markets Bloomberg Originals: https://www.youtube.com/bloomberg Quicktake: https://www.youtube.com/@BloombergQuicktake #Bloomberg #Podcast #OddLots Visit us: https://www.bloomberg.com/podcasts Follow Bloomberg Podcasts on Twitter: https://twitter.com/podcasts For coverage on news, markets and more: http://www.bloomberg.com/video

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