[exeldapp]

I would argue that, yes, it is okay to expect your average person not to understand the law. Of course, it would be great if everyone understood everything (laws, in this case) but that's not feasible.

The FDIC being in place means the average consumer does not have to understand nor think about the economics of a bank, for example, that by depositing money into a bank you are a creditor to that bank.

[thephyber]

But your FDIC example is perfect. FDIC effectively regulates its member banks. But the end user still needs to know if the app/product they are using is protected by FDIC, which is the point of the CFPB announcement in the article. PayPal, Venmo, CashApp are not banks, are not regulated like banks, and are not member of FDIC (or NCUA).

So far I haven’t seen anyone in this HN thread bring up a valid action a US regulator could legally take that is stronger than this statement.