Apple and fintechs like Robinhood chase yield-hungry depositors as Fed rate hikes continue

for investors to store their crypto. Those exchanges are now bankrupt following the crypto industry's meltdown last year, and many thousands of clients lost their funds.

Cross River said in a statement that the order was focused on fair lending issues that occurred in 2021, and that it "places no limitations on our extensive existing fintech partnerships or the credit products we presently offer in partnership with them."the FDIC's action suggests that regulators are beginning to pay closer attention to the kinds of products that high-yield accounts are designed to complement.

They're also not designed to be big profit centers. Rather, by offering high yields for consumers who have long housed their money in stagnant accounts, tech and fintech companies are opening the door to potentially new customers.

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