Senate Banking Chair Calls for FDIC Investigation of Andreessen Horowitz-Backed Fintech Tellus

Tellus, a fintech backed by Andreessen Horowitz, is under scrutiny by the US government after claims that it can offer higher yields on savings balances by using the money to fund certain US single-family-home loans. US Senator Sherrod Brown has written to the FDIC expressing concerns about Tellus's business practices and urged the FDIC to review them to ensure customers are protected from financial fraud and abuse. Brown is concerned that if homeowners default on loans, then customers' deposits are at risk.