Senate Banking chair urges FDIC to look into Tellus, a fintech backed by Andreessen Horowitz

Tellus, an Andreessen Horowitz-backed fintech company that claims it can offer people higher yields on their savings balances by using that money to fund certain U.S. single-family-home loans, is under scrutiny by the U.S. government.
On May 2, as first reported by Barron’s, U.S. Senator Sherrod Brown, chairman of the Senate Banking, Housing, and Urban Affairs Committee, wrote a letter to FDIC Chairman Martin Gruenberg expressing concerns about Tellus’s claims. In that letter, Brown pressed the FDIC to review Tellus’s business practices “to ensure that customers are protected from financial fr

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