David Paul Morris | Bloomberg | Getty Images
Baiju Bhatt, co-founder and co-chief executive officer of Robinhood Financial LLC, speaks during the TechCrunch Disrupt 2018 summit in San Francisco, California.
Robinhood is re-launching a new savings account plan that came under scrutiny from regulators, and drew accusations about potential misleading investors.
SIPC President and CEO Stephen Harbeck told CNBC he had been contacted the commission's
"The fine print of the website says the offer is NOT a bank account, so the regulatory oversight of this offering is probably more thin," UBS said on Friday, noting bank regulators would likely want to know more about anti-money laundering safeguards in place and capital levels.
"There is a risk that bank regulators could take issue with an entity with 3 million with it, "the bank added.