|
Banks and Fintechs may need to re-evaluate their relationships depending on what advice the regulators decide to give them. Looking to keep up with the times, on July 13 the federal bank regulatory agencies (FDIC, Federal Reserve, and OCC) requested public comment on proposed guidance designed to help banking organizations manage risks associated with third-party relationships such as Fintechs.
In the latest episode of our podcast, we talk with Brian Tate, the IPA’s CEO, Grant Hannah, the government relations director, and Eli Rosenberg from Baird Holm, about what the changes might mean, how the industry can respond, and where this fits into the big picture of regulation. You can find the proposed guidance here. You can find the episode here. When we think of consumer financial data, the first thing that comes to mind is usually banking data, but that is an incomplete picture.
This was borne out in a recent executive order, in which the Biden Administration encouraged the Consumer Financial Protection Bureau (CFPB) to issue rules allowing customers to download their banking data and take it with them. Increasingly portability of banking data can help consumers, but a more robust picture can be painted by making sure consumers have easy access to their own payroll data as well, says Lindsay, Davis, the head of markets for Atomic Financial. In the latest episode of the IPA Payments Pod, we discuss the importance of payroll data and how better access to it can improve the lives of consumers and make things easier for businesses and financial services companies. You can listen to the episode here. You can find the fact sheet on the executive order here. The full text of the order can be found here. You can learn more about Atomic here. Capitol Hill has been taking an active interest in the payments industry. Overdraft, buy now pay later products, and even a possible computer chip shortage have all drawn lawmakers’ attention.
On top of all that, the Durbin Amendment has resurfaced as a topic of conversation, and there are rumors that it may be extended to other types of payments. We cover all of this and more in our latest podcast episode with the IPA’s CEO, Brian Tate, and our Government Relations Director, Grant Hannah. To learn more about the forces shaping the payments industry, we encourage our listeners to join the IPA for its Summer of Learning Webinar series, where we talk with regulators, industry leaders, and analysts about what they see coming in the world of payments innovation. Learn more and register at www.ipa.org. How a pandemic led to a new vertical for the company
The pandemic created problems for individuals, governments, and businesses, but as the old saying goes, every problem brings new opportunities. For Blackhawk Network, that opportunity began when it channeled its payments expertise into helping distribute relief money for governments and nonprofits. It used both closed-loop and open-loop prepaid cards as a way to deliver aid. The plastic and virtual cards were used to replace checks so that people could get access to funds quickly and inexpensively. As the pandemic begins to subside, Blackhawk plans to continue working to deliver funds to vulnerable populations. The company has created a new vertical that it calls Payments for Good to work with governments and nonprofits who need new ways to disburse money. In this episode, we talk with Tyler Gentry, the director of Payments for Good, about the work that led to its creation and the company’s future plans. |
AuthorWrite something about yourself. No need to be fancy, just an overview. Archives
March 2023
Categories
All
|
RSS Feed