The Consumer Financial Protection Bureau has a new director, and the Biden Administration has nominated a new Comptroller of the Currency. These two agencies regulate large swaths of financial services. With the appointments, the industry likely will see a change in both the kinds of regulations that will be promulgated and the tone of interactions with the regulators.
In the latest episode of the IPA Payments Pod, we talk with Brian Tate, the CEO of the Innovative Payments Association, about what these changes might mean and how the industry can prepare.
We expect that regulators will be looking more closely at the industry and will look for places where they think the previous administration’s agency heads were too lenient. The IPA will be watching the testimony of Rohit Chopra, the new head of the CFPB, in front of the House Financial Services Committee on October 27 and will let our members know what comes out of the meeting.
“Cyrpto” is a term applied to a broad range of products and services from digital currencies, to blockchains, to new forms of contracts and art called Non-Fungible Tokens, or NFTs.
Payments professionals know that they need to understand these products, but they are very technical, and it can be hard to study up while also doing one’s day job. Still, when clients, customers, and management start asking about what the company’s crypto plans are, we need to understand the question.
In this episode we talk with long time crypto-journalist Bailey Reutzel about how all of these things work and where they fit into the world of payments.
We talk about the history of bitcoin and whether or not it will ever become a true currency. We cover whether or not blockchains are as useful as they seem, and we look at what NFTs are and how they can be used.
We then cover where a payments company might begin exploring the crypto space. While many avenues are available, there may be a few that are better places to start.
You can find the podcast here, or wherever you get your podcasts. Make sure subscribe and leave us a review to help others find the information.
If this make you want to learn more, the IPA also hosted a Summer of Learning Session with K & L Gates about the legal ins and outs of NFTs. You can find a recording of that webinar here: (40) Summer of Learning: NFTs - A “flash in the pan”? Or a true “game-changer”? - YouTube
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