Thanks to an influx of technological advancements, individuals now have more choices than ever to save and manage their money. But ensuring that financial tools are best serving consumers takes cooperation among regulators, policymakers, and the private sector.
Recently, Federal Deposit Insurance Corp. Chairman Jelena McWilliams said the agency will be releasing its proposal on updating the definition of brokered deposits for the 21st Century by the end of the year. This is a positive sign that the FDIC is working to understand how yesterday’s regulations should keep up with today’s technology.
Revolutionary payments technologies have changed the way money flows into the banking system. Branches are no longer the only way that banks receive deposits. Now, funds flow into banks through mobile wallets, ATMs, and a variety of apps.