From the rollback of Dodd Frank earlier this year to the advent of open banking in the EU and the evolving prospect of taking on cannabis-related businesses as clients, new regulations are changing the way we do business and think about the future. Here are five takes on regulatory issues and how they might be affecting you:
New Regs Open New Markets for Credit Unions
Credit unions have long pushed back against costly and unnecessary regulations meant for large banks; but the July/August PYMNTS Credit Union Tracker reveals some new examples of regulatory changes creating new opportunities for credit unions to expand into new markets.
New Fintech Rules Level the Regulatory Playing Field
Recent rules from the Basel Committee on Banking Supervision are aiming to not only level the regulatory playing field between fintech companies and credit unions but also encourage fintechs to partner with credit unions and other depository institutions.
Infographic: How Big Banks Might Respond to Open Banking
This infographic estimates that 10% to 20% of UK banking businesses are at risk due to the new rules around using APIs and disclosing performance and fee data. While in the UK, regulatory changes are leaving banks scrambling to adapt, U.S. credit unions can benefit from having time to prepare for the future of open banking.
CFPB Advisory Board 2.0: Far Fewer Members
Consumer Financial Protection Bureau director Mick Mulvaney introduced major changes to the board on consumer issues last month, including firing several. It addition, the new board charter states that the board will have “no format decision-making role”, sparking concern amongst credit unions about what other changes could this herald at the CFPB.
Are you poised to take advantage of new opportunities in fintech and digital transformation? Join CO-OP for a day of strategy and insights at one of our live regional Roadshows. We’ll dive into the regulatory landscape and discuss strategies to fuel growth opportunities.