Vixio Regulatory Intelligence’s Post

In today’s rapidly evolving financial landscape, banks face a dual challenge: innovating while ensuring no one is left behind. Recent results from the Regulatory Liability Network's latest initiative promise a bright and innovative future for payments. However, new FCA regulations remind us that banks must carefully assess the impact of branch closures on local communities, highlighting the industry's obligation to foster an inclusive future for all. Zilvinas Bareisis, Head of Retail Banking & Payments, explores this delicate balance further: https://bit.ly/4eO3L65 #RetailBanking #InclusiveBanking #BankingInnovation

In today’s rapidly evolving financial landscape, banks face a dual challenge: innovating while ensuring no one is left behind. Recent results from the Regulatory Liability Network's latest initiative promise a bright and innovative future for payments. However, new FCA regulations remind us that banks must carefully assess the impact of branch closures on local communities, highlighting the industry's obligation to foster an inclusive future for all. My colleague, Zilvinas Bareisis, Head of Retail Banking & Payments for Celent, explores this delicate balance further: https://lnkd.in/gkBXZU-K #RetailBanking #InclusiveBanking #BankingInnovation

In today’s rapidly evolving financial landscape, banks face a dual challenge: innovating while ensuring no one is left behind. Recent results from the Regulatory Liability Network's latest initiative promise a bright and innovative future for payments. However, new FCA regulations remind us that banks must carefully assess the impact of branch closures on local communities, highlighting the industry's obligation to foster an inclusive future for all. My colleague, Zilvinas Bareisis, Head of Retail Banking & Payments for Celent, explores this delicate balance further: https://lnkd.in/e8YuPsTf #RetailBanking #InclusiveBanking #BankingInnovation

Check out our latest alert about the FDIC's proposed rule affecting bank-fintech partnerships

The FDIC continues to put the squeeze on Fintech / Bank partnerships. The regulatory pressure point -- Brokered Deposits. In 2020 the FDIC changed the definition of Brokered Deposits, allowing exclusive relationships between a fintech and a bank to avoid brokered deposit restrictions. This allowed banks to develop multiple exclusive relationships with Fintechs without triggering brokered deposit restrictions. After First Republic's failure and Voyager Digital's bankruptcy, the FDIC decided that the 2020 rule change was not working as intended. That led the FDIC in August to propose a new rule to capture back as brokered deposits all deposits from exclusive fintech / bank relationships (link to the proposed rule in the comments 👇 ). Adopting this change will reduce banks willingness to partner with fintechs and reduce consumer access to better products and services. Not a good outcome for the entire ecosystem. Earlier this week the FDIC extended the window for comments to November 21 from October 22. Anyone commenting?

This is a critical topic for Retail, with the wave of branch closures across the UK, having the ability to transact with cash within the retail setting is more important than ever. Cash usage may be on the decline but it’s more important than ever than those consumers that want to pay with cash are given the channels to do so whatever the retail format. Thankfully DN Retail has a modular solution strategy that enables the deployment of cash easily, but critically with the ability to move cash devices around estates to match the consumer requirement.

FCA mandates banks to ensure cash access in local communities Read more- https://lnkd.in/d5sxh2jm #FCA #BankingRegulation #CashAccess #FinancialInclusion #LocalCommunities #ConsumerProtection #BankingSector #FinancialAccessibility

Stay informed on the latest FDIC rulemaking for FinTech sponsor banks regarding recordkeeping and account reconciliation requirements post-Synapse collapse. It's crucial for banks to maintain control over synthetic account ledgers to ensure compliance and protect customer interests. #FDIC #FinTech #BankingRegulations

Do regulators want to KILL banking as a service? I joined IntraFi's Rob Blackwell to unpack that question and more, including: -Attempting to parse positioning of specific regulatory leaders and statements from the Fed, OCC, and FDIC -Analyzing some of the policy responses we've seen to the Synapse catastrophe, like the brokered deposit rule rollback or the FBO ledgering rule -Why smaller banks were attracted to BaaS in the first place, and what the current upheaval may mean for them -Whether "more banks" really means "more competition" or "more choice" for consumers -and more! You can find it where ever you get pods by searching for "Banking with Interest," or listen here: https://lnkd.in/e8JCQPzP

This pops up in the "consumer news" segment of the FDIC site. The FDIC is essentially issuing guidance to consumers about third party apps or companies. Obviously this is in response to the current Synapse/ Evolve Bank case. People across LinkedIn are commenting about the timing, essentially saying this would have been good guidance a few months ago or even last year. However, do you know anybody who gets their news from the FDIC website? Most consumers don't even know that the FDIC has a website, let alone visit it (unless their bank is in the headlines for failing, etc). So the difference this would have made is not significant. To sum up the article, it basically says that dealing directly with a bank is the safest way to manage your money. #banks #fintech #synapse #evolve https://lnkd.in/gPq8kEpc