this year was marked From credit card late fees to data sharing, the steady drumbeat of regulation and rules and requests from regulators for information and comment from financial services stakeholders.
But 2025 seems more like a wild card. The administration of President-elect Donald Trump appears to be planning to take a deregulatory path, and there is some speculation that he will be the next president. The entire regulator body may stopit would certainly be a fundamental change.
But in the meantime, the fundamental questions remain, key among them are considering the risks and benefits inherent in bank-fintech partnerships, cybersecurity, capital requirements, and innovation. .
The intersection of financial institutions and fintech
of synaptic bankruptcy And the shock sent when tens of thousands of customers lost access to their funds will continue to have ripple effects well into 2025, even as “follow the money” efforts are still underway. will continue to have. How partnerships are set up and how records management is redefined will matter. This was announced by three federal banking regulators. that july They are considering “additional measures” to enable banks to effectively manage related risks. Arrangements between banks and FinTech.
follow the money
of Federal Reserve Board, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency It also submitted a separate request for information focusing on a wide range of arrangements between banks and fintechs, including those related to deposits, payments and lending products and services. Another rule proposed by the FDIC would require FDIC-insured banks that hold certain custodial accounts to ensure accuracy. record is kept Identify the individual owners of funds and reconcile each owner’s account daily if those accounts were banked by a third party (including fintechs).
Consumers, Fees, BNPL
of Consumer Financial Protection Bureau The agency has long been a target of congressional Republicans (and political hater Elon Musk), and changes to the agency could come when President Trump takes office. The CFPB is notable for its rapid succession of rulemakings and announcements. More recently, widespread open banking Rules governing data sharing via APIs extend to payment apps, data brokers, and banks prohibited You no longer have to pay for that data access.
Separately, the CFPB announced new rules this month that are scheduled to go into effect on October 1, 2025. Overdraft fee About $5 for banks and credit unions with more than $10 billion in assets. Many of the CFPB’s actions have been, and continue to be, challenged in court.
The CFPB also Buy now, pay later The move to require providers to follow the same disclosure rules as credit card companies also limits payments and has become a legal point of contention.
a lawsuit “The new rules are arbitrary and capricious because they do not take into account how the new disclosure requirements do not apply to BNPL products,” industry group officials said. “This shows that important aspects of how the system functions in the field have not been considered and addressed.” ”
I don’t know that yettoo, what will happen to credit card competition law It is in the hands of a Republican-controlled Congress, with a relatively healthy majority in the Senate but a narrow margin in the House. action appears to be in motion visa and master card lower exchange Compare network charges with alternative networks must also be made Available to sellers.
For now, time will tell.
