The Consumer Financial Protection Bureau’s (CFPB) Personal Financial Data Rights rule 1033, announced in late October, officially begins the countdown to an era of US Open Banking. By 2026, the top tier of large banks and credit unions will be required to open their APIs and share data with third-party companies. This mandate will apply to all US banks and credit unions with at least $850 million in assets by April 2030.
Topics: Vendor Contract Negotiation, Bank Vendor Management, Credit Union Vendor Management
We are heading into the height of industry conference season. One of my favorites is the Association for Financial Professionals’ annual conference. This year’s event, AFP2024, will take place in Nashville from October 20-23, and I’m honored to be moderating a panel on Request for Payment alongside colleagues from Netflix, US Bank, and The Clearing House.
Topics: Vendor Contract Negotiation, Bank Vendor Management, Credit Union Vendor Management
Any bank or credit union executive who’s taken part in critical vendor contract reviews, RFPs, negotiations, and renewals knows that the process can be cumbersome at best.
Topics: Vendor Contract Negotiation, Bank Vendor Management, Credit Union Vendor Management, Bank Contracts, Credit Union Contracts, Contract Optimiziation
Bank Director’s Acquire or Be Acquired Conference remains a prime-time event for understanding the ever-evolving dynamics in the banking industry (beyond the prominent M&A theme) and copious amounts of networking. Over the four-day conference, there were more than 2,000 attendees this year – and the SRM contingent did its best to connect with as many industry pros as possible.
Topics: Bank Vendor Management, Credit Union Vendor Management, Deposits, Hiring, Regulation, liquidity, Risk Management, Fintech Contract Negotiation
Bankers have entered what many view as a challenging year for financial institutions of all sizes. There is plenty of uncertainty surrounding the regulatory environment, credit quality, and the Fed’s plans for interest rates.
Topics: Innovation, Fintech, Contract Negotiation, Bank Vendor Management, Credit Union Vendor Management, Expenses, Profit, Core Contracts
The CFPB has proposed a rule to limit overdraft charges at larger U.S. banks and credit unions – though financial institutions of all sizes should take note.
Topics: Vendor Contract Negotiation, Bank Vendor Management, Credit Union Vendor Management, Fee Income, CFPB, Regulation, Overdraft Fees, NSF Fees, Service Charges
We've heard several financial institutions intend to delay deploying instant payments capabilities, such as FedNow and The Clearing House's RTP Network, until 2025 as part of broader cost-control initiatives.
Topics: Payments, Vendor Contract Negotiation, Bank Vendor Management, Credit Union Vendor Management, FedNow, Real-time payments, RTP Network, instant payments
Financial institution executives who found 2024’s budget cycle particularly vexing are in good company. The unrelenting pace of technology, regulatory, and economic change makes allocating resources and meeting financial goals especially challenging. Time will tell if this is simply the “new normal,” but most internal processes have yet to adapt to these new demands.
Topics: Digital Banking, Vendor Contract Negotiation, AI, Artificial Intelligence, Bank Vendor Management, Credit Union Vendor Management, Interchange, Regulation, Debit Cards
After attending my first Money 20/20 conference I came away with an insightful experience filled with thought-provoking discussions on the future of finance. Over four jam-packed days, I captured notes from 16 sessions covering a wide swath of topics that are sure to (re)shape financial services.
Topics: Vendor Contract Negotiation, Artificial Intelligence, Bank Vendor Management, Credit Union Vendor Management, Crypto, instant payments
Most of this year's chatter surrounding card interchange has centered on the prospects for the Credit Card Competition Act's passage. While this pending legislation remains on the watch list, the plot has taken a sudden twist. The Federal Reserve, at an October 25 meeting, pulled debit interchange squarely back onto center stage.
Topics: Vendor Contract Negotiation, Bank Vendor Management, Credit Union Vendor Management, Durbin Amendment, Debit Cards, Interchange Fees
