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SRM Perspectives on Key Industry Trends

Now Is the Time to Explore Distributed Ledger Technology

Posted by Patti Wubbels on Jun 14, 2022 11:07:00 AM

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While a number of financial institutions remain cautious about cryptocurrency, many use the underlying technology for other purposes.

The up-and-down swings of digital assets, and an uncertain regulatory climate, have kept a fair share of banks and credit unions on the sidelines. At the same time, FIs have shown a willingness to embrace distributed ledger technology (DLT) ahead of the volatile crypto market.

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Topics: Fintech, Blockchain, Credit Union Vendor Contracts, Bank Vendor Contracts, CFPB, Distributed Ledger Technology

CFPB Poised to Shake Up Competition for Consumers

Posted by Paul Davis on Jun 8, 2022 10:01:00 AM

CFPB Poised to Shake Up Competition for Consumers

Several initiatives by the Consumer Financial Protection Bureau (CFPB) seem poised to increase competition between traditional financial services providers and fintechs.

An effort to regulate nonbanks has gained support from banks and credit unions. Still, the CFPB’s plan to make it easier for consumers to move accounts will pressure traditional financial institutions to offer more products and better services.

These initiatives are coming when the agency is scrutinizing overdraft and nonsufficient funds (NSF) fees, the CARD Act, and the terms and disclosures of Buy Now, Pay Later (BNPL) offerings – the latter a topic SRM recently wrote a report on.

All signs point to the need for banks and credit unions to buckle up in coming months. These expected changes will likely bring fintech even more into the mainstream and raise the stakes when it comes to recruiting and retaining clients.

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Topics: Payments, Fintech, Regulations, Credit Union Vendor Contracts, Bank Vendor Contracts, CFPB

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