Explore "consumerfinancialprotectionbureau" with insightful episodes like "10 Key Considerations for the TMT industry: CFPB Investigations/Actions", "PayPal Sets the Stage for 2021" and "Looking Ahead to 2021 With the IPA" from podcasts like ""TMT Talk", "IPA Payments Pod" and "IPA Payments Pod"" and more!
In this episode of TMT Talk, Teresa Michaud , Jennifer Connors, and Amy Greer discuss the latest regulatory activity affecting the tech sector. Our experts give their insights on the new enforcement activity from the Consumer Financial Protection Bureau, including who will be a target and how companies should prepare.
At the end of 2020, PayPal won an initial victory in its lawsuit against the Consumer Financial Protection Bureau. In this episode, Brian Tate, the Innovative Payments Association’s CEO, talks about what the decision means for the payments industry. He covers the practical implications for payments companies and the potential regulatory and legislative fallout.
The ball is now in the CFPB court to make a decision whether to appeal, so this likely is only the beginning of a long saga between the industry and regulators. Policy discussions informed by the arguments may play out on a different timetable or in tandem. Either way, the decision sets the stage for a number of conversations around the future of payments regulation.
As unlikely as it might seem, 2020 ended on a high note for the payments industry. The Federal Deposit Insurance Corp.’s updated rules on brokered deposits will lower the costs of insuring consumers’ deposits for Fintechs and the banks that work with them. This change is the culmination of five years of work on the part of the Innovative Payments Association and its members.
Despite this bright spot, the regulatory environment in 2021 may be a lot darker for the industry. There will no doubt be a change in the Consumer Financial Protection Bureau’s leadership, which will change that agency’s approach to regulation. Also, a letter from the chairwoman of the House Financial Services Committee to the incoming Biden Administration shows that Congress also plans to keep a close eye on financial services.
Despite all of that, the brokered deposits rule change shows that engagement by the industry can ensure that any new laws or rules do not stifle the industry’s good work to help consumers, businesses, and governments manage their money more effectively. We talk about how companies should lay the groundwork for the new environment they will face in 2021.
If you are not already a part of the Association and want to be part of the policy discussion shaping the future of the payments industry, then go to www.ipa.org to learn more about the benefits of membership in the association.
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