Recording the day after the election, vibes are strange, and the future’s a question mark—but fintech regulation? Still full steam ahead.
This week on Bank Nerd Corner, Kiah and Alex welcome special guest Evan Weinberger, Bloomberg Law’s banking and fintech regulatory correspondent, to break down the latest from the CFPB. Together, they dig into comment letters from banks and fintechs alike (Kiah takes the bank letters; Alex, the fintech ones), shedding light on why traditional banks are pushing for tighter fintech regulations as fintechs like Mercury make their case.
Both banks and consumer advocates agree that regulators *can* police fintechs under the Bank Service Company Act, but there’s a catch: the Act is vague, resources are thin, and regulators are swamped. It’s a tug-of-war over control of your deposits.
Not to mention, they tackle recent CFPB orders exposing cracks in fintech-bank partnerships—from Goldman-Apple’s costly fumbles to VyStar’s tech mess with Nimbus.
And to wrap it up, Kiah, Alex, and Evan play "Bank Nerd Draft," sharing their all-time favorite moments in CFPB history. Ah, fintech regulation—here’s lookin’ at you, kid.
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Follow Evan:
LinkedIn: https://www.linkedin.com/in/evan-weinberger-3746aa4/
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LinkedIn: https://www.linkedin.com/in/khaslett/
Twitter: https://twitter.com/khaslett
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