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Fintech Takes
S8 E5: Fintech Recap: The BaaS Multiverse of Madness, the CFPB’s New Earned Wage Access Rule, and a Brief Conversation on Brokered Deposits
Aug 7, 2024
Jason Mikula, a fintech industry expert, dives deep into the evolving BaaS landscape, humorously comparing it to a fractured multiverse. He and Alex discuss Mercury's unconventional compliance strategies and the implications of recent Federal requests regarding bank partnerships. They also explore the CFPB’s proposed rule on earned wage access, shedding light on consumer trust issues, and touch on the FDIC’s changes to brokered deposit regulations. It's a captivating mix of insights and humor that highlights the complexities of fintech today.
01:17:17
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Quick takeaways
- The discussion reveals that the BaaS ecosystem is drastically evolving as compliance pressures clash with the rapid growth strategies of fintech companies like Mercury.
- Recent regulatory changes by the CFPB classify Earned Wage Access as credit products, necessitating transparency that could challenge existing business models.
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