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Fintech Takes
S9 E1: Fintech Recap: The New FDIC Rule, Visa's Antitrust Fight, and Open Banking's Next Steps
Oct 2, 2024
Jason Mikula, Head of Industry Strategy for Banking & Fintech at Taktile, joins to discuss critical updates in fintech. They delve into the newly proposed FDIC rule on custodial accounts, debating its effectiveness in crisis prevention. The conversation shifts to the Consumer Financial Protection Bureau's upcoming rules on open banking, questioning the fairness of big banks. Additionally, the duo explores Visa's antitrust lawsuit and highlights compliance failures related to TD Bank, all while keeping the dialogue light and insightful!
52:38
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Quick takeaways
- The FDIC's proposed 'Synapse Rule' aims to enhance accountability in custodial accounts, raising concerns about necessity and enforcement in banking practices.
- Open banking is evolving as the CFPB finalizes regulations for data rights, shifting the industry from screen scraping to API integration standards.
Deep dives
The Role of Bank Partnerships in Embedded Finance
Bank partnerships are crucial for the success of embedded finance solutions. Newline, an API-first platform developed by Fifth Third Bank, demonstrates how enterprises can efficiently launch and scale payment products. By streamlining the integration process, Newline enhances the potential for embedded finance offerings to serve customers effectively. This partnership model not only fosters innovation but also ensures that these financial products can scale responsibly and sustainably.
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