Fintech Takes S9 E1: Fintech Recap: The New FDIC Rule, Visa's Antitrust Fight, and Open Banking's Next Steps
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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!
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FDIC's Synapse Rule
- The FDIC's proposed "Synapse Rule" defines custodial accounts with transactional features.
- It mandates banks track beneficial owners, balances, and transactions daily.
Need for the Rule?
- Banks should maintain accurate records and reconcile accounts without regulatory intervention.
- The need for a rule highlights the existing issues in banking as a service.
Evolve Bank and Changed Perspectives
- Alex Johnson recounts past naivety about banks' record-keeping practices.
- Experience and the Evolve Bank situation changed his perspective, highlighting the need for the rule.