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S8 E10: Bank Nerd Corner: Why "FBO" is Out & Fintech Custody Accounts Are In, Rate Cut Buzz, and the FDIC’s New Rule
Fintech Takes
Transparency in FinTech Banking Is Essential
The FDIC is considering a new rule requiring banks to maintain ledgers for accounts opened by third-party fintechs, enabling banks to identify end-user funds accurately. This proposal aims to improve reconciliation processes and avoid disputes over customer funds, which can lead to delays. It highlights the importance of banks controlling their ledgers rather than allowing fintech companies to manage them, emphasizing that banks should already be implementing such practices to ensure transparency and accountability in financial operations.
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