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S9 E1: Fintech Recap: The New FDIC Rule, Visa's Antitrust Fight, and Open Banking's Next Steps

Fintech Takes

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Accuracy in Banking: A Fundamental Necessity

Custodial deposit accounts require precise maintenance of records, including the identification of beneficial owners and their corresponding ownership stakes. Insured depository institutions must implement stringent internal controls to ensure accurate account balances and beneficial ownership records. Daily reconciliation against these records is essential. The need for regulatory rules to enforce such practices arises from the assumption that basic record-keeping should be inherent to banking operations, yet the reality suggests a lack of compliance that necessitates formal mandates to ensure accountability and transparency.

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