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> Regulators in the US are taking interest in the large sums collectively kept on stored value cards and the associated mobile apps. “The money stored on these
by jonknee 10y ago
> Regulators in the US are taking interest in the large sums collectively kept on stored value cards and the associated mobile apps. “The money stored on these cards – and any similar stored value accounts – are effectively the same as bank deposits and as the total value now exceeds the deposits at smaller US banks, regulators are seeing a need to apply oversight,” O’Brien says.
There is zero chance the new administration is going to make new regulations that are unfriendly to financial institutions.
- nickff 10y agoI am not a fan of the new administration, FTC, CFPB, or even FDIC, but all regulations have disparate impacts on banks depending on their size and structure. The large banks have benefited from recent complicated and nebulous regulations with high compliance costs. Re-regulation is why the too-big-to-fail banks have gotten bigger. Deregulation would benefit smaller banks, and harm the larger ones.
- cle 10y agoI guarantee that big banks will be involved in any deregulation, and will be working to steer it in their favor for competitive advantage. It happens with any change, whether it's adding regulation, re-regulation, or deregulation.