A Payment System Premised on Peccadillos? 

As we noted at the start of this month, August may seem quiet, but that’s only because Congress is more or less muffled.  Regulators remain busy, with the CFPB a-churn with new actions.  Our in-depth analyses of the Bureau’s new digital-marketing rule (see FSM Report FINTECH30) and data-safeguards standards (see FSM Report INFOSEC28) make clear that the CFPB never sleeps.  Bank regulators are also wakeful, with the most recent evidence of this to be found in the FDIC’s NSF-fee clamp down and the Fed’s supervisory cryptoasset statement and striking new payment-system access policy (see FSM Report PAYMENT25).  As our in-depth analysis describes, this policy could well redefine winners and losers across the entire spectrum of U.S. financial services.