MEMPHIS, Tenn., Jan. 31, 2023 – SRM (Strategic Resource Management), an independent advisory firm serving financial institutions and other industries across North America and Europe, today released its most recent report: "Keeping Watch Over for the Watchdogs: SRM’s Take on What to Expect from the CFPB in 2023."
SRM notes that banks and credit unions have many changes to monitor at the Consumer Financial Protection Bureau (CFPB). With midterm elections in the rearview mirror and CFPB Director Rohit Chopra cleared for a five-year tenure, it's conceivable that the agency may feel less constrained by political considerations, allowing it to move forward more aggressively with its agenda. Expect more guidance and fines throughout 2023.
SRM sees five key areas that require watching as the CFPB exerts its influence on the banking space: open banking and encouraging competition; a campaign against junk fees; focusing on credit card late fees; calling out fintech partnerships; and Buy Now, Pay Later (BNPL) oversight. In its latest report, SRM provides details about these developments and tips and best practices for navigating an uncertain regulatory environment.
"The regulatory landscape is changing at an unprecedented rate. It's challenging for financial institutions to keep up as they already have a full plate," said Paul Davis, Director of Market Intelligence at SRM and the report's author.
"We predict a flurry of announcements, proposed rules, and financial penalties in the months ahead that institutions need to be aware of and prepared for," Davis added. "The CFPB and other regulators are showing no signs of slowing down this year, so the banking community must respond diligently."
SRM (Strategic Resource Management) has helped 1,000+ financial institutions add more than $5 billion of value to their bottom line in areas such as payments, digital transformation, core processing, digital assets, and overall operating efficiency. SRM has lowered costs, created revenue opportunities, increased productivity, and provided a competitive edge for clients in an environment of constant and accelerating change. Visit www.srmcorp.com for more information, and follow us on LinkedIn and Twitter for timely and relevant insights.