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Today In Payments: FDIC Defines Bank Regs For FinTechs; Treasury Secretary Warns Of Depression-Like Unemployment

Today in Payments

In today’s top news, the FDIC is planning on setting new regulations for FinTechs and industrial banks, and Treasury Secretary Steven Mnuchin said U.S. unemployment could soar to 20 percent. Also, Facebook pledges $100 million in grants to SMBs to help survive the coronavirus.

FDIC Defines Bank Regs For FinTechs

The Federal Deposit Insurance Corporation (FDIC) is looking for comments on a recommended regulation that would entail stricter oversight regarding industrial loan companies. The FDIC’s goal is to enhance transparency and establish record-keeping requirements.

Treasury Secretary Warns Of Depression-Like Unemployment Levels

While pushing lawmakers to pass a $1 trillion coronavirus bailout package, Treasury Secretary Steven Mnuchin said the U.S. unemployment rate could soar to 20 percent if Congress fails to act.

Facebook Funds $100M In Grants For SMBs Hurt By Coronavirus

Facebook is offering $100 million in grants to 30,000 small and medium-sized businesses in over 30 countries. Sheryl Sandberg, COO of Facebook, said the social media giant wants to “do our part” to help small businesses survive the coronavirus pandemic.

SoftBank May Drop Plan To Buy $3B In WeWork Stock

Softbank backed away from a plan to buy $3 billion of WeWork shares as part of its bailout plan of the company, citing several regulatory probes into WeWork as the reason.

Why Cloud-Based Accounts Payable Is Make Or Break

Businesses interested in expanding globally must not only juggle outgoing payments to vendors, but also cater to individual complex payment agreements. Legacy accounts payable systems, make that hard, Dan Miller, senior vice president at financial software provider Sage Intacct told PYMNTS. In the latest Next-Gen AP Automation Tracker, Miller explains why cloud-based AP is make or break.

Paper Checks, COVID-19 And The Flaw With Analog Relief Payments

The government might be sending money to Americans in the next few weeks to help blunt the financial impact of coronavirus pandemic. But Ingo Money CEO Drew Edwards told Karen Webster that if those payments are made by paper checks, that intended gain could cause a lot of pain for those who need the money the most — and in an instant. Here’s why.

Testing Monetary, Fiscal Policy As ‘This Time Is Different’

Whenever a seismic event comes on the scene and threatens the financial system and the economy, traders, bankers and economists claim: This time it’s different. Drawing on parallels between today and 2008, here’s why this time is different.

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NEW PYMNTS STUDY: ACCELERATING THE REAL-TIME PAYMENTS DEMAND CURVE – NOVEMBER 2020

About: Accelerating The Real-Time Payments Demand Curve:What Banks Need To Know About What Consumers Want And Need, PYMNTS  examines consumers’ understanding of real-time payments and the methods they use for different types of payments. The report explores consumers’ interest in real-time payments and their willingness to switch to financial institutions that offer such capabilities.

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