S5 Ep6: BNC: The Debit Interchange Cap is Being Lowered Because … Reasons, Check Fraud, and the Implications of 1033

This week we’re back with the fabulous Kiah Haslett for another round of Bank Nerd Corner. Alex and Kiah catch up on their recent conference experiences (pickup basketball! Bank nerd celebrity sightings!) before diving into the proposed changes from the Fed to the debit interchange cap. With the new interchange fee going from 24 cents to 17 cents per transaction, Alex can’t wait for the savings to hit his daughter's college tuition fund any day now. Just er… um… who’s gonna tell him the bad news? Someone’s gonna tell him, right? Then, Alex and Kiah discuss some hot scuttlebutt from Money 20/20, including section 1033 of the Dodd-Frank Act, which gives the CFPB the authority to regulate consumer-permissioned data-sharing. Will this open sharing of pricing information drive more competitive price shopping behaviors? And stay tuned, as Kiah and Alex debate whether or not anyone still knows how to use checks, if stock prices (and the valuation of fintech and banking companies) are simply based on vibes, and if coins are truly dead. 00:03:33 - Kiah Meets Fed Governor Michelle Bowman 00:07:25 - Federal Reserve Proposes Lowering Debit Card Fees 00:22:26 - CFPB Proposes Rules for Open Banking 00:27:15 - The Power of Open Banking: Account-to-Account Payments 00:31:20 - Financial Services Providers Share Pricing Information 00:38:21 - The Decline of Check Writing in America 00:54:17 – Wait… But Why? 00:59:27 - The Unique Funding Structure of Tech Banks 01:06:16 - The Unhealthy Obsession with Stock Prices on Twitter 01:08:40 – Go Off Kiah!  Sign up for Alex’s Fintech Takes newsletter for the latest insightful analysis on fintech trends, along with a heaping pile of pop culture references and copious footnotes. Every Monday and Thursday: https://workweek.com/brand/fintech-takes/   And for more exclusive insider content, don’t forget to check out my YouTube page.   Follow Kiah: LinkedIn: https://www.linkedin.com/in/khaslett/ Twitter: https://twitter.com/khaslett   Follow Alex:  YouTube: https://www.youtube.com/channel/UCJgfH47QEwbQmkQlz1V9rQA/videos LinkedIn: https://www.linkedin.com/in/alexhjohnson Twitter: https://www.twitter.com/AlexH_Johnson