In a few years, it is a good chance that you will be carrying your financial life around with you on your smart phone. The ING ad where people traverse a city plaza with a six or seven digit dollar sign above their head is going to be somewhat true. The way that people access most of their everyday banking (more…)
How do these folks bank?
OK…ha ha. But there is a point…as our banking system is duplicated in other countries, what assumptions about US banking are relevant, and what notions should be dropped?
I believe that mobile banking is the way of the future. Already, mobile banking is the preferred mode of banking for new customers in India and China.
The Indian experiment
India is a developing country, but it is one that is rapidly adding to its currency reserves. India remains a country with too much of its population living in villages. The village in India is a bit like the family farm in (more…)
Its a maxim that regulators can never quite catch up with the changes made by practitioners. Mobile banking threatens to become the next example of that concept. It very well could lead to undermine the Community Reinvestment Act (if unwittingly) unless some kind of regulatory fix occurs first.
The new Community Reinvestment Act Modernization bill (HR 1479) seeks to help that legislation catch up with the set of financial innovations that have occurred since the bill was last modified in 1993. A lot has happened. There is a lot of catching up to do.
That bill was drafted this spring. Even now, though, it appears that the market is changing so fast that there could be a need for new amendments to the bill’s language before it is heard by the House Financial Services committee in the fall.
Today, there is news out of Charlotte than Bank of America is going to close one out of every ten of (more…)
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