Just consider;
- The U.S. has the most complicated financial regulatory structure of any developed nation with 8 national supervisory entities. And, since banks can also be state-chartered, there’s another 50 state-level regulators
- In comparison, the U.K. has 3 primary “lead” regulators including the European Banking Authority mandated by the EU
- The U.S.’ largest payments regulatory act was the Durbin Amendment, placing interchange limits on debit cards for banks with > $10 billion in assets
- The most impactful regulatory act in the EU is PSD2’s open banking mandate, expected to be in place by year-end 2019
- Only 30% of financial institutions report that PSD2’s compliance requirements were clear
- 41% of E.U. financial institutions failed to meet the March 2019 requirement to offer “developer sandboxes”