Heather Anderson

There’s been a lot of talk lately about financial services disruptors. From Wal-Mart and Apple to peer lending, the industry is poised for big changes, and credit unions are rightly concerned they won’t make the final cut.

Why the sudden urgency? I tend to agree with those who have said the Great Recession not only stalled innovation, but also created a new normal that requires improved efficiencies and a new way of thinking about money.

Take, for example, the CFPB’s concern with checking accounts; specifically, overdrafts and new account screening. Consumers who cut and run on negative balances are high risk, yet it’s no secret the CFPB is more concerned with the consumer than the provider. The CFPB has gone beyond protecting consumers from predatory providers, and is venturing into financial services inclusion. The CFPB’s actions provide some excellent perspective about the future of financial services, if you can look beyond the rage.

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