Elon and Vivek take aim squarely on CFPB. Interview with Matthew Smith, President of BHB
Bankers Helping Bankers
The Most Complete Ecosystem for FinTech Innovation in Community Banking | BaaS Association | BHB Fund
Matthew says, Although regulatory changes are still needed, it may be time for a pause as the Supreme Court has given the new administration, new ammo.
The Department of Government Efficiency has much more power than most have thought through and reducing the regulatory burden is just what the doctor ordered when it comes to Community Banking. The growth in small business and the new tools available, to the banks willing to innovate, is creating a go forward or stall out moment for Community banks.
With DOGE, Reducing red tape will do more than any tax reduction could. Being competitive on the global scale has local impacts as well. If tax rates fall for banks, profits increase. Bankers Helping Bankers has been in the lead for YEARS saying, we will not win by scale, we will win by making community banks more profitable. Particularly in the area of technology innovation, in other words community banks can compete with fintech, the big banks can't.
It is time to refocus. Fighting credit unions is not only a losing battle, we have not even won a battle. Dave Mayo said "WHO cares if they bought a bank, what we care about is that we lost another charter. We had better wake up to that or there will not be enough banks to support new innovation." Tax reductions for Banks narrows the playing field better than all the work done thus far, in one move, bankers lept forward. At the Roundup, Dave asked "why do we care who bought the bank, and why do we congratulate the banker? Don't you see what is happening, the number of charters is not replentishing. This it is not to be congratulated, it is not rational to focus on who bought them, The ONLY answer is to make your bank charter the most valuable thing! We can not merge our way to scale and compete with the big 4 banks, but you can attract new talent and make a LOT more money, if you are willing to change just a little bit."
For bankers that understand this. Contact Matthew Smith. https://www.dhirubhai.net/in/matthew-e-smith-488a975e/
He can help you find the right path for you. There is no single right path, the only path is the one that fits your strategic plan AND your technology stack. Technology companies are awesome, at tech, bankers are excellent at banking, Bankers Helping Bankers is excellent.
Follow us or lead us and we will follow you. Failure by failing to try, is no longer and option.
"Credit Unions, tip of the hat to you, YOU MOVE LIKE A FLOCK OF BIRDS," says Matthew Smith. "Bankers, it is time for us to do the same and it is time to stop doing the same old thing. That path is clearly not the right path. Let's come together and take advantage of this moment. Everyone is welcome and there is no past, only the future. For banks trying to figure out their strategic roudmap or technology innovations, call us, it's free. "
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