Simplifying Reg II with Brandi Gregory // Cornerstone Hot Takes

Reg II comes out, 57 pages of information, completely overwhelming in a business that, candidly, a lot of our clients don’t pay as much attention to as they should.

How do we think about this in a very simple way, and what’s the big takeaway? If I’ve got to tell the CEO in an elevator, what do I need to tell them?

You are compliant. You have nothing technologically to do to be compliant with this regulation. You have to have an awareness of what potential impact you’re going to have to your income, but you are compliant.

Do not allow anyone to call you up and say, “Oh, you’re not compliant. Look at my network. It’s prettier.” Don’t trust that. You need to second-guess every piece of information that’s coming at you right now.

But bottom line, you’re compliant.

But that’s not the box we’re telling you to check, right? The box we’re telling you to check is, are you prepared for the impact, and are you aware of what the impact will be? That is different than compliant.

Everyone’s compliant. If you hear nothing else, everyone is compliant.

Right. You just have to figure out how big the impact is going to be.

Right. We’ve got sad math. We’ve got to do the math to figure out how much money we’re going to lose.

Exactly. Like we had a client recently say to us, in payments, you don’t know what you don’t know.

Right.

We’re learning more every day. Stay tuned to the story.

Yeah. It could continue to evolve.

Right. So just be aware.