Financial Forward: The Future of Consumer Finance & Banking

Send us a textIn this episode of Financial Forward, hosts Camie Keilen and Jim delve into the evolution and impact of the Consumer Financial Protection Bureau's (CFPB) data-driven complaints enterprise. They discuss the transformation of regulatory practices through complaint data, the role of evolving taxonomies, and the proactive use of data to tackle regulatory challenges. The episode also covers the differences in enforcement approaches, highlighting how AI and technologies aid in real-time complaint analysis, and the importance of timely, independent data analysis for banks. Reflecting on the early days of the CFPB, the hosts share insights on the serious approach towards complaint investigations and the integration of customer complaints into compliance programs, emphasizing strategies for regulatory compliance and customer satisfaction.00:00 Introduction to CFPB's Complaints Enterprise01:05 The Role of Data in Financial Complaints04:20 CFPB's Impact on Financial Institutions06:45 Regulatory Change Management Insights11:39 Challenges in Complaint Response17:47 The Value of Real-Time Data Analysis18:16 AI in Financial Institutions: Opportunities and Challenges19:54 Outsourcing Data Analysis: A Strategic Move21:33 The Lag in Complaint Analysis24:45 The Role of Customer Inquiries26:16 Special Handling Channels and Crossover Rates27:32 The CFPB's Investigation Process33:26 Reflections and Takeaways34:30 Conclusion and Final ThoughtsMore from Jim: LinkedIn: https://www.linkedin.com/in/mccarthyhatch/https://www.mccarthy-hatch.com/

Send us a textIn this comprehensive episode of Financial Forward, host Jim is joined by Camie Keilen, a senior executive with extensive compliance risk management experience, to explore the Consumer Financial Protection Bureau's (CFPB) Complaints Enterprise. The discussion traces the program's origins following the 2008 mortgage crisis, addresses the evolution of consumer complaint handling, and examines the practical challenges faced by financial institutions in meeting strict CFPB regulations. Key topics include the introduction of a public complaints portal, response and tracking expectations, and policy changes that foster better consumer complaint management. The episode provides listeners with a deep dive into the cultural shifts and collaborations essential for navigating the complexities of the CFPB's complaint process.00:00 Introduction and Special Guest Announcement02:17 Cammie Kylan's Background and Experience04:13 The Importance of Consumer Complaints05:58 The Birth of the CFPB Complaint System07:49 Challenges and Reactions from Financial Institutions10:21 Implementing Effective Complaint Management11:16 Defining Complaints: A Cultural Shift13:21 CFPB's Impact on Complaint Handling15:36 The 15-Day Response Challenge16:52 Interim Responses: A Necessary Compromise20:33 Publicizing Complaint Data22:10 Evolving Relief Categories24:26 Conclusion and Teaser for Part 2More from Jim: LinkedIn: https://www.linkedin.com/in/mccarthyhatch/https://www.mccarthy-hatch.com/

Send us a textIn this special episode of Financial Forward, Jim McCarthy is joined by family-friend Jacob to discuss their individual experiences navigating employment and the workplace with as someone with Autism.Jim reflects on his own experiences trying to fit into a corporate world as someone with autism, and Jacob shares stories of employment challenges he's faced. Jim highlights the importance of creating work environments that are optimal for neurodivergent individuals.Key Topics Discussed:00:00 Introduction to Autism in the Workplace01:26 Meet Jacob: A Personal Journey04:46 Early Life and School Experiences12:55 Navigating the Workplace25:11 Pursuing a Passion for Acting29:51 Final Thoughts and EncouragementMore from Jim: LinkedIn: https://www.linkedin.com/in/mccarthyhatch/https://www.mccarthy-hatch.com/

Send us a textIn this episode of Financial Forward, host Jim McCarthy sits down with Eric Goldberg, a renowned expert in financial regulation and author of Regulation E, Subpart B. Together, they explore the rapidly evolving landscape of digital payment platforms like Zelle, Venmo, and Cash App, examining their impact on consumer behavior, security, and regulatory challenges.Eric shares valuable insights on consumer rights and protections under Regulation E, addressing the challenges of unauthorized transactions and scams. He provides practical tips for consumers to navigate the digital payment landscape securely and effectively.Key Topics Discussed:00:00 - Introduction to Financial Forward01:45 - Meet Eric Goldberg: Expert in Finance Regulation02:44 - Regulation E: An Overview05:20 - Digital Payment Systems: Zelle, Venmo, and Cash App08:21 - Consumer Protections and Unauthorized Transactions15:44 - Regulatory Challenges and the Political Landscape17:38 - Practical Advice for Consumers22:17 - Cryptocurrency and Regulation E25:39 - Reflections on Financial Regulation30:45 - Conclusion and Future OutlookResources:Follow Eric Goldberg on LinkedIn: https://www.linkedin.com/in/ericigoldberg/Learn more about Regulation E: https://www.consumerfinance.gov/rules-policy/regulations/1005/Connect with Us: If you enjoyed this episode, please subscribe, rate, and leave a review! For more insights on financial regulation and consumer protection, visit www.mccarthy-hatch.com/More from Jim: LinkedIn: https://www.linkedin.com/in/mccarthyhatch/https://www.mccarthy-hatch.com/

Send us a textIn this episode of Financial Forward, host Jim is joined by Mollie, a small business owner in the medical device certification industry. The conversation navigates Mollie's journey from her education in microbiology to the challenges she faced in the financial management of her business. Highlighting the predatory lending practices she encountered, Mollie's story serves as a cautionary tale for entrepreneurs. They discuss the intricacies of cash flow management, the impact of high-cost short-term financing, and the need for regulatory reforms to protect small business owners. This episode is a valuable resource for entrepreneurs and those keen on understanding financial strategies in business.00:00 Introduction to Mollie's Story01:32 Mollie's Background and Career Journey02:41 Starting and Managing a Small Business04:38 Challenges of Cash Flow Management14:36 The Predatory Lending Trap27:01 Reflections and Advice for Small Business Owners32:53 Conclusion and Final ThoughtsMore from Jim: LinkedIn: https://www.linkedin.com/in/mccarthyhatch/https://www.mccarthy-hatch.com/

Send us a textIn this episode, Jim McCarthy is joined by Logan, who found himself with over $20M million of Bitcoin locked up in the FTX bankruptcy scandal.Logan shares his journey into the world of cryptocurrency, and how his funds were improperly used by FTX leading up to the lawsuit. They explore how a lack of regulation in the digital finance space has created an environment with the potential to harm consumers.Jim and Logan discuss what they'd each like to see in terms of regulatory action surrounding cryptocurrency moving forward, noting the potential pushback from an industry that has traditionally resisted government regulation in favor of innovation.More from Jim:LinkedIn: https://www.linkedin.com/in/mccarthyhatch/https://www.mccarthy-hatch.com/Podcast is managed and produced by MicMogulsMore from Jim: LinkedIn: https://www.linkedin.com/in/mccarthyhatch/https://www.mccarthy-hatch.com/

Send us a textJoin us on Financial Forward as we dive into Citibank's $400 million enforcement action by the OCC. Discover what this means for consumers, Citibank's compliance journey, and the impact on financial services.Each episode of Financial Forward highlights a female-owned small business, showcasing their unique stories, challenges, and successes in the financial landscape. This episode is brought to you by: Squirrel Stop: https://www.stopsquirrel.com/More from Jim: LinkedIn: https://www.linkedin.com/in/mccarthyhatch/https://www.mccarthy-hatch.com/

Send us a textIn this episode, host Jim McCarthy details his extensive career in the banking industry, from his early days in a paper-based system to his impact on the digital transformation of banking and regulation. He recounts his involvement in establishing the Consumer Financial Protection Bureau (CFPB) and its role in unifying bank regulations to protect consumers. Jim discusses his personal challenges, including being autistic and navigating professional landscapes. He also illuminates his current work with McCarthy Hatch, focusing on helping banks use data to identify risks and improve compliance. The episode provides a deep dive into the workings of consumer finance regulations and Jim’s contributions to the field.More from Jim: LinkedIn: https://www.linkedin.com/in/mccarthyhatch/https://www.mccarthy-hatch.com/

Send us a textIn this episode of 'Financial Forward Podcast,' host Jim McCarthy talks with Ashley, a public administration expert with a keen interest in financial policy. Together, they dive into the recent Supreme Court decision overturning the Chevron Doctrine and its implications for consumer protections.Ashley shares her experiences from working in local government and offers insights into how the decision could impact regulatory agencies like the Consumer Financial Protection Bureau (CFPB) and the Environmental Protection Agency (EPA).They discuss:The origins and purpose of the Chevron Doctrine.The Supreme Court's recent ruling and its potential impact on regulatory enforcement.Concerns about the timing and effectiveness of consumer protection measures.The balance between regulatory oversight and corporate interests.The need for clear laws to protect consumers and ensure fair practices.Ashley also highlights the importance of regulatory bodies in protecting consumers and the potential consequences of shifting interpretative authority to the courts.Don't miss out on exclusive insights and actionable tips every week—subscribe now to the Financial Forward Podcast and stay ahead in the world of finance and leadership!More from Jim: LinkedIn: https://www.linkedin.com/in/mccarthyhatch/https://www.mccarthy-hatch.com/

Send us a textWelcome to the first episode of Financial Forward! In this episode of 'Financial Forward Podcast,' host Jim McCarthy talks with Victor Prince, an accomplished leadership author, speaker, trainer, and coach. Victor shares his experiences and insights from his time at the Consumer Financial Protection Bureau (CFPB), where he played a critical role in its establishment and growth. They discuss the challenges and triumphs of building the CFPB, the importance of effective leadership in financial services, and the traits necessary for managing risk and change in the industry. Victor also shares what he's been doing since leaving the CFPB, including his work in writing leadership books and providing corporate training and executive coaching.More from Victor: https://se.linkedin.com/in/victorprince https://www.facebook.com/VictorPrinceAuthorPage/ https://victorprince.comDon't miss out on exclusive insights and actionable tips every week—subscribe now to the Financial Forward Podcast and stay ahead in the world of finance and leadership!More from Jim: LinkedIn: https://www.linkedin.com/in/mccarthyhatch/https://www.mccarthy-hatch.com/