RegFi Podcast

Kelvin Chen, Senior Executive VP and Head of Policy at the Consumer Bankers Association, shares insights from his extensive experience in regulatory affairs. He discusses the evolving landscape of consumer banking and the Credit Card Confidence Campaign aimed at enhancing consumer understanding. Chen highlights the impact of tech advancements like AI in banking regulations, the need for cohesive federal guidelines, and the importance of communication between regulators and the industry to ensure consumer protection.

Larry White, a prominent economist and NYU professor, shares insights on the banking industry's complex landscape. He discusses the pressing challenges posed by commercial real estate loans and the potential repercussions for community banks. The conversation shifts to the Federal Reserve's balancing act with inflation, highlighting its nuanced effects across different socioeconomic groups. Finally, White examines how AI is reshaping financial services, addressing both its transformative potential and the risks posed by malicious use, underscoring the need for robust regulatory oversight.

RegFi hosts Jerry Buckley and Sasha Leonhardt welcome Tom Brown, Partner and General Counsel at Nyca Partners, a venture capital firm specializing in fintechs. Tom provides a critical analysis of the current financial services regulatory environment and offers an insider’s perspective on other pressing issues and opportunities in the fintech marketplace. The discussion explores the regulatory challenges fintech companies face today, particularly the fragmented state-by-state regulatory framework in the U.S. Tom advocates for a more unified, passporting regime similar to Europe, which could streamline operations and foster innovation. The conversation also touches on the complexities of navigating banking partnerships, the potential for a more principle-based regulatory approach, and policy considerations surrounding the adoption of a U.S. digital currency. Links: Nyca Partners Orrick Financial & Fintech Advisory RegFiPodcast.com

Kabir Kumar, partner at Flourish Ventures, joins RegFi co-hosts Jerry Buckley and Sasha Leonhardt to explore the fundamental role of technology in expanding access to fair and stable financial systems. Kabir explains how “fair finance principles” and a thesis-based investment strategy guided Flourish’s growth from a team within the Omidyar Network into an $850 million fund promoting global financial inclusion through strategic fintech investments. He shares insights on the technology trends helping to strengthen financial ecosystems and develop emerging markets, including generative AI tooling to enhance data enrichment, fraud prevention, and regulatory compliance. Links: Flourish Ventures Omidyar Network Orrick Financial & Fintech Advisory RegFiPodcast.com

RegFi co-hosts Jerry Buckley and Sherry Safchuk welcome Orrick partner Aravind Swaminathan for a conversation exploring the critical and evolving role of the Chief Information Security Officer in today’s corporate landscape. Aravind emphasizes the importance of organizational culture in the success of cybersecurity efforts and the need for CISOs to be not just technical experts but also strategic business leaders who bring their talents to bear in broader corporate governance and risk management settings. Links: Orrick Cyber, Privacy & Data Innovation Orrick Financial & Fintech Advisory RegFiPodcast.com

In this episode of RegFi, hosts Jerry Buckley and Sasha Leonhardt welcome John Coleman, Orrick partner and former Deputy General Counsel of the CFPB, to discuss the Supreme Court’s Loper Bright decision overturning Chevron deference and its potential impact on the CFPB’s regulatory authority. The conversation looks at how Chevron has been applied, the implications for the Bureau’s future rulemaking, and how the decision might shape the future of financial regulation. John provides a deep dive into the nuances of Loper Brightand suggests how it could lead to more consistent, durable rulemaking that benefits both consumers and industry participants. Links: “The Supreme Court Shifted Power from Administrative Agencies to the Courts, but Don’t Expect Major Changes at the CFPB” by John Coleman (Law360) “Supreme Court Substantially Alters Review Framework For Federal Administrative Agencies” by Robert Loeb & Geoffrey Shaw (Orrick Insight) Orrick Financial & Fintech Advisory RegFiPodcast.com

RegFi co-hosts Jerry Buckley and Caroline Stapleton welcome podcast guest Tracy Basinger, former head of supervision at the Federal Reserve Bank of San Francisco and a senior advisor at the Klaros Group. Tracy brings a unique perspective on financial innovation to the conversation, informed by 30 years of experience in the Federal Reserve System, where she led the formation of the FSR's first fintech team and established initiatives to leverage new technologies for bank supervision. The group explores regulatory developments affecting fintech and banking as a service (BaaS), the revolutionary potential of artificial intelligence in the financial services sector, and innovative supervisory approaches, such as real-time data monitoring and supervisory dashboards, to keep pace with the rapidly evolving financial technologies. Links: Klaros Group Alliance for Innovative Regulation (AIR) Orrick Financial & Fintech Advisory RegFiPodcast.com

Bob Broeksmit, President and CEO of the Mortgage Bankers Association, joins RegFi co-hosts Jerry Buckley and Caroline Stapleton to discuss the transformative impact of technology on the mortgage industry. Bob highlights the industry’s tradition of innovation, such as algorithmic underwriting and credit scoring, which has streamlined loan origination and reduced bias in lending decisions. The conversation also delves into the current interest in generative AI and how the Mortgage Industry Standards Maintenance Organization (MISMO) is creating a forum for market participants to discuss AI’s potential applications, guardrails for implementation, and the associated regulatory challenges. Links: Mortgage Bankers Association MISMO Artificial Intelligence Community of Practice Orrick Financial & Fintech Advisory RegFiPodcast.com

The FUTURES Act, a bipartisan legislative initiative recently reported by the House Financial Services Committee as part of a larger financial institutions legislative package, aims to foster technological modernization within financial regulatory agencies. In this episode, RegFi co-hosts Jerry Buckley and Sasha Leonhardt discuss the FUTURES Act and how it would address key findings from a pro bono report they authored with the Alliance for Innovative Regulation (AIR): “Financial Regulators’ Dilemma: Administrative and Regulatory Hurdles to Innovation.” The conversation highlights challenges Federal regulators currently face when adopting new technologies, including a burdensome procurement process and cultural resistance across agencies, and how the proposed legislation seeks to address these hurdles by mandating comprehensive assessments of current technology systems and requiring regular reporting on improvements and future plans. Jerry and Sasha also discuss the bill’s current status, potential impact and prospects of advancing through Congress in a contested election year. Links: Financial Regulators’ Dilemma: Administrative and Regulatory Hurdles to Innovation Orrick Financial & Fintech Advisory RegFiPodcast.com

Kate Flocken, Principal at FS Vector, shares her insights from a career steeped in legislative experience. She discusses the increasing regulatory scrutiny faced by fintechs as they transition from startups to key players. Kate emphasizes the need for proactive engagement with regulators amidst complex legislative hurdles. The potential shifts in congressional leadership during an election year are explored, shedding light on the evolving landscape of fintech public policy, including data privacy and AI challenges. A must-listen for those navigating the fintech space!