RegFi Podcast

Nick Cook joins RegFi co-hosts Jerry Buckley and Sasha Leonhardt for a conversation about how regulators globally are approaching technological innovation, both in the markets they supervise and within their own operations. Nick is the Chief Innovation Officer at the Alliance for Innovative Regulation (AIR) and previously served as the Director of the U.K. Financial Conduct Authority’s (FCA) Innovation Division, where he pioneered the TechSprint methodology for regulatory innovation and led the FCA’s data and analytics strategy. Nick shares insights about the rise of suptech – supervisory technology – in developed and emerging markets, challenges and opportunities for U.S. regulators seeking to adopt similar tools, and the importance of understanding human and cultural factors when managing rapid technological change in complex systems. Links: Alliance for Innovative Regulation (AIR) Orrick Financial & Fintech Advisory RegFiPodcast.com

Ramon Gomez, Managing Director at JPMorgan Chase, discusses the implications of Section 1033 of the Dodd-Frank Act on consumer data sharing. Topics include screen scraping risks, CFPB oversight, FDX standards, and coordinated regulatory efforts to protect consumer data in the financial sector.

FinRegLab Deputy Director Kelly Cochran joins RegFi cohosts Jerry Buckley and Caroline Stapleton for a conversation about how machine learning – including generative artificial intelligence – is used by consumer lenders and the evolving regulatory response. Kelly begins with a helpful distinction between the technologies commonly included under the broad “AI” moniker, noting that many of these algorithmic models are not new to credit underwriting. The discussion then pivots to the growing focus on generative AI and the need to balance its potential benefits with consumer protection, data privacy and explainability considerations. Kelly suggests that existing rules in the financial services regulatory framework can be adapted to address many of these issues and serve as a model for AI policymaking in other sectors. Links: FinRegLab Website Orrick Financial & Fintech Advisory RegFiPodcast.com

Jeff Hydrick, an Orrick partner and expert in financial regulation, dives into the transformative impact of fintech on commercial financing. He reveals how the pandemic accelerated the involvement of fintechs and non-bank financial institutions in small business lending. The discussion covers compliance hurdles due to inconsistent state and federal regulations. Hydrick emphasizes the need for standardized disclosures to empower borrowers and looks at emerging legislative changes that shape the future of financing.

John Gulliver — the Executive Director of the Program on International Financial Systems and the Committee on Capital Markets Regulation — joins RegFi cohosts Jerry Buckley and Caroline Stapleton for a conversation about the evolving landscape of financial regulation, both domestically and internationally. John shares his perspective on how the U.S. financial regulatory regime compares to its international peers on a number of technology-related topics, including the development of central bank digital currencies, the regulation of crypto and digital assets, and the supervision of high-speed markets. He suggests that depoliticizing regulatory policymaking will help the U.S. adapt to new technologies and maintain its global economic advantage by fostering innovation. Links: Program on International Financial Systems (PIFS) Committee on Capital Markets Regulation (CCMR) Orrick Financial & Fintech Advisory RegFiPodcast.com

Credit unions have been a crucial component of the American financial services ecosystem for over a century. Rodney Hood – former Chair of the National Credit Union Administration (NCUA) – joins RegFi co-hosts Jerry Buckley and Sasha Leonhardt for a conversation about how credit unions are adopting technology to remain relevant in the digital economy. Rodney highlights the NCUA’s Office of Technology and Access as a source of guidance for fintech adoption as well as the role that Credit Union Service Organizations (CUSOs) play in sharing resources to support innovation at small- and mid-sized credit unions. He also points to the importance of the human element in innovation, including the need to recruit regulators conversant in new technologies and ways to ensure that the financial services industry reflects the diversity of the populations it serves. Links: National Credit Union Administration (NCUA) Orrick Financial & Fintech Advisory RegFiPodcast.com

In this RegFi episode, co-hosts Jerry Buckley and Sasha Leonhardt talk with Nat Hoopes, Head of Public Policy and Regulatory Affairs at Upstart. Nat shares insights into how fintech lending platforms can augment and improve upon traditional underwriting tools, help credit unions and smaller financial institutions reach more customers by driving digital transformation, and serve as a resource for banks and other lenders to expand access and manage compliance obligations related to evolving Community Reinvestment Act requirements. Links: Upstart Orrick Financial & Fintech Advisory RegFiPodcast.com

In this episode, RegFi hosts Jerry Buckley and Sherry Safchuk welcome Chris Hilliard, COO and founding member of Winnow Solutions, LLC. Chris draws upon his experience as the former chief compliance officer at Happy Money and his current role as a regtech founder to share insights on how fintechs and other financial services companies can meet evolving regulatory challenges. The conversation covers a range of topics, including the importance of augmenting dedicated in-house compliance teams with up-to-date technology, data privacy risks related to the rise of open banking and the responsible role of generative AI in legal research applications. Links: Winnow Solutions, LLC Orrick Financial & Fintech Advisory RegFiPodcast.com

The CFPB’s proposed rulemaking on digital wallets and payment apps would bring new regulatory supervision and compliance obligations to technology companies. RegFi co-hosts Jerry Buckley, Sasha Leonhardt, Sherry Safchuk and Caroline Stapleton delve into the rule’s complexities and implications for large participants in the digital payment space. The conversation begins with an overview of the Bureau’s motivation and statutory authority for promulgating this rule before discussing the rule’s substance, potential challenges for covered entities and the public comments received in advance of the January 8th deadline. Links: Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications (CFPB) CFPB Takes Next Step in Its Big Tech Regulatory Strategy (Orrick Insight) Orrick Financial & Fintech Advisory RegFiPodcast.com

RegFi kicks off 2024 by welcoming Greg Baer, President & CEO of the Bank Policy Institute (BPI). He shares his perspective on a broad range of topics affecting the banking sector, including the current regulatory landscape, competitive pressures from the so-called “shadow banking” sector, the CFPB’s 1033 rule and the future of open banking, and the role of AI and other technologies in improving bank supervision and compliance. Links: Bank Policy Institute (BPI) Orrick Financial & Fintech Advisory Practice RegFiPodcast.com