RegFi Podcast

Eric J. Ellman, Senior Vice President for Public Policy and Legal Affairs at the Consumer Data Industry Association (CDIA), joins RegFi co-hosts Jerry Buckley and Sasha Leonhardt for a conversation about the ever-evolving landscape of consumer data collection and usage. Eric sheds light on the laws and regulations that govern this space – including potential implications of expanding the Fair Credit Reporting Act (FCRA) to include data brokers – and discusses how the use of alternative data in credit reporting could promote financial inclusion. Links: Consumer Data Industry Association (CDIA) Orrick Financial & Fintech Advisory Practice RegFiPodcast.com

Matt Van Buskirk, co-founder of Hummingbird Regtech, joins RegFi hosts Jerry Buckley and Sherry Safchuk for a conversation about the importance of equipping regulators and in-house compliance teams with the tools and expertise to keep pace with technological change. Matt discusses the potential for open-source, interoperable platforms to blur the line between regtech and suptech and how this – along with the adoption of advanced computational tools, AI and other innovations – could drive a shift to outcomes-based financial services regulation. Links: Hummingbird Regtech “Recoding America” by Jennifer Pahlka Orrick Financial & Fintech Advisory Practice RegFiPodcast.com

In this conversation, Konrad Alt, co-founder of Klaros Group and a veteran in financial services regulation, shares valuable insights from his extensive career. He delves into the tangled relationship between fintechs and banks, highlighting the hurdles fintechs face in acquiring banking licenses. The discussion covers the transformative role of generative AI in regulatory supervision, and the shift toward enforcement over rulemaking in financial regulation. Konrad also addresses challenges within the banking-as-a-service ecosystem, emphasizing the impact on consumer experiences.

Jo Ann Barefoot joins RegFi hosts Jerry Buckley and Sasha Leonhardt for a conversation about the challenges in modernizing financial regulation and the potential for technology to facilitate a more fair, inclusive, and resilient financial system. Jo Ann, founder and CEO of the non-profit Alliance for Innovative Regulation (AIR), shares her insights from a distinguished career that also includes roles in government, the private sector and academia. The discussion covers a number of topics, including structural hurdles for government agencies adopting new technologies, the importance of cross-sector and international collaboration, and opportunities to accelerate innovation through initiatives like TechSprints and regulatory sandboxes. Links: “Financial Regulators' Dilemma: Administrative and Regulatory Hurdles to Innovation” “Financial Technology: Agencies Can Better Support Workforce Expertise and Measure the Performance of Innovation Offices” (U.S. Government Accountability Office) Alliance for Innovative Regulation (AIR) Barefoot Innovation Podcast Orrick Financial & Fintech Advisory Practice RegFiPodcast.com

Join us for this bonus episode where the RegFi hosts share their initial reactions to the CFPB’s proposed rule on Personal Financial Data Rights. The proposed rule, which implements Section 1033 of the Dodd-Frank Act, promises to have wide-ranging effects on banks, credit unions, credit card issuers, fintechs offering open banking services and consumers. Our team discusses the history behind the rule, its key provisions and how the rule will affect the industry, and expectations for the coming year as the CFPB seeks to bring this rule into effect. Links: Open Banking: What Financial Institutions Should Know About the CFPB’s Proposed 1033 Rule (Orrick Alert) Text of the Proposed Personal Financial Data Rights Rule CFPB Press Release for the Proposed Personal Financial Data Rights Rule CFPB Director Chopra’s Remarks on the Proposed Personal Financial Data Rights Rule Orrick Financial & Fintech Advisory Practice RegFiPodcast.com

Delicia Hand, Director of Financial Fairness Advocacy at Consumer Reports, joins RegFi hosts Jerry Buckley and Sherry Safchuk for a conversation about new Consumer Reports initiatives to provide data and tools that empower consumers to make informed financial decisions. Delicia shares insights from the initial evaluation of peer-to-peer platforms, BNPL services, and other financial services apps and identifies opportunities to improve fairness and transparency in fintech offerings. Links: Consumer Reports Permission Slip Orrick Financial & Fintech Advisory Practice RegFiPodcast.com

Phil Goldfeder dives into the complexities of fintech regulation, highlighting the urgent need for clear guidelines that can adapt to fast-evolving technologies. He discusses the Federal Reserve's Novel Activities Supervision Program and its implications for the industry, stressing the importance of transparency. The conversation also touches on the crucial balance between fostering innovation and protecting consumers, alongside the potential for bipartisan efforts in Congress to streamline regulations. A must-listen for anyone interested in the future of finance!

In this episode, Jerry Buckley and Caroline Stapleton welcome guest Melissa Koide, CEO of FinRegLab. Melissa discusses her organization’s work in evaluating the explainability of complex machine learning algorithms in credit underwriting, model governance and adverse action notices. The conversation covers the CFPB’s recent guidance on credit denial by lenders using artificial intelligence as well as the role explainability plays in promoting fairness and inclusion in lending, methods and tools emerging for lenders to explain credit-related decisions based on AI models, and the ongoing work required to adapt to the digital economy and evolving regulatory landscape. Links: FinRegLab Website FinRegLab Report: “Explainability and Fairness in Machine Learning for Credit Underwriting” “BankThink: AI could make underwriting a collaboration between bank and borrower” by Jerry Buckley (American Banker) Orrick Financial & Fintech Advisory Practice RegFiPodcast.com

The hosts of RegFi – Orrick partners Jerry Buckley, Sasha Leonhardt, Sherry Safchuk, and Caroline Stapleton – introduce the goals of the podcast and share what they look forward to learning in upcoming conversations with thought leaders at the intersection of financial services, technology and regulation. Links: Orrick Financial & Fintech Advisory Practice RegFiPodcast.com