RegFi Podcast

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

As the year draws to a close, we welcome Peter Renton to the RegFi podcast for a conversation about fintech trends from 2023 and what to anticipate moving ahead. Peter is the chairman and co-founder of Fintech Nexus and has developed a unique point of view covering the fintech industry for more than a decade. He sees the pace of change accelerating, creating exciting opportunities for technological innovation and collaboration between tech companies and financial services providers, as well as associated challenges for regulators and policymakers tasked with ensuring stability without stifling innovation. Links: Fintech Nexus Orrick Financial & Fintech Advisory Practice RegFiPodcast.com

The United States has built a world-leading consumer credit sector, but many Americans cannot access reasonably priced credit. Dara Duguay, CEO of Credit Builders Alliance, shares her insights about policy changes, educational programs and technological innovations that are helping to close this gap for those who are "credit invisible" or otherwise face barriers to accessing the mainstream financial system. Links: Credit Builders Alliance Orrick Financial & Fintech Advisory Practice RegFiPodcast.com

In a thought-provoking discussion, Kareem Saleh, co-founder of FairPlay and a champion for equitable access to credit, delves into the vital need for fairness and explainability in algorithmic lending. He highlights the creation of fairness infrastructure that debiases lending models and boosts approval rates for underserved communities. Kareem also envisions a future where AI enhances financial regulation, making it more efficient and accurate. This conversation is a crucial look at how technology can reshape lending practices.

Raj Date, who took the lead in standing up the CFPB 12 years ago, sees significant and accelerating change ahead for the financial services industry. Whether regulators can keep up — protecting financial stability without stifling innovation — is a question the next 10 years will answer. Raj warns against policymakers "fighting the last war" and believes that, despite the threat of bureaucratic inertia, financial regulators can harness technology to achieve the increased effectiveness needed to keep pace with expected changes in the financial services marketplace. Join us for an insightful and articulate analysis of the path ahead for the nation's financial services industry. Links: Fenway Summer FS Vector Orrick Financial & Fintech Advisory Practice RegFiPodcast.com

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.