RegFi Podcast

At no time in recent memory has consumer finance regulation faced more prospects for change. RegFi hosts discuss what could be in play for consumer finance in 2025, including the future of the CFPB, artificial intelligence, increased activity at the state-level, and a potential rethink of consumer finance regulation. Links: RegFi Episode 49: CFPB's 1033 Rule: Where to From Here? Orrick Financial & Fintech Advisory RegFiPodcast.com

The discussion dives into the CFPB’s groundbreaking proposal to extend the Fair Credit Reporting Act to data brokers. Co-hosts unravel the potential reshaping of consumer reporting by redefining key terms, highlighting significant implications for privacy. The risks surrounding de-identified data are scrutinized, showcasing the need for stringent consumer protection. Finally, they examine how these new regulations could impact consumer consent and marketing practices, raising urgent questions about transparency and state-level compliance.

Brandon Milhorn, President and CEO of the Conference of State Bank Supervisors, joins RegFi co-hosts Sherry Safchuk and Jerry Buckley to share his perspective on the challenges facing community banks and the role of responsible regulation in fostering innovation and maintaining consumer confidence. The conversation explores the impact of AI on financial services, the benefits of standard-setting organizations to streamline third-party partnerships, and the need for accountability and deference in regulatory actions. Links: Conference of State Bank Supervisors (CSBS) Orrick Financial & Fintech Advisory RegFiPodcast.com

Anne Canfield, a Partner at The Majority Group with extensive experience in housing finance and public policy, discusses the impact of digitization on mortgage origination. She highlights how technology can streamline processes and reduce costs significantly. The conversation dives into legislative changes that could foster digital mortgages, including past acts like the E-Sign Act. Anne also shares insights on the challenges faced by Fannie Mae and Freddie Mac amid potential political shifts, addressing the future of mortgage affordability.

Hosts Jerry Buckley and Sherry Safchuk sit down with Susan Milazzo, the CEO of the California Mortgage Bankers Association (CMBA), to discuss the current state and future of mortgage banking in California. As the voice of the mortgage banking industry in California, Susan offers a unique perspective on the challenges and opportunities facing mortgage bankers in the state. Links: California MBA Orrick Financial & Fintech Advisory RegFiPodcast.com

Orrick Partner John Coleman joins the RegFi podcast for a conversation about what lies ahead for the CFPB's finalized 1033 rule, including uncertainties created by litigation challenges, election results and the need for additional policy guidance and technical standards. The discussion also highlights key changes from the proposed rule, including extended compliance deadlines, threshold exemptions for smaller depository institutions, secondary use of consumer data and the role of standard-setting organizations (SSOs). Additional 1033 Coverage: The CFPB's Final Rule on Personal Financial Data Rights: What Financial Institutions Should Know (Orrick Insight) RegFi Ep. 22: Data Sharing and the 1033 Rule: An Industry Perspective with Ramon Gomez RegFi Ep. 5: The CFPB's 1033 Rule in a Nutshell Links: Orrick Financial & Fintech Advisory RegFiPodcast.com

Alex Acree, Chief Legal Officer at Unit, joins RegFi co-hosts Jerry Buckley and Caroline Stapleton to explore the role that a financial services infrastructure company can play in the evolving delivery of financial services to consumers and businesses, strategies for innovative financial services startups to secure capital, and regulatory developments and challenges facing fintechs and banking-as-a-service providers. Links: Unit Finance Orrick Financial & Fintech Advisory RegFiPodcast.com

David Birch, an internationally recognized expert in digital identity and money, joins co-hosts Jerry Buckley and Caroline Stapleton. They explore how AI and bots are reshaping financial services, discussing the efficiencies they bring to transactions and the challenges banks face in adapting. Birch delves into the metaverse's potential for socializing and transactions, while also examining the evolving role of cryptocurrencies and digital currencies in our economy. The conversation highlights the need for ethical practices in this rapidly changing landscape.

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.