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Simply Stated - All Things Finance
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Simply Stated - All Things Finance

Author: Conference of State Bank Supervisors (CSBS)

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Financial Regulation can be complicated. Join us for interviews with state financial regulators, commissioners, policymakers, and CSBS staff to gain further insight on how banks, money transmitters, check cashers, and all forms of financial services are supervised and supported by our regulatory system.
52 Episodes
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"States of the Economy" is a monthly look at the economic picture across the country. In our discussion, CSBS Senior Economist Tom Siems focuses on how the national economic picture impacts local communities and what state regulators are looking out for.
Guest: CSBS Senior Director of IT Security Engineering & Operations Charles HillToday, we speak with Charles about SolarWinds to learn what it is, what happened with the company and the far-reaching consequences of this cybersecurity breach.
"States of the Economy" is a monthly look at the economic picture across the country. In our discussion, CSBS Senior Economist Tom Siems focuses on how the national economic picture impacts local communities and what state regulators are looking out for.At the end of each quarter, CSBS also includes feedback and data from community bankers who completed the Community Bank Sentiment Index (CBSI) for the quarter.
One of the key responsibilities of state and federal regulators is to help maintain the public’s trust in the nation’s financial system. One of the key ways they go about maintaining this trust is by preventing bad actors and illicit funds from using banks and financial companies to move money.But here’s the thing about bad actors; just because there’s a law on the books and a cop on the beat doesn't means they stop trying. As laws get implemented and regulators monitor the system, financial criminals come up with new and creative methods to avoid detection.So regulators need to be nimble and adaptive. And, every so often, they need Congress to pass laws to give them more tools and methods to do their job right.Today, we talk about a law Congress recently passed to help fight financial crime. And we focus specifically on how a few simple changes are helping state regulators, federal regulators and banks team up to protect the financial system.
What is Ransomware?

What is Ransomware?

2021-03-1509:14

In this week's episode, we talk with CSBS's CISO Todd Scharf and learn about how ransomware can impact consumers and employees. We also cover common red flags and how consumers can protect themselves from ransomware attacks.
"States of the Economy" is a monthly look at the economic picture across the country. In our discussion, CSBS Senior Economist Tom Siems focuses on how the national economic picture impacts local communities and what state regulators are looking out for.
Networked Supervision

Networked Supervision

2021-02-2324:58

How consumers borrow, invest, store, and send money is changing more rapidly than ever before, and the pace of that change is only set to accelerate.State regulators have always been responsive to changes in the industry, responding to innovations in banking in finance for over 100 years.But the changes affecting financial services in the past several years are different. Companies and transactions are becoming faster, more complex, and more interconnected than ever before.So, state regulators adopted a more dynamic and collaborative approach to supervision they call “Networked Supervision.” Networked Supervision is designed to not just respond to changes in the industry, but to proactively improve supervisory tools before they are needed.Today, I talk to the head of CSBS, the organization tasked with helping states stay ahead of the curve. We discuss what states have been doing the last few years to meet the needs of a changing industry, what companies and consumers can expect out of their regulator in the coming year, and how supervisors are changing their approach to tech to work harder, better, faster, stronger.
"States of the Economy" is a monthly look at the economic picture across the country. In our discussion, CSBS Senior Economist Tom Siems focuses on how the national economic picture impacts local communities and what state regulators are looking out for.
Guests: Anthony Polidori – Idaho Deputy Director and Chair-Elect of the Multistate Mortgage CommitteeKirstin Anderson – Oregon Director and President of the American Association of Residential Mortgage RegulatorsOver the last few episodes, we’ve been talking about this strategy state supervisors use to approach the rapid change of the financial system. That strategy is called “Networked Supervision,” and it has a lot of different parts to it. There’s the technology aspect with state-of-the-art licensing and monitoring tools; the collaboration aspect, where states share information; and the “streamlining” aspect, where regulators make the process easier for companies and more impactful for consumers.But really, “Networked Supervision” comes down to three core concepts:Making the process of getting a financial business started faster, easier and safer for the company and consumer;Making the process of examining those businesses faster, easier, and more useful for all parties; And providing regulators with state-of-the-art monitoring tools that permit them to see real-time what’s going on as broad as the financial system as a whole or as granular as a single institution or, sometimes, even a single business transaction.The result of all this is a world where state examiners can fulfill their mandates of protecting consumers and ensuring local economic growth, where companies can spend less time on compliance and focus on serving their customers, and customers can rely on their regulator to be watching out for them and their money in a rapidly-changing, tech-driven world.Today, we are continuing our focus on point number two of networked supervision: making the examination of businesses better. And we are continuing a discussion on a concept known as “One Company, One Exam,” where large companies operating across the nation could see fewer exams as more states team up to conduct them. But, while we talked about money transmission last time, today we are talking about mortgages. And we’re really fortunate; we’ll be talking to two expert examiners who have both been in the business for more than 20 years about what’s changed in mortgage supervision and what “One Company, One Exam” will mean for them.I’m Matt Longacre, and this is Simply Stated.
If you’ve been paying attention to state supervision lately, you’ve probably heard the phrase “Vision 2020” several times. Vision 2020 has been an initiative to modernize and enhance the state supervisory system in a way that makes licensing, examination, and supervision easier, safer, and more effective.When the work launched in 2018, there was a lot of public outreach. State regulators held town halls, hearings, and more to get feedback from industry leaders, academics, and policymakers alike. Then, CSBS and the states got work.Since then, there have been some significant landmarks of progress. Every US state assigned an innovation contact to work with new companies and new technologies. Over half of states signed onto a multistate MSB licensing agreement. The State Examination System launched, making the entire examination process easier to conduct remotely and collaboratively.But now we’re at a point where the fruits of all these labors will really come to bear. With new technology, new data aggregation tools, and new examiner resources in place, the state system is poised to create the most integrated and interconnected supervisory network ever. This network will let an examiner leverage real-time data and information about a company and conduct better examinations. It will allow for states to collaborate seamlessly, accept examination data from other states, and conduct joint exams. And, this network will reduce examination frequency and burden on supervised companies.Over the next several months, I’ll be meeting with the experts behind these changes. We’ll be reviewing some brand new advancements, announcing new changes, and explaining how all the technology the state system has developed is building toward a single system and a single philosophy we like to call “Networked Supervision.”So today, we will be discussing just one piece of this broader network. I meet with an expert who works on Money Services Businesses to chat about a new initiative known as “One Company, One Exam.” Spoiler alert: it’s a whole heck of a lot like what it sounds like.
This is the story of your money. How it moves, who protects it, and the careful balance between keeping your money safe and allowing new ideas and apps to use this system. And we talk about a new federal government plan that could seriously harm this system.
Guest: Chuck Cross, Senior Vice President of Non-Bank SupervisionHost: Matt LongacreSupervision is hard. Examiners, whether it’s for banks or nonbanks, are a unique breed. Not only must they have a mastery of financial services and the institutions that they supervise, and not only do they need a strong knowledge of what’s necessary for compliance, they must also orchestrate an extremely difficult balance between maintaining an examination procedure that is fair, impartial, and consistent from one company to another, but also continuously update their supervision based on changing circumstances and law.So, when a crisis happens, the job only gets harder. Previously on Simply Stated, we talked to experts about the impact of COVID-19 on community banks, looking at how they view their futures. We also talked to small business owners on the ground about how the CARES Act impacted their survival.Today, we’re going to talk to some experts about what it’s like to be an examiner in the middle of a pandemic. We cover the complex landscape of supervision, how an examiner begins to tackle emergency legislation, and what it takes to turn a massive piece of legislation that impacts tens of thousands of financial services businesses into a consistent, repeatable exam process that is fair to companies and consumers.Paper on Nonbank Supervision: https://www.csbs.org/sites/default/files/chapter_two_-_overview_of_state_nonbank_supervision_2.pdfCOVID-19 Consumer Relief Guide: https://www.csbs.org/mortgage-relief-coronavirusExaminer Guidance for CARES Act Examinations:Information Request - https://www.csbs.org/cares-exam-information-requestProcedures - https://www.csbs.org/cares-exam-general-proceduresReview Worksheet - https://www.csbs.org/cares-exam-loan-file-review-worksheet
Originally Recorded in February 2020. As we enter the quiet summer months, Simply Stated is re-broadcasting the "greatest hits" of the podcast. Look out for more content in August and beyond.Guest: Rachel Siegel - Senior Associate, Consumer Finance, The Pew Charitable TrustsHost: Matt LongacreTimestamps2:22 - What is a "mobile payment?"4:10 - Are mobile payments companies utilizing the current infrastructure or building their own?6:10 - What are consumers saying about mobile payments?7:36 - Has mobile growth payment slowed?9:11 - What causes some consumers to decide not to use mobile payments?10:26 - Do consumers understand the protections they have when using a mobile payment?11:47 - What protections do exist for consumers?13:37 - What needs to happen for mobile payments to grow?14:45 - What are "real-time payments?" What is FedNow?16:46 - What is the impact for consumers of a real-time payments system?18:50 - Are there risks associated with real-time payments?It feels like you can do almost anything on your phone nowadays. Beyond just, you know, making a phone call, there’s listening to music, texting, games, photography, changing your thermostat, watching the delivery driver drop a package at your front door… The point I’m trying to make is that more and more of our lives have been driven into our mobile phones. And where people go, so goes money. Shopping, sending cash to your friend or super, paying your Uber driver… all of these things are part of a growing financial ecosystem known as “mobile payments.”But, I’m just curious… do you really know what’s going on with your money on these apps? Is the cash you store on them secure? Are your payments protected from fraud like they are with a credit card? Am I the only one who is totally clueless about this yet still continue to use these apps?Today, I sit down with an expert from The Pew Charitable Trusts to talk about an interesting survey they conducted about consumers and mobile payments. We try to answer the questions: Are consumers adopting mobile payments technology as fast as everyone expected? Do consumers trust mobile payments? Are they running into issues and, if so, are their issues getting resolved? What sort of mobile payments are protected and what aren’t?
For a financial services business and for a regulator, a license provides clarity. The business knows who is supervising their activity, has someone to talk to when they want to be sure they are complying with laws, and provides confidence they are permitted to operate in a state. The state regulator who issues the license is able to see into the operations of financial services that are impacting their communities, making it easier to keep businesses in compliance and benefit their local economies.But there’s a third party in this relationship that is critically important to business and regulator alike: the consumer. Sometimes, a consumer has a question or problem with a financial services business, and they need to reach out to their regulator. They want to know: Is what’s happening here legal? Do I have other options? How do I resolve my issue? That’s where consumer complaints come in. For most of regulatory history, a Consumer Complaint would be a pretty linear relationship. A consumer would fill out a form or call their regulator, the regulator would ask questions of the business, and then the regulator would report back to the consumer their findings and what, if anything, is to be done.But just as technology has changed how a business gets its license, and just as technology is just now changing how businesses get examined, we are very close to seeing a new way consumer complaints are handled. This new system will be faster, more organized, and easier for regulators and businesses alike. For the sake of consumers, it will provide regulators a better view into the entire history of a business, compliance and complaints alike. And, if everything goes as planned, this system could radically simplify how consumers get their voices heard.Today, I talk to the masterminds behind this new system to learn more.
In this soundbite, CSBS Senior Director and Non-Depository Counsel Matt Lambert walks us through how transactions involving cryptocurrencies are regulated, which activities are licensed at the state level, what "on ramps and off ramps" are, and more.
In this mini-podcast, we answer the question "What is an agent of the payee? Are they licensed? How are they regulated?"
In this mini-episode, we ask what qualifies as a Money Services Business and who regulates them.
CSBS COVID-19 Resource Page: https://www.csbs.org/mortgage-relief-coronavirusShow notes: www.csbs.org/covid-pod10The current economic situation is unprecedented. How do you put it into perspective? We compare unemployment and jobless claims to crises past and try to get a handle on just how severe of a downturn we are having.People are reporting struggles with their mortgage servicers and getting forbearance or other mortgage payment relief. CSBS and the Consumer Financial Protection Bureau released a consumer relief guide to explain your rights when asking for forbearance and what to expect when you call your servicer.There’s still more than $100 billion left in Paycheck Protection Program money for small businesses. But what is it like on the ground for business owners applying? We highlight one firm’s experience getting a loan.And last but not least, the U.S. House of Representatives passed a $3 trillion package. The bill seems to be a starting point for negotiations with the Senate, but what all is in it?
Today, I’d like to focus on a group undergoing a tremendous amount of change, both because of COVID-19 and in spite of it: financial regulators. Next week, state and federal regulators will meet as they do every year, albeit digitally, at the State-Federal Supervisory Forum. The forum provides an opportunity for regulators to connect, learn, and find new ways to collaborate with one another.
What happens when you put $669 billion of grants and loans into the financial system all at once? An expert talks about how the program is intended to work and changes over time. In a rush against the clock, a small business owner tries to get a loan for herself and for a minority-owned business client. An expert on community banks explains how they fit into the program.
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