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Credit Eco To Go

Author: Clark Hill

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Clark Hill's Joann Needleman, a leading financial services attorney, provides bite-sized hot topics in the consumer finance space. Contact the team at creditecotogo@clarkhill.com.
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Todd Kleperis has spent his life taking risks. From military veteran to Harvard University, Todd never shied away from a challenge. It's no surprise that Todd now makes his living serving high-risk industries in the financial services eco-system. The founder of PayZel, Todd assists financial institutions with the implementation of their bank secrecy and anti-money laundering compliance policies while taking on high-risk depositors. Todd will tell you that banks with innovative boards utilizing sound governance policies can effectively manage this risk and slay the dragon.  DISCLAIMER – No information contained in this Podcast or on this Website shall constitute financial, investment, legal and/or other professional advice and that no professional relationship of any kind is created between you and podcast host, the guests or Clark Hill PLC. You are urged to speak with your financial, investment, or legal advisors before making any investment or legal decisions.
Francis Creighton, President and CEO of the Consumer Data Industry Association (#CDIA) stops by #CreditEcoToGo to talk about the core fundamentals of the credit reporting system and the challenges ahead for 2021.  While state and federal regulators have been laser-focused on credit reporting accuracy, Francis tells us there are two bigger challenges. First is ensuring that more people can be included in the credit reporting system in order to gain better access to credit, Second is the policing of fraudsters who are preying on consumers with poor credit and promising them the removal of accurate information from their credit reports. Accuracy ensures that lenders make informed decisions about creditworthiness. The desire to remove negative information or not report negative information, even if accurate, is not a benefit to either the consumer or the lender. If we want the credit ecosystem to work, the truth must be told. #creditreporting #financialservicesDISCLAIMER – No information contained in this Podcast or on this Website shall constitute financial, investment, legal and/or other professional advice and that no professional relationship of any kind is created between you and podcast host, the guests or Clark Hill PLC. You are urged to speak with your financial, investment, or legal advisors before making any investment or legal decisions.
On this episode of CreditEcoToGo, former CFPB Deputy Director, Tom Pahl, stops by to talk Regulation F. Tom has been the point person on #debtcollection policy while serving at both the FTC and the CFPB. The final debt collection was a decade in the making and Tom talks about the challenges faced by the Bureau and the evolution of the process which resulted in the final rule. Tom does not believe the rule will be rescinded or repealed but certainly changes could be made once a new director is installed at the CFPB. The final rule is not the end of the process. Tom encourages industry to continually engage with the Bureau to ensure that the regulations fulfill its promise of protecting consumers while at the same time ensuring that industry can comply.DISCLAIMER – No information contained in this Podcast or on this Website shall constitute financial, investment, legal and/or other professional advice and that no professional relationship of any kind is created between you and podcast host, the guests or Clark Hill PLC. You are urged to speak with your financial, investment, or legal advisors before making any investment or legal decisions.
Industry expert, Cristy Ward, Chief Strategy Officer for Mortgage Connect stops by Clark Hill’s Credit Eco To Go to discuss the state of the mortgage industry during and after the pandemic. The mandates of the CARES Act and the rush to refinance created unique struggles for the industry. However, Cristy explains that overall the industry did a great job weathering the storm by embracing technology which ultimately benefitted borrowers and will continue to be a positive for consumers going forward. Cristy is also the Founder and Director of the Women Empowering Women executive council – a group of leading Mortgage Banking women who serve the industry through peer-to-peer collaboration, executive coaching, and mentoring for women in banking. A fitting guest for our month-long celebration of #womenshistorymonth2021.DISCLAIMER – No information contained in this Podcast or on this Website shall constitute financial, investment, legal and/or other professional advice and that no professional relationship of any kind is created between you and podcast host, the guests or Clark Hill PLC. You are urged to speak with your financial, investment, or legal advisors before making any investment or legal decisions.
The XYZ’s of the PPP

The XYZ’s of the PPP

2021-03-2430:57

Credit Eco to Go concludes #womenshistorymonth2021 with a long overdue discussion about the Paycheck Protection Program (#PPP). Kathryn “Kate” Rock, Partner at Guidehouse, incoming President of Women in Housing & Finance and one of the foremost authorities of the #PPP, stops by the podcast to talk about this transformational government program. For borrowers, the PPP was a business lifeline to get through the economic struggles brought on by the pandemic. For lenders, the PPP was a mixed bag of operational challenges and confusing regulations. At the same time, it was an expansion of business development opportunities for new and existing customers. The PPP is now in its second iteration. However as Kate tells us, the next challenge for lenders will be the servicing of these loans over the next five (5) plus years. DISCLAIMER – No information contained in this Podcast or on this Website shall constitute financial, investment, legal and/or other professional advice and that no professional relationship of any kind is created between you and podcast host, the guests or Clark Hill PLC. You are urged to speak with your financial, investment, or legal advisors before making any investment or legal decisions.
Credit Eco to Go welcomes Amy Mertz Brown to the podcast to continue our celebration of #womenshistorymonth2021. Amy was one of the first hires at the CFPB where she helped establish and build the agency’s in-house legal department. Amy worked closely with initial CFPB leadership including Elizabeth Warren, the Bureau’s first confirmed Director, Richard Cordray, and with Rohit Chopra, who is likely to be confirmed as the next Director in the coming weeks.  Amy shares her insights about Chopra’s leadership style and what she believes his priorities will be as the Bureau develops under his direction. Spoiler alert: policy will drive Chopra’s agenda, so industry needs to be engaging the Bureau now. DISCLAIMER – No information contained in this Podcast or on this Website shall constitute financial, investment, legal and/or other professional advice and that no professional relationship of any kind is created between you and podcast host, the guests or Clark Hill PLC. You are urged to speak with your financial, investment, or legal advisors before making any investment or legal decisions.
The celebration of #womenshistorymonth2021 continues. Subject matter expert, Alma Angotti, joins the podcast and provides our Credit Eco to Go listeners with a much-needed education on cryptocurrency and blockchain technology.  Cryptocurrency is not a substitute for hard currency but the infrastructure behind it; blockchain technology has the power to disrupt traditional financial services. Blockchain technology is immutable, meaning it can’t be changed, so it is easier to trace. Think of a chip on your cell phone that provides your location. This technology coupled with cryptocurrency provides instantaneous value with little settlement risk, unlike traditional banking. However, the unknown of “crypto” is valuation. So before you buy that Tesla, it's best to know what your “coins” are worth. DISCLAIMER – No information contained in this Podcast or on this Website shall constitute financial, investment, legal and/or other professional advice and that no professional relationship of any kind is created between you and podcast host, the guests or Clark Hill PLC. You are urged to speak with your financial, investment, or legal advisors before making any investment or legal decisions.
Clark Hill’s Credit Eco to Go kicks off Women’s History Month with best-selling author Mary Shores.  Mary’s unbelievable journey from overcoming incredible odds to successful business owner to industry expert is inspirational. Along the way, she developed and unlocked the science to effectively communicating with consumers about their financial reality. As Mary says, “All consumers want is to be heard and to be understood.”  Mary is hopeful that expanded technology channels, especially in the debt collection space, will help consumers achieve this goal. DISCLAIMER – No information contained in this Podcast or on this Website shall constitute financial, investment, legal and/or other professional advice and that no professional relationship of any kind is created between you and podcast host, the guests or Clark Hill PLC. You are urged to speak with your financial, investment, or legal advisors before making any investment or legal decisions.
Clint Lotz, President and Founder of TrackStar stops by Clark Hill’s Credit Eco to Go to talk not only about data, but he weighs into the debate of data regulation. More and more states are enacting laws that give consumers more control over their own data. Industry opposes a fragmented regime and instead favors a national standard.  Clint disagrees and sees states being in a better position to align their privacy laws with the needs of their constituents. At the federal level, Clint sees agencies like the CFPB weighing into the regulation of data, especially when the economy starts to recover and lending increases. Ultimately the consumer needs to know whether their own data will be their friend or foe. DISCLAIMER – No information contained in this Podcast or on this Website shall constitute financial, investment, legal and/or other professional advice and that no professional relationship of any kind is created between you and podcast host, the guests or Clark Hill PLC. You are urged to speak with your financial, investment, or legal advisors before making any investment or legal decisions.
There is much speculation that 2021 could be the year that Congress enacts meaningful legislation to allow marijuana related  businesses (MRBs) to access financial services. Steven Kemmerling, CEO of CRB Monitor, stops by Clark Hill’s Credit Eco to Go to discuss what banks are doing now to manage risk for their current depositors who may only have remote or indirect ties to MRBs. Although the data from the Financial Crimes Enforcement Network (FIN Cen) suggests several hundred banks are currently servicing cannabis customers, that number is deceiving. In actuality the number of banks who are knowingly servicing cannabis customers is quite small.  According to Steve, federal legislation will not remove the high risk element of cannabis banking. Like other high risk yet legal industries such as gambling and gun sales, banks will still need to invest in a costly compliance infrastructure passing that expense along to the depositor. Only when the federal government takes a wholistic approach to cannabis banking, will banks be willing to wholly adopt and provide financial services on a large scale.   DISCLAIMER – No information contained in this Podcast or on this Website shall constitute financial, investment, legal and/or other professional advice and that no professional relationship of any kind is created between you and podcast host, the guests or Clark Hill PLC. You are urged to speak with your financial, investment, or legal advisors before making any investment or legal decisions.   Funk Game Loop by Kevin MacLeodLink: https://incompetech.filmmusic.io/song/3787-funk-game-loopLicense: http://creativecommons.org/licenses/by/4.0/
Kevin Kelly, leader of Clark Hill’s Government and Regulatory Affairs Group stops by Credit Eco to Go to discuss the changes in Washington and what financial services entities need to do to prepare for the days ahead. Kevin tells us that the priorities for the Biden Administration will be focusing, among other things,  on the economic crisis and passing COVID relief in the form of direct stimulus as well as housing and rental assistance. However, the financial services executive branch agencies will be bringing a fundamentally different approach, focusing more on a populist agenda. With support from Sherrod Brown, who now will Chair the Senate Banking Committee, and Maxine Waters retaining her status as Chairwoman of the House Financial Services Committee, access to credit for underserved people and ensuring fairness and equity in the financial system will drive their agendas. Look for policies that will reflect “recovery for all” and initiatives that ensure the financial services industry is working for everyone.  DISCLAIMER – No information contained in this Podcast or on this Website shall constitute financial, investment, legal and/or other professional advice and that no professional relationship of any kind is created between you and podcast host, the guests or Clark Hill PLC. You are urged to speak with your financial, investment, or legal advisors before making any investment or legal decisions.   Funk Game Loop by Kevin MacLeodLink: https://incompetech.filmmusic.io/song/3787-funk-game-loopLicense: http://creativecommons.org/licenses/by/4.0/
Georgetown Professor Adam Levitin stops by Clark Hill’s Credit Eco to Go to provide his objective perspective on the CFPB's Final Debt Collection Rule.  Overall Adam supports a having clear rules of the road, regardless of whether you agree with the rule itself.  He agrees that having a rule that provides guidance for debt collectors to navigate the electronic ecosystem is very important and was glad to see that a model validation was finalized but believes it will be tweaked over time. Adam does have concerns about the frequency limits with regard to attempts to communicate by telephone and worries that repeated and unwanted calls find their way into harassment. Finally, Adam was very surprised that the CFPB did not move forward with a final rule on time-barred debt but suspects the issue may still be addressed down the road, maybe in a UDAAP rulemaking.  The conversation about debt collection and the debt collection rule may be headed into extra innings. DISCLAIMER – No information contained in this Podcast or on this Website shall constitute financial, investment, legal and/or other professional advice and that no professional relationship of any kind is created between you and podcast host, the guests or Clark Hill PLC. You are urged to speak with your financial, investment, or legal advisors before making any investment or legal decisions.   Funk Game Loop by Kevin MacLeodLink: https://incompetech.filmmusic.io/song/3787-funk-game-loopLicense: http://creativecommons.org/licenses/by/4.0/
Ralph Liberio, President and CEO of NCB Management Services, Inc. stops by Clark Hill’s Credit Eco to Go to discuss the CFPB’s new debt collection rules and the power consumers now have to resolve their debts on their own. NCB’s self-service web-based portals allows consumers to make payments on their own terms and to set their preferences of when and how they want to be communicated with, including opting-in to receiving emails and texts. Ralph tells us that consumers are more responsive and engaging when they have control over the rhythm, flow and “beat” of the communication.  When it comes to debt collections, consumer like to dance on their own. DISCLAIMER – No information contained in this Podcast or on this Website shall constitute financial, investment, legal and/or other professional advice and that no professional relationship of any kind is created between you and podcast host, the guests or Clark Hill PLC. You are urged to speak with your financial, investment, or legal advisors before making any investment or legal decisions.   Funk Game Loop by Kevin MacLeodLink: https://incompetech.filmmusic.io/song/3787-funk-game-loopLicense: http://creativecommons.org/licenses/by/4.0/
A financial services system must work for everyone. But how is that goal achieved? In 1968, President Johnson formed the National Commission on Consumer Finance (NCCF) which later issued a report in 1972 with recommendations of ways to change and improve a growing consumer financial services industry. Over fifty years later, the Consumer Financial Protection Bureau (CFPB) formed a Task Force on Federal Consumer Financial Law. The Task Force was charged with putting together a report which would offer recommendations to meaningfully improve consumer protections and the financial marketplace. Todd Zywicki, Chair of the CFPB’s Task Force and Professor of Law at George Mason University stops by Clark Hill’s Credit Eco to Go to discuss the Task Force’s report and recommendations. The core themes of the report: inclusion (credit access), education, research, and regulatory coordination, are not surprisingly the same themes discussed by the NCCF many decades ago. Todd tells us that members of the Task Force hope this report can bring about an important dialogue around consumer financial services, the role of credit and the appropriate regulatory framework.  DISCLAIMER – No information contained in this Podcast or on this Website shall constitute financial, investment, legal and/or other professional advice and that no professional relationship of any kind is created between you and podcast host, the guests or Clark Hill PLC. You are urged to speak with your financial, investment, or legal advisors before making any investment or legal decisions.   Funk Game Loop by Kevin MacLeodLink: https://incompetech.filmmusic.io/song/3787-funk-game-loopLicense: http://creativecommons.org/licenses/by/4.0/
Addressing the student loan debt has taken on even greater urgency since the advent of the COVID crisis. Several stimulus proposals call for the cancelation of all or up to $50,000 of student loan debt, but would such relief help or hurt the economy?  Mark Goldwein, Senior Vice President and Senior Policy Director for the Committee for a Responsible Federal Budget (CRFB) stops by Clark Hill’s Credit Eco to Go to discuss his latest article “Canceling Student Loan Debt is Poor Economic Stimulus”.  Mark acknowledges that while getting rid of debt can be helpful for debt holders, it is not the appropriate vehicle for economic stimulus. For one it does not change people’s cash flow very much and research shows that for every $1 dollar of student loan forgiveness only $.23 cents is returned to the economy. Mark is a proponent of direct economic stimulus and offers some suggested alternatives to help student loan borrowers both in the short and long term. DISCLAIMER – No information contained in this Podcast or on this Website shall constitute financial, investment, legal and/or other professional advice and that no professional relationship of any kind is created between you and podcast host, the guests or Clark Hill PLC. You are urged to speak with your financial, investment, or legal advisors before making any investment or legal decisions.   Funk Game Loop by Kevin MacLeodLink: https://incompetech.filmmusic.io/song/3787-funk-game-loopLicense: http://creativecommons.org/licenses/by/4.0/
Ray Peloso, CEO of Katabat stops by Clark Hill’s Credit Eco to Go to talk about the CFPB’s final debt collection rule and its effect of giving consumers more power when it comes to communicating about their debts. Katabat is a fluid platform that allows users to develop and design a consumer’s experience in order to adapt to their specific preferences. Ray agrees that technology will be a critical and necessary component to ensure the regulations are implemented to achieve its goal of allowing consumer to “think with their feet” when it comes to debt collection. DISCLAIMER – No information contained in this Podcast or on this Website shall constitute financial, investment, legal and/or other professional advice and that no professional relationship of any kind is created between you and podcast host, the guests or Clark Hill PLC. You are urged to speak with your financial, investment, or legal advisors before making any investment or legal decisions.   Funk Game Loop by Kevin MacLeodLink: https://incompetech.filmmusic.io/song/3787-funk-game-loopLicense: http://creativecommons.org/licenses/by/4.0/
Last week New Jersey, Montana, Arizona and New Jersey voted to legalize recreational marijuana, while South Dakota approved legalization for both recreational and medical. Only 6 states in the country do not permit any use of marijuana with a handful of states permitting only limited medical use. While the majority of states will be benefitting from additional revenue through licensing and taxes, many of these now-legal businesses will still not have sufficient access to financial services and basic banking opportunities. Justin Fischer, CEO and Co-Founder of RiskScout,  stops by the next episode of Clark Hill’s Credit Eco To Go to discuss the challenges small and community banks continue to have attempting to serve these  legal businesses. RiskScout is a platform that streamlines the compliance process in an attempt to level the playing field for community banks. As Justin tells us, challenges also exist in the hemp space, which was legalized at the federal level under the 2018 Farm Bill. Many farmers are turning to hemp as an alternative crop only to be shut out by their local banks, especially community banks,  because they do not have the infrastructure to manage the compliance risks. RiskScout provide these smaller entities a chance to compete. Unless the basic function of banks fully utilized, states seeking to expand their cannabis and hemp footprint will only see their efforts go to waste.  DISCLAIMER – No information contained in this Podcast or on this Website shall constitute financial, investment, legal and/or other professional advice and that no professional relationship of any kind is created between you and podcast host, the guests or Clark Hill PLC. You are urged to speak with your financial, investment, or legal advisors before making any investment or legal decisions.   Funk Game Loop by Kevin MacLeodLink: https://incompetech.filmmusic.io/song/3787-funk-game-loopLicense: http://creativecommons.org/licenses/by/4.0/
Mike Ginsberg, CEO from Kaulkin Ginsberg returns to Clark Hill’s Credit Eco To Go to discuss Business Revolution Week (BRW) which will talk place November 9th-13th, 2020.  For the financial services industry, like many others, attending conferences and meeting with clients is a critical part of business development, networking and education. The pandemic has put brought those interactions to a grinding halt.  BRW not only looks to reconnect all financial services stakeholders virtually but its platform will allow participants to continue the conversation well after the virtual conference is over. Revolutions happen over time but they start with sudden change. BRW will be that catalyst for change. Information about BRW can be found here https://bit.ly/2HYsla2 DISCLAIMER – No information contained in this Podcast or on this Website shall constitute financial, investment, legal and/or other professional advice and that no professional relationship of any kind is created between you and podcast host, the guests or Clark Hill PLC. You are urged to speak with your financial, investment, or legal advisors before making any investment or legal decisions.   Funk Game Loop by Kevin MacLeodLink: https://incompetech.filmmusic.io/song/3787-funk-game-loopLicense: http://creativecommons.org/licenses/by/4.0/
How do you lend responsibly to a generation that is wary of credit? On the next episode of Clark Hills’ Credit Eco to Go, Carl-Alain Memnon, the Co-Founder and COO of Grain Technology, Inc. discusses how his new application (app) looks to solve that problem. Access to credit is a challenge for millennials and Gen-Zs. Rather than looking backwards, Grain seeks to obtain a more current snapshot of a borrower’s credit capability by offering reasonable lines of credit, similar to a debit card.  The app recently graduated from the Arizona Fintech Sandbox where it beta-tested 30 borrowers. Grain looks to build long-term relationships with their borrowers while at the same time improving their financial health. Think of it like an “accountant in your pocket”. DISCLAIMER – No information contained in this Podcast or on this Website shall constitute financial, investment, legal and/or other professional advice and that no professional relationship of any kind is created between you and podcast host, the guests or Clark Hill PLC. You are urged to speak with your financial, investment, or legal advisors before making any investment or legal decisions.   Funk Game Loop by Kevin MacLeodLink: https://incompetech.filmmusic.io/song/3787-funk-game-loopLicense: http://creativecommons.org/licenses/by/4.0/
Data is driving the expansion of financial services. But how do you build data sets that are unique for each financial institution?  Scott Ferris, CEO of Attunely, Inc stops by Clark Hill’s Credit Eco to Go to dissect and demystify the world of big data. The goal is to achieve efficiency and effectiveness by giving machines access to the data so they can learn for themselves.  Scott reminds us that data cannot solve every problem but historical data is a good predicter of future consumer response. “The financial services industry is just going through the same evolution that other vertical industries have gone through” when it comes to the consumer experience. Ensuring that the data is used in the right way and for the benefit of the consumer will be the key. DISCLAIMER – No information contained in this Podcast or on this Website shall constitute financial, investment, legal and/or other professional advice and that no professional relationship of any kind is created between you and podcast host, the guests or Clark Hill PLC. You are urged to speak with your financial, investment, or legal advisors before making any investment or legal decisions.   Funk Game Loop by Kevin MacLeodLink: https://incompetech.filmmusic.io/song/3787-funk-game-loopLicense: http://creativecommons.org/licenses/by/4.0/
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