Credit Eco To Go

Season 4 of #CreditEcotoGo begins with an in-depth conversation about “data portability”.  Section 1033 of Dodd-Frank authorized the #CFPB to write rules around personal financial data rights. Former CFPB Assistant Director, Corey Stone, joins the podcast to discuss the goals of 1033 and whether the proposals went far enough. The data landscape has changed since Congress included this “sleeper” section into the Act. Corey believes the last decade shows us that industry has caught up to what Congress had in mind back in 2011 and therefore the CFPB’s proposals may not be such a heavy lift after all. The question remains whether this will promote competition as the CFPB’s narrative suggests, or will it, like most regulations, result in a “too small to succeed” scenario. Tune in…. 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 ecosystem is a circular environment. There is no beginning or end. In #financialservices, the loan origination may begin the process but the decisions made from that starting point will be impactful through the life of the transaction, especially if the loans are sold to the secondary market. This lack of consistency has been a challenge not only for the debt sale market but also for those who want to regulate it. To bring some clarity to the matter, Rebekah (Bekah) Luebcke, Vice President of Operations of Crown Asset Management, stops by #creditecotogo to discuss what entities need to know (as well as what they need to do) if they intend to sell unsecured debt into the secondary market.  The secondary market is nothing new, just look at the mortgage industry, yet there is significant scrutiny upon the unsecured debt market when debt is sold. The response to that scrutiny has been a patchwork of laws and regulations that are inconsistent from state to state. Bekah discusses her experience working on behalf of the industry to educate and inform stakeholders in order to bring much needed consistency within the space. 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.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.

As the headwinds of a turning economy impact more and more consumers, understanding how #debtsettlement fits into the credit ecosystem makes for a timely conversation. Teresa Dodson, founder of Greenbacks Consulting and the leading expert on debt settlement, stops by #creditecotogo to set the record straight about debt settlement. Consumers enrolled in legitimate debt settlement companies want to resolve their debts; they are not looking for excuses or loopholes from their responsibilities. However, the average consumer looking for assistance from debt settlement companies are juggling 6-8 credit cards at a time. A consumer can try to tackle that reality on their own but more likely it will become overwhelming, Teresa also tells us that consumers’ priorities have flipped. Prior to the pandemic consumers focused on their credit, now consumers are more concerned about paying for their necessities (i.e. food, clothing, shelter and transportation). To meet these new priorities, debt settlement companies will be instrumental in bringing important services to consumers. 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.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.

Ensuring #fairness at all levels in financial services is the new norm. But how do you do it and how do you know when it is achieved? Kareem Saleh, CEO and Founder of FairPlay AI stops by #CreditEcoToGo to talk about his platform and new #ai fairness methodologies, which do a better job in assessing risk, while at the same time expanding opportunities for credit access. Kareem tells us that “fairness through awareness” and machine-learning algorithms always need to be challenged and refined. Rather than settling for one result, Fairplay exposes their algorithms during model development for alternative outcomes that might not have been well-represented in the first round of data, making the data more sensitive to disadvantaged groups. Kareem hopes this philosophy will enable all financial service entities within the credit cycle, to continue to harness data for the benefit of all consumers. #financialservice #equalaccess #fintech 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.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 cautious optimism that 2022 will be the year that federal legislation will open the door to the banking of cannabis transactions. But is the Safe Banking Act the answer? On the  latest episode of #CreditEcotoGo with Joann Needleman, Peter Su, Senior Vice President of Green Check Verified manages our expectations and tells us that the real issue is the lack of “capability, capacity, and cost”. The regulatory burden of taking on cannabis customers is significant for financial institutions.  The Safe Banking Act does not address how banks will be supervised and examined by prudential regulators. Adding to this confusion, some states like New York, are implementing policies like “Justice Involved”, which allows applicants who have had convictions for minor marijuana infractions to go to the head of the line when applying for a retail license. The standard customer due diligence policies and anti-money laundering regulations do not align with these potential banking customers and in the end their banking services will cost more. 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.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.

In the last decade, the CFPB has tried to tackle the question of innovation through partnerships and No-Action Letters. First, there was Project Catalyst which resulted in very few collaborations and a small amount of No-Action Letters. Then there was the Office of Innovation which stood up the Compliance Assistance Sandbox which approved only 3 applications. Now the newly re-tooled Office of Competition and Innovation looks to continue these innovation partnerships but will it succeed? Nat Hoopes, VP and Head of Public Policy and Regulatory Affairs at Upstart stops by #creditecotogo to talk about the challenges of a regulatory partnership. While a No-Action Letter can offer a fintech or financial services entity an opportunity to “innovate in plain sight”, the time and available resources may not be attractive to many companies. For Upstart, the experience and collaboration with the CFPB was very positive but others may see that the juice is not worth the squeeze. 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.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.

Text and email are not digital versions of a letter or a telephone call. There has to be a strategy that includes consumer consent but also a willingness by that same consumer to continue the conversation. Enter Quanta Credit Services, a new innovative digital-first solutions provider that manages communication strategies. Aleks Whitchurch, CEO and Co-Founder of Quanta stops by the next episode of #creditecotogo to talk about the nuts and bolts of the digital communications journey and the many paths that journey can take. Aleks tells us this is not a volume game but a problem-solving game. Quanta’s data shows that how you treat the consumer and customize the conversation can make a measurable difference. 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.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.

In a very crowded #fintech market, #CreditEcotoGo welcomes Sedric to the podcast. Voted the Most Promising Fintech Startup of 2022 by #Citi and #Visa,  Sedric is an AI solution which systemically implements the most critical part of a financial institution’s compliance management system: risk detection and remediation. Rather than wait a week or a month for the results of an audit report, Sedric identifies risk and provides on-demand real-time training in order to remediate the risk. Our guests tells us that you don’t have to sacrifice consumer protection for growth, rather consumer protection ultimately protects the financial services system. 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.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 co-Founders of @Creditas, India’s leading technology provider in the delinquent management space, are our guests to kick off the 3rd season of @ClarkHillLaw’s #CreditEcoToGo. Anshuman Panwar and Madan Srinivasan share their observations of the US collections market, where they hope to launch shortly, and the unique architecture of their technology that was built with the consumer in mind. Madan tells us that the US market has all the correct building blocks; the key is how to stitch them together to create a frictionless system that is not based upon morality. Anshuman uses the term “#neocollections” which puts the power back into the hands of the consumer through a complete digital solution. Both believe that this new approach to technology will be a disrupter in the marketplace.  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.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.

Financial services reporters, Kate Berry, American Banker, Jon Hill, Law360, and Evan Weinberger, Bloomberg Law stop by #CreditEcoToGo with Joann Needleman for a year-end recap and forecasting for 2022. Our guests provide their insight and historical perspective of the #CFPB during this past year and where the agency is headed under recently confirmed Director, Rohit Chopra.  The politicization of the CFPB remains and all agree it may have gotten worse given that the Director now works at the pleasure of the President. Each guest makes the case for why industry should expect a wild ride in the coming year. Big-Tech will clearly be in the cross hairs but the consensus is that all financial services verticals will be subject to extensive supervision and enforcement. The recent riff at the FDIC and the CFPB’s efforts to influence banking policy will make for a tumultuous 2022. 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.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.