Simply Stated - A Podcast on All Things State Finance

For more information on updates to NMLS Modernization and how to get involved, visit the NMLS Modernization page on the CSBS website.Since the NMLS Annual Conference & Training in February, there's been a lot of excitement around “NMLS Modernization.” Today, CSBS launched several new features and changes in NMLS as a part of this modernization effort. I sit down with Dave Dwyer, Senior Vice President of Business Services at CSBS, to learn about the changes available to NMLS users today and what's to come as NMLS Modernization continues.

Community banker sentiment remains near-neutral for a second quarter but is still rising; in the second quarter of 2024, the Community Bank Sentiment Index (CBSI) reached its highest level recorded since 2021. CSBS Chief Economist Tom Siems joins us today to explore what is driving a near-neutral sentiment from community bankers, how uncertainty impacts a community bank's outlook, and what regulators and compliance experts should take from this quarter's CBSI reading. 

Are we finally starting to see the long-awaited cooldown in economic activity? CSBS Chief Economist Tom Siems takes us along for a deep dive into interest rate data, market fluctuations, and the current state of commercial real estate and office lending. And, as always, we ask: what should regulators an the industries be looking out for in the current economic climate?

Regulators take confidentiality seriously. So, when regulators from different states, agencies, or industries need to communicate, how do they do it? As it turns out, regulators spend months (and sometimes years) carefully setting up the infrastructure and processes so that, when the need arises to communicate with one another, they know exactly what can be shared with whom and when.This week, Matt Lambert sits down with me to talk through these "information sharing agreements," why they matter, the work that goes into making them, and what the industry should know about how their regulators communicate. Guest: Matt Lambert, CSBS Deputy General Counsel - Policy 

Community banker sentiment remains negative for a ninth straight quarter, but things are looking up; in the first quarter of 2024, the Community Bank Sentiment Index (CBSI) reached its highest level recorded since 2021. CSBS Chief Economist Tom Siems joins us today to look deeper into the driving forces behind community banker negativity, why their negative sentiment is trending toward positivity, and what regulators and compliance experts should take from this quarter's CBSI reading. 

GuestRich Madison, Vice President, Credentialing and Accreditation ProgramsIn today's episode, we discuss:What a mortgage broker's license isWhat it means for your mortgage broker to be licensedWhere you can search for a licensed or registered mortgage brokerWho to contact if you have concerns

In the epilogue, we ask regulators to share their insights on the importance of NMLS, what we gain from a state-federal regulatory partnership and lessons learned from the NMLS development process.About "The Making of NMLS" SeriesThe Housing and Economic Recovery Act, or HERA, was signed into law fifteen years ago on July 30, 2008. HERA included the SAFE Act, which required mortgage loan originators to register or be licensed in the Nationwide Multi-State Licensing System (NMLS).In celebration of 15 years of NMLS, CSBS is releasing a podcast series about the creation of NMLS. Join us each week through August as we interview the regulators and leaders responsible for one of history's most ambitious 50-state projects.GuestsVickie Peck - Executive Vice President, Products & SolutionsBuz Gorman - Executive Vice President, General CounselJohn Ryan - Former CSBS President and CEONeil Milner - Former CSBS President and CEOBill Matthews - Former President and CEO of State Regulatory Registry LLCSteve Antonakes - Former Massachusetts Commissioner of Banks; Former Deputy Director of the CFPBGavin Gee - Former Director of the Idaho Department of Finance; Former CSBS ChairJoe Smith - Former North Carolina Commissioner of BanksTom Gronstal - Former Superintendent of Banking in IowaDarrin Domingue - Former Chief Examiner of the Louisiana Office of Financial Institutions

When we left off from the last episode in September 2005, the CSBS Board of Directors had just approved the development of NMLS. In episode four, we discuss the significant trouble brewing in the mortgage market in 2006. As the mortgage crisis unfolded, state regulators pushed forward with the development of NMLS. As Congress investigated the crisis, state regulators shared NMLS as a possible solution for reigning in the market.About "The Making of NMLS" SeriesThe Housing and Economic Recovery Act, or HERA, was signed into law fifteen years ago on July 30, 2008. HERA included the SAFE Act, which required mortgage loan originators to register or be licensed in the Nationwide Multi-State Licensing System (NMLS).In celebration of 15 years of NMLS, CSBS is releasing a podcast series about the creation of NMLS. Join us each week through August as we interview the regulators and leaders responsible for one of history's most ambitious 50-state projects.GuestsVickie Peck - Executive Vice President, Products & SolutionsBuz Gorman - Executive Vice President, General CounselJohn Ryan - Former CSBS President and CEONeil Milner - Former CSBS President and CEOBill Matthews - Former President and CEO of State Regulatory Registry LLCSteve Antonakes - Former Massachusetts Commissioner of Banks; Former Deputy Director of the CFPBGavin Gee - Former Director of the Idaho Department of Finance; Former CSBS ChairJoe Smith - Former North Carolina Commissioner of BanksTom Gronstal - Former Superintendent of Banking in IowaDarrin Domingue - Former Chief Examiner of the Louisiana Office of Financial Institutions

In episode three, we discuss the work that went into building NMLS and the opposition faced along the way. Staff worked to harmonize legislative and regulatory requirements across state agencies, develop uniform documents, gather feedback from the mortgage industry and work out the funding and maintenance structure of the system. The episode culminates with a look at the debate between states on whether to launch and adopt the system.Producer's Note:  In this episode, the host refers to the SAFE Act passing in July 2007. HERA and the SAFE Act passed July 30, 2008. In addition, the host mentions the states being given one year to adopt NMLS. While every state held a legislative session within one year, the SAFE Act provided two years for states to adopt NMLS.About "The Making of NMLS" SeriesThe Housing and Economic Recovery Act, or HERA, was signed into law fifteen years ago on July 30, 2008. HERA included the SAFE Act, which required mortgage loan originators to register or be licensed in the Nationwide Multi-State Licensing System (NMLS).In celebration of 15 years of NMLS, CSBS is releasing a podcast series about the creation of NMLS. Join us each week through August as we interview the regulators and leaders responsible for one of history's most ambitious 50-state projects.GuestsVickie Peck - Executive Vice President, Products & SolutionsBuz Gorman - Executive Vice President, General CounselJohn Ryan - Former CSBS President and CEONeil Milner - Former CSBS President and CEOBill Matthews - Former President and CEO of State Regulatory Registry LLCSteve Antonakes - Former Massachusetts Commissioner of Banks; Former Deputy Director of the CFPBGavin Gee - Former Director of the Idaho Department of Finance; Former CSBS ChairJoe Smith - Former North Carolina Commissioner of BanksTom Gronstal - Former Superintendent of Banking in IowaDarrin Domingue - Former Chief Examiner of the Louisiana Office of Financial Institutions

In episode two, we start with an interview with then-CSBS President and CEO John Ryan. John shares the story behind when state regulators decided it was time to develop a nationwide licensing system. We determine exactly who had the idea first, the initial reaction of commissioners in 2003 and what ultimately led to embarking on the creation of NMLS.About "The Making of NMLS" SeriesThe Housing and Economic Recovery Act, or HERA, was signed into law fifteen years ago on July 30, 2008. HERA included the SAFE Act, which required mortgage loan originators to register or be licensed in the Nationwide Multi-State Licensing System (NMLS).In celebration of 15 years of NMLS, CSBS is releasing a podcast series about the creation of NMLS. Join us each week through August as we interview the regulators and leaders responsible for one of history's most ambitious 50-state projects.GuestsVickie Peck - Executive Vice President, Products & SolutionsBuz Gorman - Executive Vice President, General CounselJohn Ryan - Former CSBS President and CEONeil Milner - Former CSBS President and CEOBill Matthews - Former President and CEO of State Regulatory Registry LLCSteve Antonakes - Former Massachusetts Commissioner of Banks; Former Deputy Director of the CFPBGavin Gee - Former Director of the Idaho Department of Finance; Former CSBS ChairJoe Smith - Former North Carolina Commissioner of BanksTom Gronstal - Former Superintendent of Banking in IowaDarrin Domingue - Former Chief Examiner of the Louisiana Office of Financial Institutions

In episode one, we discuss the financial conditions in the early 2000s. Allegations of predatory lending, an increased number of applications of unqualified individuals to issue mortgages, and increasingly risky behavior in the mortgage market all caught the attention of state financial regulators. Seeing this growing trend, some regulators gathered at CSBS meetings in search of solutions.About "The Making of NMLS" SeriesThe Housing and Economic Recovery Act, or HERA, was signed into law fifteen years ago on July 30, 2008. HERA included the SAFE Act, which required mortgage loan originators to register or be licensed in the Nationwide Multi-State Licensing System (NMLS).In celebration of 15 years of NMLS, CSBS is releasing a podcast series about the creation of NMLS. Join us each week through August as we interview the regulators and leaders responsible for one of history's most ambitious 50-state projects.GuestsVickie Peck - Executive Vice President, Products & SolutionsBuz Gorman - Executive Vice President, General CounselJohn Ryan - Former CSBS President and CEONeil Milner - Former CSBS President and CEOBill Matthews - Former President and CEO of State Regulatory Registry LLCSteve Antonakes - Former Massachusetts Commissioner of Banks; Former Deputy Director of the CFPBGavin Gee - Former Director of the Idaho Department of Finance; Former CSBS ChairJoe Smith - Former North Carolina Commissioner of BanksTom Gronstal - Former Superintendent of Banking in IowaDarrin Domingue - Former Chief Examiner of the Louisiana Office of Financial Institutions

In the prologue, we speak with Vickie Peck, Executive Vice President of Products & Solutions, to reflect on how licensing through NMLS has advanced over the past 15 years.About "The Making of NMLS" SeriesThe Housing and Economic Recovery Act, or HERA, was signed into law fifteen years ago on July 30, 2008. HERA included the SAFE Act, which required mortgage loan originators to register or be licensed in the Nationwide Multi-State Licensing System (NMLS). In celebration of 15 years of NMLS, CSBS is releasing a podcast series about the creation of NMLS. Join us each week through August as we interview the regulators and leaders responsible for one of history's most ambitious 50-state projects.GuestsVickie Peck - Executive Vice President, Products & SolutionsBuz Gorman - Executive Vice President, General CounselJohn Ryan - Former CSBS President and CEONeil Milner - Former CSBS President and CEOBill Matthews - Former President and CEO of State Regulatory Registry LLCSteve Antonakes - Former Massachusetts Commissioner of Banks; Former Deputy Director of the CFPBGavin Gee - Former Director of the Idaho Department of Finance; Former CSBS ChairJoe Smith - Former North Carolina Commissioner of BanksTom Gronstal - Former Superintendent of Banking in IowaDarrin Domingue - Former Chief Examiner of the Louisiana Office of Financial Institutions

The Model Money Transmission Modernization Act, also known as the Money Transmitter Model Law, is a single set of nationwide standards and requirements created by industry and state experts. We speak with two CSBS experts on money transmission to learn how this model law came to be, what it accomplishes and how it's being implemented nationwide.GuestsMatt Lambert - Deputy General Counsel, Policy, CSBSCamille Polson - Manager, Policy Development, CSBS

CSBS Chief Economist Tom Siems shares findings from the most recent CSBS Community Bank Sentiment Index, an index derived from quarterly polling of community bankers across the nation. We discuss community bankers' lowest sentiment reading since the start of measurement and what is driving it. Plus, we explore what makes the Community Bank Sentiment Index unique compared to other indicators used by economists.

State regulators have an important mandate that requires them to protect consumers, ensure the safety and soundness of their institutions and promote economic growth. Today we talk about the priorities of state regulators in 2023, focusing on legislation, state-federal partnerships and Networked Supervision.Guests:Jim Cooper - President and CEO, CSBSKaren Lawson - Executive Vice President of Policy and Supervision, CSBS 

CSBS Chief Economist Tom Siems shares the findings from the most recent CSBS Community Bank Sentiment Index, an index derived from quarterly polling of community bankers across the nation. We discuss community bankers' negative sentiment for the end of 2022 and their top concerns looking into the new year. Plus, we explore where community bankers think we are in the business cycle compared to the consensus of economists. 

This week, we talk with CSBS Information Security Manager Richard Mensah about common cybersecurity threats to financial institutions, organizations designed to help combat cyber-threats, and tools state regulators have created for executive leaders to approach cybersecurity at their companies.

"States of the Economy" is a monthly look at the economic picture across the country. In this episode CSBS Chief Economist Tom Siems and host Matt Longacre discuss what the latest inflation and jobs numbers, business confidence measures and more are telling us about the current trajectory of the U.S. economy.

Community Banks Adapting to the Digital AgeGuests:CSBS Chief Economist Thomas F. SiemsFederal Reserve Bank of St. Louis Supervision Policy, Research and Analysis Manager Meredith A. Covington Temple University Professor of Finance and CSBS Adjunct Research Scholar Jonathan A. Scott In this episode, we explore how community banks are adapting to a changing digital landscape by analyzing banking and technology questions from the 2021 CSBS National Survey of Community Banks. 

Today, we explore the challenges behind curbing inflation, the tools available to the Federal Reserve to do so, and the consequences of the Fed acting too aggressively or too gently."States of the Economy" is a monthly look at the economic picture across the country. In this episode CSBS Senior Economist Tom Siems and host Matt Longacre discuss what the latest inflation and jobs numbers, business confidence measures and more are telling us about the current trajectory of the U.S. economy.

"States of the Economy" is a monthly look at the economic picture across the country. In this episode CSBS Senior Economist Tom Siems and host Matt Longacre discuss what the latest inflation and jobs numbers, business confidence measures and more are telling us about the current trajectory of the U.S. economy.

"States of the Economy" is a monthly look at the economic picture across the country. In this episode CSBS Senior Economist Tom Siems and host Matt Longacre discuss what the latest inflation and jobs numbers, business confidence measures and more are telling us about the current trajectory of the U.S. economy.

CSBS Senior Vice President Tim Doyle sits down with me to explain what exactly makes a license a license. We discuss the difference between a license and charter, why licenses exist, what a license does and does not mean for a consumer, how licensing has changed and how NMLS helps consumers make good choices when shopping for financial services.

Community bankers are slightly more optimistic about future business conditions and the economic outlook than they were at the end of last year but are more concerned about future profitability than at any point since the pandemic began, according to the most recent Community Bank Sentiment Index (CBSI). "States of the Economy" is a monthly look at the economic picture across the country. In this episode CSBS Senior Economist Tom Siems and host Matt Longacre discuss what the latest inflation and jobs numbers, business confidence measures and more are telling us about the current trajectory of the U.S. economy.

"States of the Economy" is a monthly look at the economic picture across the country. In this episode CSBS Senior Economist Tom Siems and host Matt Longacre discuss what the latest inflation and jobs numbers, business confidence measures and more are telling us about the current trajectory of the U.S. economy.

"States of the Economy" is a monthly look at the economic picture across the country. In this episode CSBS Senior Economist Tom Siems explains how supply chain issues and fluctuating demand complicate the nation's economic recovery.From the Show: The Beer Game

"States of the Economy" is a monthly look at the economic picture across the country. In this episode CSBS Senior Economist Tom Siems and host Matt Longacre discuss what the latest inflation and jobs numbers, business confidence measures and more are telling us about the current trajectory of the U.S. economy.

"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.

In this episode of "States of the Economy," our monthly look at the latest economic data, Sr. Economist Tom Siems discusses the "2021 bond market conundrum," supply-side issues that are restraining the recovery, and what regulators should be keeping an eye on over the coming months.

"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:Jim Park, Executive Director, Appraisal SubcommitteeGreg Gonzales, Commissioner, Tennessee Department of Financial InstitutionsToday, we discuss what appraisers do, why they matter, what it takes to become an appraiser and the challenges and opportunities facing the industry today.

"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.

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.

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 Committee Kirstin Anderson – Oregon Director and President of the American Association of Residential Mortgage Regulators Over 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. -- Today, there are so many innovative ways you can send money to others. But the story behind how your money moves from Point A and Point B safely and how so many companies can build these new apps to help you do so is anything but. Today, we interview several experts to find out how your money moves, who keeps track of it and where it's going, who polices the companies that take your money and move it, and how the American system is uniquely designed to work better than other systems. Timestamps: - 1:35 - What is a "payment?" - 2:45 - What is a mobile payment? - 3:26 - Payments over the past 100 years - 9:05 - Who supervises payment companies? - 10:20 - How do so many new companies get involved in payments? - 11:40 - What happens to your cash if a new company fails? How is the American system different? - 13:57 - Can the federal government effectively supervise payments companies? - 15:45 - What are the consequences of a centralized supervisor for payments? - 16:28 - Is a federal payments charter legal? - 17:58 - The OCC tries to ignore a court decision

Guest: Chuck Cross, Senior Vice President of Non-Bank Supervision Host: Matt Longacre Supervision 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.pdf COVID-19 Consumer Relief Guide: https://www.csbs.org/mortgage-relief-coronavirus Examiner Guidance for CARES Act Examinations: Information Request - https://www.csbs.org/cares-exam-information-request Procedures - https://www.csbs.org/cares-exam-general-procedures Review 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 Trusts Host: Matt Longacre Timestamps 2:22 - 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-coronavirus Show notes: www.csbs.org/covid-pod10 The 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.