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In this special crossover episode of The Consumer Finance and Payments Pros podcasts, Carlin McCrory, Keith Barnett, and Chris Willis explore the federal government's increasing attention to "debanking" and what it means for payment processors, money transmitters, banks, and other financial services providers. They discuss recent federal initiatives and agency activity that have heightened scrutiny of decisions to onboard, maintain, or terminate customers and merchants, particularly where those decisions may be perceived as based on political or religious viewpoints. The conversation highlights emerging regulatory theories about when debanking could be treated as an unfair practice, and how those theories align with existing statutory and case law frameworks. The group also examines the interaction between legitimate risk management under the BSA and reputational risk. They close with practical takeaways for the industry, including the importance of revisiting risk and onboarding practices, aligning those practices with evolving regulatory expectations, and maintaining clear documentation to support decisions about customer and merchant relationships in a changing oversight environment. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
What's up, fraud fighters, and welcome back to Fraud Forward!This conversation is one I think a lot of us need right now.Financial services are moving fast. Fintech innovations, AI in financial services, real-time payments, embedded finance, digital assets, and payment systems modernization are all changing how institutions serve members and customers.And let me just assure you, fraud fighters are not anti-innovation.We are not the department of no. We are the people who know what happens when fintech innovation moves faster than controls, when fintech compliance is treated like a checklist, and when fraud risk management gets discussed only after something has already gone wrong.In this episode, I sit down with Nyla Cortes to talk through what fintech innovations really mean for credit unions, community banks, fraud teams, BSA officers, compliance leaders, and frontline staff trying to protect people in real time.Because behind every fraud case is a customer. A member. A family. Someone whose trust, dignity, and financial stability may be permanently affected.That is why this conversation matters.What you'll hear in this episode:A practical look at how fintech innovations are changing fraud risk inside financial institutionsWhy modernization creates opportunity, but also expands the attack surfaceWhat AI governance in financial services needs to look like before something goes wrongHow AI in financial services can support fraud prevention strategies when governance is built inWhy real-time payments require real-time fraud operationsHow fintech partnerships and third-party risk management can introduce hidden exposureWhy fintech risk management has to include fraud, compliance, BSA, AML, operations, and frontline teamsWhat community bank fintech adoption looks like when resources are already stretchedWhy operational readiness matters before losses show up on a reportHow we can support fintech fraud prevention without forgetting the people impacted by crimeThis is not a political conversation. It is not a vendor pitch. It is a practical, honest conversation about what it takes to modernize responsibly.Who should listen:This episode is for the fraud fighters doing the work every day.Fraud directors and fraud analystsBSA and AML officersRisk and compliance leadersCommunity bank and credit union teamsFrontline tellers and member service representativesVendor risk and fintech partnership teamsCybersecurity and payments professionalsRegulators and policy advisorsAnyone trying to balance fintech innovation, fraud prevention strategies, consumer protection, and operational realityIf you are sitting inside a smaller institution thinking, “Holy moly, we are being asked to move faster, but we do not have the same resources as the big banks,” I want you to hear me.You are not behind because you are doing something wrong. You are operating in an environment where fintech innovations are accelerating faster than the resources available to manage the risk.And that means we have to get very intentional.Show Notes:https://www.whitehouse.gov/presidential-actions/2026/05/integrating-financial-technology-innovation-into-regulatory-frameworks/https://www.whitehouse.gov/fact-sheets/2026/05/fact-sheet-president-donald-j-trump-integrates-financial-technology-innovation-into-regulatory-frameworks/https://www.sardine.ai/whitepapers/the-agentic-ai-oversight-framework
The Joint Readiness Training Center is pleased to present the one-hundredth-and-fifty-ninth episode to air on ‘The Crucible - The JRTC Experience.' Hosted by MAJ David Pfaltzgraff, the Brigade Executive Officer Observer – Coach – Trainer and MAJ Marc Howle, the Brigade Senior Engineer / Protection OCT for the Brigade Command & Control (BDE HQ), on behalf of the Commander of Ops Group (COG). Today's guests are subject matter experts across JRTC's Plans / Exercise Maneuver Control: MAJ Amy Beatty, the Senior G-4 Sustainment Planner and CPT Cody Kindle, an S-4 Sustainment Planner. (MAJ Beatty was formerly the TF Executive Officer OCT for Task Force Sustainment (CSSB / LSB).) This episode continues the discussion on base cluster employment TTPs, diving deeper into how sustainment formations are adapting Brigade Support Area operations for survivability and effectiveness on the modern battlefield. The conversation focuses heavily on the realities of dispersing sustainment nodes, balancing survivability against operational efficiency, and the growing complexity of terrain management inside the brigade support area. Leaders discuss the challenges of deconflicting land with artillery positions, planning secondary and tertiary displacement sites, and integrating engineers into survivability efforts for sustainment formations. A major theme throughout the episode is that sustainment survivability is a brigade fight requiring close coordination between sustainers, engineers, fires, and maneuver staffs to properly prioritize protection, movement, and terrain allocation. The discussion also highlights how smaller, dispersed base clusters dramatically reduce vulnerability compared to the legacy “massive BSA” model, but at the cost of increased manpower demands, complexity, and command-and-control challenges. The episode also explores the difficult balance between displacement and survivability in a battlefield dominated by drones, indirect fires, and persistent surveillance. Leaders debate whether sustainment nodes are safer moving or remaining dug in, emphasizing that displacement itself creates risk due to large convoy signatures and limited protected routes. Additional topics include work-rest cycles, security requirements, noise and light discipline, and the importance of conducting detailed manpower calculations before arriving at JRTC. A recurring lesson learned is that sustainment units must deliberately train base cluster operations at home station rather than attempting to improvise them during a rotation. The discussion highlights one Light Support Battalion that successfully avoided detection by OPFOR through exceptional camouflage, dispersion, and discipline, reinforcing that survivability on the modern battlefield often depends less on technology and more on disciplined fundamentals and thoughtful planning. Ultimately, the episode frames base cluster operations as a constantly evolving balance between protection, sustainment throughput, mobility, and operational tempo in large scale combat operations. Part of S13 “Hip Pocket Training” series. For additional information and insights from this episode, please check-out our Instagram page @the_jrtc_crucible_podcast Be sure to follow us on social media to keep up with the latest warfighting TTPs learned through the crucible that is the Joint Readiness Training Center. Follow us by going to: https://linktr.ee/jrtc and then selecting your preferred podcast format. Again, we'd like to thank our guests for participating. Don't forget to like, subscribe, and review us wherever you listen or watch your podcasts — and be sure to stay tuned for more in the near future. “The Crucible – The JRTC Experience” is a product of the Joint Readiness Training Center.
GitHub Discloses Security Breach via Poisoned VS Code Extensionhttps://x.com/github/status/2056949168208552080 Iran Launches Bitcoin-Powered Maritime Insurance Platform "Hormuz Safe"https://x.com/bitcoinnewscom/status/2056099986199232732 SpaceX Holds Nearly 19,000 BTC Valued at $1.29 Billionhttps://x.com/macroscope17/status/2057205538086117590 Trump Executed Over 3,700 Stock Trades in First Quarterhttps://x.com/infraa_/status/2055988212611645663 Trump Executive Order Expands Bank Secrecy Act Requirementshttps://www.therage.co/trump-executive-order-expands-bank-secrecy-act/ The U.S. Can't Lose the Bitcoin Race to China https://www.coindesk.com/opinion/2026/05/19/the-u-s-can-t-lose-the-bitcoin-race-to-china Hodl Hodl Launches Lightning Trading on Mainnethttps://x.com/hodlhodl/status/2057111820268130576 Thailand | Cash Handout Expands State Digital Payments Thailand's regime approved the “Thai Help Thai Plus” scheme, a 175 billion baht relief program covering more than 43 million people. State welfare cardholders will receive 1,000 baht per month automatically, while 30 million others can register through the Pao Tang app for a 60/40 co-payment benefit worth up to 4,000 baht over four months. The funds can only be used at participating merchants between 6 am and 11 pm through the state-linked wallet app, and cash withdrawals are prohibited. The program may help households facing surging fuel and living costs, but it also deepens reliance on government-controlled digital payment infrastructure. When economic relief is tied to identification, apps, spending rules, and approved merchants, support can quickly become another layer of state control. FinancialFreedomReport.org Sparrow Wallet 2.5.0 Released – Adds Silent Payments Supporthttps://github.com/sparrowwallet/sparrow/releases/tag/2.5.0 Zeus LN v13.0.2 Released with RGS Improvements and Bug Fixeshttps://github.com/ZeusLN/zeus/releases/tag/v13.0.2 NostrVPN v4.0.37https://nostrvpn.org Seed Tool v2.3.0https://primal.net/bitcoinqna/6nKZJtCgwY5ATgh9idnlS 3:33 - Eth out 9:43 - TEMS 19:33 - Dashboard 21:18 - Github disclosure 25:53 - Hormuz Safe 44:38 - Trump 60 trades a day 52:13 - US/China bitcoin race 53:22 - Trump expands BSA 1:07:08 - HodlHodl LN trading 1:09:33 - HRF Story of the Week 1:12:03 - Boosts 1:13:18 - Software updates Shoutout to our sponsors: Coinkite https://coinkite.com/ Strike https://strike.me/ Stakwork https://stakwork.ai/ Salt of the Earth https://drinksote.com/rhr Follow Marty Bent: Twitter https://twitter.com/martybent Nostr https://primal.net/marty Newsletter https://tftc.io/martys-bent/ Podcast https://tftc.io/podcasts/ Follow Odell: Nostr https://primal.net/odell Newsletter https://discreetlog.com/ Podcast https://citadeldispatch.com/
Pulotu Tupe Solomon-Tanoa'I served four years on the Broadcasting Standards Authority. With the BSA now set to be abolished by the Coalition Government following the Sean Plunket / The Platform jurisdictional decision, she sits down with FSU Council member Dane Giraud for an open exchange on what the BSA actually does, where free speech and protection from harm collide, and whether scrapping the body off the back of a single controversial ruling was good process.It's a genuinely civil disagreement — and one of the more substantive conversations on broadcasting regulation you'll find in New Zealand right now.They cover:- How BSA complaints actually work — and why only ~8% are upheld- The elasticity of "harm" and who gets to define it- The Heather du Plessis-Allan ruling and whether counter-speech would have done more- The Plunket / Platform jurisdictional decision and the cost-of-appeal problem- Why years of reform consultation were shelved before the BSA was scrapped- Online pile-ons, platform accountability, and the Mikey Sherman case- David Harvey's voluntary-standards model — and its gaps- Vexatious complaints, and the BSA's 2020 decision not to hear complaints about te reo MāoriSupport the showhttps://www.fsu.nz/https://x.com/NZFreeSpeechhttps://www.instagram.com/freespeechnz/https://www.tiktok.com/@freespeechunionnz
For City Counselling this week, Wire Host Caeden spoke to Councillor Julie Fairey about the need for council to be involved in discussions about the details of an additional harbour crossing, and the number of job losses in the Auckland Transport restructure. And they spoke to Māni Dunlop from Te Ao Māori News for our new bi-weekly catch-up on the political issues of the week from a Māori perspective. News Director Castor spoke to kaumatua and climate activist Mike Smith about his court case against Fonterra in the wake of the government removing its legal basis. They also spoke to Professor of Law at the University of Waikato, Alexander Gillespie, about the legal ramifications of such a decision. For our weekly catch-up with the Labour Party, Producer Pranuja spoke with Shanan Halbert about the Government disestablishing the BSA and scrapping the tertiary Fees Free scheme, as well as the Government's new citizenship test. She also spoke with Associate Professor Alice Mills about why secure housing is central to reintegration for those leaving prison.
For City Counselling this week, Wire Host Caeden spoke to Councillor Julie Fairey about the need for council to be involved in discussions about the details of an additional harbour crossing, and the number of job losses in the Auckland Transport restructure. And they spoke to Māni Dunlop from Te Ao Māori News for our new bi-weekly catch-up on the political issues of the week from a Māori perspective. News Director Castor spoke to kaumatua and climate activist Mike Smith about his court case against Fonterra in the wake of the government removing its legal basis. They also spoke to Professor of Law at the University of Waikato, Alexander Gillespie, about the legal ramifications of such a decision. For our weekly catch-up with the Labour Party, Producer Pranuja spoke with Shanan Halbert about the Government disestablishing the BSA and scrapping the tertiary Fees Free scheme, as well as the Government's new citizenship test. She also spoke with Associate Professor Alice Mills about why secure housing is central to reintegration for those leaving prison.
Last week the government announced plans to scrap the Broadcasting Standards Authority, the entity that serves to ensure television, radio, and internet broadcasters remain accountable to members of the public. While the government saysit trusts broadcasters to self regulate, it's unclear what this regulation could look like, especially without the all encompassing BSA to ensure that a universal standard is met. In addition, ACT Party Leader David Seymour has expressed dismay at some of the recent publications by state funded broadcasters TVNZ and RNZ. Since Seymour is one of the ministers responsible for appointing the board for each organisation, his comments and criticisms are being compared to threats of censorship. Lastly, the government has announced a new test for prospective immigrants to New Zealand, which would see them quizzed over topics relating to New Zealand values, our Bill of Rights, and our system of government. While the government is proposing this standard of knowledge for immigrants, many New Zealand citizens could be unable to answer the questions. For this weeks catchup with the National Party's Ryan Hamilton, News Director Castor asked about these topics, beginning with the BSA.
JACCP associate editor and host, Erica Ernst, interviews Drs. Wendy St. Peter and Barbara Zarowitz discuss adopting race-free estimated GFR (CKD-EPI) for medication-related kidney function assessment in older adults and other patient populations, as well as moving away from the Cockcroft–Gault equation. The discussion highlights deficiencies and variabilityin Cockcroft–Gault use, emerging studies where BSA-adjusted eGFR better predicts drug clearance, barriers to cystatin C access and Medicare coverage, and the need for further research, electronic health record integration, and advocacy across organizations. Read the original article and series of letters published in JACCP.
The team has been let loose to create chaos this week. We discuss Education reforms, the recently announced citizenship test, Local Government reforms, BSA disestablishment, and a quick check in on UK politics and Starmerismo.In a 1/200 first, this episode requires a BSA warning.This episode's co-hostsJohn, Ginny, Pmax, SimoneIntro/Outro by The Prophet MotiveSupport us here: https://www.patreon.com/1of200
The government wants to scrap the BSA and fill the accountability void with self-regulation. Would that work? Would standards suffer? Will it happen at all? Also: ministers must not interfere in public broadcasters, but the Deputy PM has sounded off about RNZ, TVNZ and its outgoing political editor.Go to this episode on rnz.co.nz for more details
If it's not already obvious to you, the fact that Maiki Sherman has lost her job should now make it very clear: the media—especially the state broadcasters, both of them—are about to find out what it means not just to make and report the news but to be the news. Just look at what's happened this week alone. And this is only a sample—this has been building for some time.In one week, TVNZ political editor Maiki Sherman has lost her job over poor behaviour in a minister's office. David Seymour, the ACT Party leader, has taken a significant swipe at RNZ for hiring John Campbell, who is well known for voting left—something he's said himself. Seymour has even gone so far as to suggest the head of RNZ should lose his job over it. Then there's the BSA, effectively the head girl telling everyone off for bad jokes at the party, being abolished. The politicians are coming for the media and Sherman's case is an example of that. The National Party lined her up. They complained about her allegedly door-knocking Stuart Smith for 10 minutes at night. They confirmed that she had sworn at Nicola Willis' event in the office—which was unusual, given that Nicola effectively broke Chatham House rules that MPs normally guard jealously. Now, look—I feel sorry for Maiki losing her job. That's a very high price to pay. But I don't feel sorry for the media in general for what's coming. We've had this coming. For years, we've collectively pushed a certain world view through the framing of our stories. We decide who the victim is, who the bad guy is and what language we use—labelling things as “controversial” to signal to the audience that something is bad, like the “controversial Treaty Principles Bill”. We flip angles too—turning a positive government crime stats story into a negative gang-focused story for the same government. And when Radio New Zealand, which is supposed to be more impartial and balanced than any other outlet in this country, chooses someone to front its flagship programme who has explicitly said he votes for left-wing parties—well, that matters. We deserve what's coming to us in this election. We can't shove the scrum for years and not expect to become part of the on-field play. And I, for one, am not unhappy about what's about to happen. I think it's time for this to be sorted out. If this election brings media bias into sharper focus and forces all of us in the media to stop, reflect and think hard about what we've been doing, I don't think that's a bad thing. LISTEN ABOVESee omnystudio.com/listener for privacy information.
In this episode of AML Conversations, John Byrne is joined by Sarah Beth Felix, author of Dirty Money Weekly, for an in-depth discussion on the evolving state of AML and BSA reform. Recorded at the close of April, the conversation examines FinCEN's proposed AML program rule, with a critical look at how concepts like “effectiveness,” “risk-based approach,” and “reasonably designed” are used—and often left undefined. Sarah and John also dig into FinCEN's latest annual report, ongoing challenges with SAR data and form design, and what proposed changes could mean for enforcement consistency and regulatory bottlenecks. The episode explores emerging issues, including the PACE Act, AML model validation, and what meaningful modernization of the Bank Secrecy Act should prioritize ahead of an upcoming congressional hearing on BSA reform.
On today's show, Jase tries to rebuild his character, Mike's putting his foot down on the challenge and Keyzie calls in the expert. Follow The Big Show on Instagram Subscribe to the podcast now on iHeartRadio, YouTube, or wherever you get your podcasts!Featuring Jason Hoyte, Mike Minogue, and Keyzie, "The Big Show" drive you home weekdays from 4pm on Radio Hauraki.Providing a hilarious escape from reality for those ‘backbone’ New Zealanders with plenty of laughs and out-the-gate yarns.Download the full podcast here:iHeartRadioAppleSpotify Follow The Big Show on Instagram TIME FOR A DISCLAIMER:(00:00) OUTRO DISCLAIMER(01:50) Intro: Our best intro yet(05:48) The BSA (10:34) Keyzie's Mulch Madness(15:00) TV TIME(20:07) Intro: Medicinal Te-Ledoz(22:02) BREAKING NEWS(27:09) DES RINGS IN(31:23) The Toy Box(34:46) New Engelbert(38:57) Intro: Jase takes issue with Pug-San(41:46) THE BENCHPRESS CHALLENGE(45:35) Relationship Advice(50:03) Your thoughts on Jase's toast debacle(54:14) Farewell!See omnystudio.com/listener for privacy information.
This show has been flagged as Clean by the host. https://rufus.ie/en/ Kasa Smart Plug Mini with Energy Monitoring, Smart Home Wi-Fi Outlet Works with Alexa, Google Home & IFTTT, Wi-Fi Simple Setup, No Hub Required (KP115), White INIT STUFF Sudoers Apps apt update && apt install -y psmisc screen net-tools snapd pipx xbindkeys xbindkeys-config git nmap mono-runtime etherwake cloudflare-ddns mlocate samba # python pipx gahh su plex - pipx install python-kasa # sudo mkdir /root/PYTHONVENV/ python3 -m venv /root/PYTHONVENV/ pipx install python-kasa pipx ensurepath # update db mount -a sed 's//media//g' -i.bak /etc/updatedb.conf updatedb Contab 0 0 * * * /usr/local/bin/cloudflare-ddns --update-now 0 7 * * * /usr/local/bin/etherwake -i enp1s0 -D "d8:bb:c1:a2:2c:0b" 0 3 * * * /usr/bin/veracrypt -d 0 0 5 * * /usr/local/sbin/BSA.sh Mounts cat /etc/fstab UUID=2317187b-c592-46a7-8d8e-45c7d1eae7fc / ext4 errors=remount-ro 0 1 UUID=61A0-586A /boot/efi vfat umask=0077 0 1 UUID=db166a45-1afb-47dc-85cd-cbfcb06a9766 none swap sw 0 0 # data UUID=dbb20dc6-9487-4510-9ab1-c7bbc3014cdb /media/data ext4 defaults,nofail,noatime 0 2 # moredata UUID=5df24408-36ae-4205-8ecb-9d523dc4d820 /media/moredata ext4 defaults,nofail,noatime 0 2 # backup UUID=c1aac0d2-73ca-4d95-883f-5e1f43b5cd13 /media/backup ext4 defaults,nofail,noatime 0 2 Tunefs sudo tune2fs -c 5 -i 7d -C 1 /dev/sdd2 sudo tune2fs -c 5 -i 7d -C 1 /dev/sdb1 sudo tune2fs -c 5 -i 7d -C 1 /dev/sda1 sudo tune2fs -c 5 -i 7d -C 1 /dev/sdc1 XFCE Autologin # /etc/lightdm/lightdm.conf [Seat:*] autologin-user=plex autologin-user-timeout=0 # Enable service systemctl enable lightdm UPower ( do not run pwrstatd ) cat ./UPower/UPower.conf [UPower] EnableWattsUpPro=false NoPollBatteries=false IgnoreLid=false UsePercentageForPolicy=true PercentageLow=10 PercentageCritical=3 PercentageAction=2 TimeLow=1200 TimeCritical=300 TimeAction=120 CriticalPowerAction=HybridSleep PLEX RESTORE/BACKUP /home/plex/Library /media/moredata/_PLEX/usr/lib/plexmediaserver/ Backup ? https://github.com/sinicide/ansible-vm/blob/master/roles/plex/files/pms-backup.sh Autostart Plex /home/plex/.config/autostart# cat PLEX_STARTUP.desktop [Desktop Entry] Encoding=UTF-8 Version=0.9.4 Type=Application Name=KODI_STARTUP Comment=KODI_STARTUP Exec=/home/plex/.local/bin/Plex.sh OnlyShowIn=XFCE; StartupNotify=false Terminal=false Hidden=false RunHook=0 OMBI Sabnsbd+ IDK ... ?!!?!?!? 251 pipx install git+https://github.com/sabnzbd/sabnzbd.git 252 pipx install sabnzbd 253 pipx inject sabnzbd feedparser configobj cherrypy portend chardet cheetah3 puremagic guessit babelfish tmdbsimple 254 pipx install sabnzbd 255 python3 -m venv venv 256 source venv/bin/activate 257 pip install -r requirements.txt 258 cat > ~/sabnzbd/sabnzbd-wrapper.sh ~/sabnzbd/sabnzbd-wrapper.sh
Duncan and the panel dive into the massive reaction following our interview with Chlöe Swarbrick. We hear from Andrew, a Dunedin business owner who says politicians are trading on "vibes" while real people pay the price. Plus, we discuss the government scrapping the BSA and the growing calls for a social media ban for under-16s. Learn more about your ad choices. Visit megaphone.fm/adchoices
The announcement on the cancellation of the BSA has been picked over for the last 24 hours so we thoughts we'd bring a friend of the show, who also happens to be a media academic, on tonight to chat over the cancellation of the BSA, why and where to from hereMike Hosking glazed PM Christopher Luxon this morning where they both agreed that the only reason the PM had poor polling on managing the economy was because people just "wanted free money". There is also a gross little policy coming out of ACT at the moment where migrants will need to take a "citizen test". The idea is not gross because people will learn a bit more about NZ, it's gross because when Brooke van Velden says the test will be on " what it means to be a New Zealander" which of course may be very different to an ACT party, compared to say a human...or the Green Party.Kieran McAnulty and theBISH were on Breakfast this morning talking about Shane Jones speaking the quiet part out loud about what the government thinks of homeless people and that "clearing our roads and streets of vagrants is somehow worsening those people". ++++++++++++++++++++Like us on Facebook.com/BigHairyNetwork Follow us on Twitter.com/@bighairynetworkFollowing us on TikTok.com/@bighairynetworkSupport us on Patreon www.patreon.com/c/BigHairyNewsCheck out our merch https://bhn.nz/shop/Donate to our work https://bhn.nz/shop/donation/
The way New Zealanders are able to hold media to account and challenge content is about to change after the Government announced it wants to scrap the Broadcasting Standards Authority. Media and Communications Minister Paul Goldsmith said that the media landscape has changed since the BSA was set up in 1989 and regulation hasn't kept up. In a statement, the BSA said it has said for more than 15 years the current Broadcasting Act is "no longer fit for purpose." But a former BSA member said the authority plays an important role and abolishing it leaves some communities more exposed to media harm. Pulotu Tupe Solomon-Tanoa'i spoke to Melissa Chan-Green.
Today on the pod we look back at the number of times a BSA complaint has been lodged against Jeremy Wells - after it was confirmed the Broadcasting Standards Authority is being disestablished. Follow The Hauraki Breakfast Show on Instagram Subscribe to the podcast now on iHeartRadio, YouTube, or wherever you get your podcasts! Featuring Jeremy Wells and Manaia Stewart, "The Hauraki Breakfast" a radio show like no other weekdays from 6am on Radio Hauraki. Guaranteed to teach you bad new habits, raise your eyebrows, and make you smirk on a regular basis. News, sport & music that rocks!See omnystudio.com/listener for privacy information.
It has just been announced that the Broadcasting Standards Authority is being disestablished, and self-regulating options will be looked into. So, what does that mean for media organisations and for you, the audience? Joining Jesse to discuss is Tim Watkin, a long-serving member of the BSA and the author of the book 'How to Rebuild Trust in Journalism'
Government moves to bin the BSA, Voyager awards bin sponsor, Jack Tame's empty chair & Wayne Brown says 'don't go there' Go to this episode on rnz.co.nz for more details
I do worry about Paul Goldsmith's ability to make a decision. The BSA and its abolition is a “done by morning tea, let's move onto the important stuff” sort of thing. And yet he seems to have been waxing and waning and pontificating for the past two years of Government. At last, he has got there. The Broadcasting Standards Authority is over and thank the good Lord for that. It was from another time: pre-streaming, pre-international, no borders broadcasting. It caught the few originals left in a weird, old net that made no sense. And that's on top of the fact they had next to no complaints given no one can be bothered and most of the industry is professionally run anyway. The NZ Media Council will apparently take over duties, which I'm sort of torn over. I think we need someone who corrects mistakes. A decision this week over a story on the Interislander found the numbers used in the story on costings was wrong. Winston Peters complained, he was right, they needed to correct the record. The point in that example is he went to the company who published and they rejected his argument. You would like to think they were better than that, hence the need for the council. But those sorts of examples aside, what these quasi-courts end up doing is adjudicating on nuance and argument based on the moaning of some bored loser in suburbia, who would probably be better off watching less TV or reading less news and writing fewer letters. I do worry about the council. The current lot appear all lawyers and consultants, with not a single proper broadcaster. They do, they tell me, have some industry people who offer advice. But let me tell you this; unless you have driven a three-hour live radio programme or a live TV show with its varying unpredictables, you have no idea of the pressure that unfolds literally instantly, therefore the potential for verbal carnage. And yet that's the sort of thing they pass judgement on. Anyway, the BSA – been there, done that. It made no difference. It was an idea past its time. And it will not be missed. See omnystudio.com/listener for privacy information.
The Government says it will be up to audiences to decide if they care whether broadcasters self-regulate. It's shutting down the Broadcasting Standards Authority, sayings it's past its use-by date in the online age. The Media and Communications Minister expects the Media Council will become the primary regulator for journalism. Paul Goldsmith told Mike Hosking he doesn't have to opt-in. He says it's voluntary and broadcasters can explain their decision to join or not to their audience. LISTEN ABOVE See omnystudio.com/listener for privacy information.
Tonight on The Huddle, Phil O'Reilly from Iron Duke Partners and Jack Tame from ZB's Saturday Mornings and Q&A joined in on a discussion about the following issues of the day - and more! The Minister for Internal Affairs has unveiled a new multi-choice test for migrants looking to get New Zealand citizenship. Applicants would have to answer 20 questions and get 15 correct to pass. Do we think this is fair? The BSA is on its way out, with Minister Paul Goldsmith saying it's no longer fit for purpose. Do we agree that this change is long overdue? Do we think the media can regulate itself? LISTEN ABOVESee omnystudio.com/listener for privacy information.
On the Heather du Plessis-Allan Drive Full Show Podcast for Wednesday, 6 May, 2026, we talk to Media and Communications Minister Paul Goldsmith about the axing of the Broadcasting Standards Authority. Internal Affairs Minister Brooke van Velden explains the citizenship tests for would-be migrants. A parent coach tells us about an online guide to help parents navigate social media with their children. And on The Huddle, Jack Tame and Phil O'Reilly discuss whether the BSA was past its use-by date. Get the Heather du Plessis-Allan Drive Full Show Podcast every weekday evening on iHeartRadio, or wherever you get your podcasts. LISTEN ABOVESee omnystudio.com/listener for privacy information.
Well, blow me down - I did not think that Paul Goldsmith had the courage or the inclination to do something as bold as actually scrapping the Broadcasting Standards Authority. I thought it was all talk when he kept dropping it as a possibility but it turns out I was wrong. He's announced the BSA is gone; the laws will be drawn up in the next few months and they'll be passed before the next election. Why this surprises me is because this is culture war-adjacent stuff. This is exactly the kind of thing the Nats have tried to avoid of late - anything that makes you feel just a bit icky. People aren't going to like it. They've tried to get away from it because there is quite a high risk of blowback. If the Nats are accused of trying to protect their mates in the more fringe parts of the media, like Platform for example, that's not necessarily a good look. And on the other hand, there's little upside - other than making a few broadcasters like me, irritated by the BSA, happy. The BSA is funded by the media so there aren't even taxpayer savings they can crow about. But it still is the right thing to do, because the BSA imposes quite significant costs on broadcasters. Sky, for example, is rumoured to have paid half a million dollars to the BSA last year. That's money the media simply can't afford to fork out at the moment when they're doing it as tough as they are. And for little good because the BSA doesn't actually police what we say - you do. We're more worried about you than we are about the BSA if I'm being completely honest. We know that if we use expletives - say, if I were to use them on air while kids are in the car - you're going to turn off the radio. You don't want to hear that. If we are untrustworthy - if you find out that what we're telling you is wrong - you're going to stop listening. And that, frankly, is more of a deterrent than a bunch of people in Wellington getting worked up about something and then slapping a $5000 fine on us. The BSA has no one to blame but itself and its overreach in trying to police the internet for what has happened to it today. Had it stayed in its lane, it might have survived simply by not drawing attention to itself. But it went for a power grab with The Platform and it has ended up sealing its own fate. LISTEN ABOVESee omnystudio.com/listener for privacy information.
The Broadcasting Standards Authority's not long for this world, with Media and Communications Minister Paul Goldsmith announcing today it'll be scrapped. He says the body to monitor TV and radio is past its use-by date - and media can self-regulate using the Media Council. No time-frame's set, but legislation will be drafted in coming months. Goldsmith says times have changed. "The world's moved on and it's obvious to everybody how we get our information has changed dramatically, and it was sort of looking after a thin slice of broadcasting, so it no longer made sense." LISTEN ABOVESee omnystudio.com/listener for privacy information.
On today's First Up pod: economist Brad Olsen breaks down yesterday's jobless numbers; Labour's Willow-Jean Prime addresses the political issues of the week, including the scrapping of the BSA and ACT's proposed citizen tests and Taupo has bats, Dan Hutchinson from Taupo News has that story. First Up - Voice of the Nathan.
In this week's episode of This Week in AML, with Elliot traveling, Joe McNamara joins John Byrne to break down a busy week in global compliance news. The big domestic story is the Corporate Transparency Act, where the House Financial Services Committee passed a bill to repeal the CTA for domestic entities - but only by a single vote. The hosts unpack what that means, where the legislation goes from here, and why a separate threat to withhold FinCEN's entire budget adds another layer of uncertainty to an already complicated picture. North of the border, Canada's FINTRAC has rolled out updates to its administrative monetary penalty framework, including a notable elevation of certain compliance program violations from serious to very serious. Internationally, Transparency International had a busy week - launching a new Anti-Corruption Resource Center, announcing the EU's first Anti-Corruption Directive, and publishing a working paper on professional enablers implicated in illicit financial flows from Africa. AMLA is also moving forward with two public consultations on risk assessment and compliance standards, with hearings scheduled for May 20th and May 28th. Across the pond, the FCA is pressing ahead with the UK's crypto regulatory regime, targeting October 2027 for full implementation - with rules expected this summer and firm authorization applications opening in September 2026. The episode closes with a look at FATF's latest ministerial declaration, a heads-up on OCCRP's coverage of the CTA repeal, and a walkthrough of FinCEN's 2025 Year in Review - a document the hosts recommend as essential reading for any BSA professional. Plus, a preview of AML RightSource's upcoming May webinar on global financial access and a recent AML Conversations episode featuring former IRS CI Special Agent in Charge Paul Camacho.
What happens when an old regulator tries to police a media world that's already moved on? We get stuck with a fight over The Platform's Sean Plunket, the BSA, free speech, and whether broadcasting rules still make sense when podcasts and radio start crossing over. In this episode, Duncan digs into the complaint over Plunket's “mumbo jumbo” comment, and why the real issue might be the Platform's link to terrestrial radio. He's joined by Free Speech Union chief executive Jillaine Heather to talk mission creep, censorship concerns, and whether the government should be stepping in to draw a line. They also get into the proposed under-16 social media ban, why blanket bans rarely work, and why ministers keep going missing when the hard questions start. Learn more about your ad choices. Visit megaphone.fm/adchoices
On today's show, Jase is in hot soup, Mike's bowels are playing up and Keyzie has a bone to pick. SOUP TIME: (00:00) Intro: Best dressed(04:15) Breakfast finds a shocker(09:05) Magic time!(13:37) Jase has a dream(18:02) TV TV TV(23:14) Intro: Bone pickin'(25:54) Scraps are on(30:53) Keyzie's bone to pick(37:40) Intro: Pork mince chat(40:17) Mogey's poos(45:16) The BSA news(50:15) Jase upsets his daughter(54:25) Farewell! Follow The Big Show on Instagram Subscribe to the podcast now on iHeartRadio, YouTube, or wherever you get your podcasts!Featuring Jason Hoyte, Mike Minogue, and Keyzie, "The Big Show" drive you home weekdays from 4pm on Radio Hauraki.Providing a hilarious escape from reality for those ‘backbone’ New Zealanders with plenty of laughs and out-the-gate yarns.Download the full podcast here:iHeartRadioAppleSpotify Follow The Big Show on InstagramSee omnystudio.com/listener for privacy information.
At the end of each week, Mike Hosking takes you through the big-ticket items and lets you know what he makes of it all. The war: 6/10 Mark my words, this is closer to the end than many think. Round two of talks, a squeeze on the Strait – the Iranians are about to capitulate. Moana Pasifika: 4/10 In a competition already lacking sparkle, this can't have helped. And also, perhaps a lesson in starting something for the right reasons, not ideological ones. The Crusaders' horses: 3/10 That's a 30-year legacy we will miss. Ema Aitken: 7/10 Pleased she wasn't booted, but nor should she have been. What a storm in a bone china, Northern Club teacup. The BSA: 7/10 Can't wait to see the back of them. Good luck and good night. LISTEN ABOVE FOR MIKE HOSKING'S FULL WEEK IN REVIEW See omnystudio.com/listener for privacy information.
THE BEST BITS IN A SILLIER PACKAGE (from Wednesday's Mike Hosking Breakfast) Working Ourselves Into a State/Should We Be More Fiscally Acerbic?/All Kinds of Schools, All Kinds of Fuels/Why Would You Want to Make Your Own Fuel Though?/What Do They Do All DaySee omnystudio.com/listener for privacy information.
Kareem Saleh is the CEO and co-founder of FairPlay, an AI enablement platform helping financial institutions test, tune, and monitor AI systems in production. Four years after his first appearance on the show, Kareem returns to discuss how FairPlay has evolved from credit model fairness into a full AI enablement infrastructure layer and why the rise of generative and agentic AI has made that work more consequential than ever.What We CoveredHow generative AI changes the definition of fairness in financial servicesThe shift from model validation to continuous, system-level testingFairPlay's three core capabilities: testing, optimizing, and validating AI systemsHow one customer added one day to their model development cycle but saved 60–90 days in compliance reviewThe 25–33% of declined applicants who would have performed as well as the riskiest approvalsWhy the question for legacy institutions has flipped, from "is AI safe enough to try?" to "is it riskier not to adopt AI?"The political environment and how fairness demand reconfigures, not disappears, across administrationsState-level regulatory frameworks filling the federal enforcement gapKareem's Congressional testimony on AI and algorithmic biasThe agentic AI opportunity in KYC, BSA, and AML workflowsRegulatory look-back risk and why today's decisions can become 2029's consent ordersCash flow underwriting risks and climate risk as underappreciated threats to credit portfoliosConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes
On the Mike Hosking Breakfast Full Show Podcast for Wednesday 8th of April, the world waits for Donald Trump's deadline for Iran to pass to see if "a whole civilisation will die tonight". Foreign Affairs Minister Winston Peters joins directly after speaking to US Secretary of State Marco Rubio. Mark Mitchell and Ginny Andersen talk the global ‘rules-based order', the BSA, and the parody and satire bill on Politics Wednesday. Get the Mike Hosking Breakfast Full Show Podcast every weekday morning on iHeartRadio, or wherever you get your podcasts. LISTEN ABOVE See omnystudio.com/listener for privacy information.
Today on Politics Wednesday, Mark Mitchell and Ginny Andersen joined Mike Hosking to delve into some of the biggest stories of the week thus far. They discussed the UN and their mandate of a rules-based order in relation to Donald Trump and the US' actions in the Middle East, Kahurangi Carter's Copyright (Parody and Satire) Amendment Bill, and the BSA. LISTEN ABOVESee omnystudio.com/listener for privacy information.
The BSA has just scored the home goal of the century. By trying to bring the entire internet under its 1989 jurisdiction, they might have just signed their own death warrant. Duncan is joined by Annie O'Brien and Morris Williamson to pull apart this massive overreach, National's disastrous new poll numbers, and whether a Cabinet reshuffle can actually save Luxon's leadership. Learn more about your ad choices. Visit megaphone.fm/adchoices
The BSA has decided it has jurisdiction over digital outlets like The Platform - hosted by former-RNZer Sean Plunket - sparking heated debate. US Courts find Instagram and YouTube caused harm to children, what does that mean? And a look at Tova O'Brien's Breakfast debut.Go to this episode on rnz.co.nz for more details
We break down the Broadcasting Standards Authority's claim that it can regulate online platforms under the Broadcasting Act 1989, even though Parliament never updated the law for the internet. We talk through why that change threatens open debate, why the standards are so subjective, and why we think this fight matters for free speech in New Zealand. • the BSA asserting jurisdiction over online speech via an old statute • why broadcast standards existed in a scarce spectrum era • how the internet breaks the logic of compulsory audiences and balance rules • the subjectivity of “good taste and decency” and why it becomes a power tool • Tikanga flashpoints and the idea of modern “heresy trials” • inconsistencies in targeting small outlets while excluding major platforms • the practical mess of defining audiences and applying on-demand exceptions • the chilling effect of complaints, process costs, and potential fines • political and international risks if New Zealand is seen to censor platforms • why we say we have to fight and what could come next If you enjoyed this episode, please subscribe and consider sharing the podcast with others. We release new episodes regularly, and subscribing is the easiest way to stay up to date. If you have any questions, feedback or suggestions, you can contact us at podcast at fsu.nz. If you want to find out more about the New Zealand Free Speech Union, visit fsu.nz. Support the showhttps://www.fsu.nz/https://x.com/NZFreeSpeechhttps://www.instagram.com/freespeechnz/https://www.tiktok.com/@freespeechunionnz
JDE Connection's 100th episode is a milestone celebration featuring hosts Chandra and Paul reflecting on their journey of creating a podcast that delivers practical insights, fosters authentic connection, and serves the JD Edwards community. With special guests Jon Vaughn, CEO of Quest Oracle Community, author and former 4-time CIO and tech CEO, Chris Laping, the team discusses the podcast's origins to help business analysts and other ERP professionals learn in engaging, conversational ways that suit modern learning styles. The conversation includes memories from the early days, the evolution of the podcast's audience, the critical role of community and authenticity, and the impact of major topics like AI. Chris Laping shares content creation, his upcoming book, and collaborative programs with Quest, emphasizing the value of real-world skills and mutual support.04:08 History of the podcast14:23 Why a podcast?17:10 It's not just about BA's or BSA's25:04 Chris's new book deal31:32 Investing in goals and coaching37:48 Chris's connection to Quest and BP4D42:37 Working with Chris on impactful content45:43 Quest is launching a six-week coaching cohort48:50 MidwesternismResources:Unignorable Cohort Info LinksProgram sign-up now open: https://questoraclecommunity.org/become-unignorable-chris-laping/To learn more - join our upcoming info session on April 29th: https://questoraclecommunity.org/events/webinars/info-session-become-unignorable-cohort-w-chris-lap…. OR learn more about it at BLUEPRINT 4D where Chris will be presenting 2 sessions specifically designed for the Quest communityChris Laping:Unignorable: https://chrislaping.com/People Before Things: https://peoplebeforethings.co/LinkedIn: https://www.linkedin.com/in/claping/BLUEPRINT4D Registration: https://questoraclecommunity.org/events/conferences/blueprint4d/register/
What is up fraud fighters, and welcome to Fraud Forward!Today we're talking about AI transaction monitoring and why it matters so much as agentic banking starts moving from concept to reality.Because once AI agents in banking move beyond simple chat and into actions, payments, and customer instructions, the risk conversation changes fast.This is no longer just about whether AI in banking feels helpful.It is about whether institutions can actually monitor intent.Trace authorization.Support banking dispute resolution.And reduce fraud risk without losing the trust they've worked so hard to build.In this episode, I sat down with Tyllen Bicakcic to break down what agentic banking actually means, why it is gaining traction, and why AI transaction monitoring is going to become one of the most important control layers in this entire conversation.What I really appreciated about this discussion is that we did not stay at the hype level.We talked about real use cases.Real banking friction.Real fraud questions.And the very real challenge of how banks can build safer banking with AI without creating new blind spots around governance, payment risk monitoring, and customer trust.And the reality is this.If AI agents are going to influence transactions, then transaction monitoring in banking has to evolve right alongside them.What you'll hear in this episode• What agentic banking actually means and how it differs from traditional AI in banking• Why AI agents in banking create new questions around intent, authorization, and accountability• How AI transaction monitoring can strengthen banking fraud prevention and AI fraud prevention• Why trust infrastructure in banking matters as much as innovation How banks can think about AI governance in banking without rebuilding everything from scratch• Why banking compliance and AI must move together as agentic payments become more practical• How banking dispute resolution changes when an AI agent initiates or influences a transaction• Where real-time fraud monitoring, payment risk monitoring, and AI risk signals fit into the next phase of digital banking AIYou should listen to this episode if• You lead fraud, risk, compliance, BSA, AML, or payments programs at a bank or credit union• Your team is evaluating agentic banking or AI agents in banking• You are thinking about how AI transaction monitoring should work in real financial services AI environments• You want a better understanding of AI payment authorization and dispute handling in an AI-driven world• You care about building safer banking with AI without giving up control, visibility, or trustIf you liked this episode, be sure to subscribe and review the podcast on iTunes, Spotify, YouTube, or wherever you listen to podcasts.
Banking as a service and embedded finance get a practical breakdown as Academy Bank's David Robinson explains how a family-owned Kansas City institution built a BaaS program from the ground up. Tedd Huff, CEO of fintech advisory firm Voalyre and founder of Fintech Confidential, and co-host Stephen Bishop sit down with David to unpack what it takes to launch, staff, and scale an embedded banking practice at a community bank.Find out more at fintechconfidential.comAcademy Bank, a subsidiary of Dickinson Financial Corporation, operates alongside Armed Forces Bank with roughly $4.8 billion in combined assets and a stated goal of reaching $6 billion. David walks through why the bank chose Treasury Prime as its middleware provider, how it integrated Lithic for card processing, and why keeping compliance and BSA functions in-house was a non-negotiable. The conversation gets specific about due diligence red flags, deals that fell apart mid-process, fee income versus deposit economics, and what changed internally when embedded banking finally showed up in every team's annual goals.1️⃣ Prepare for bank meetings like an earnings call; anticipate every compliance question before the first conversation.2️⃣ Build your AML, BSA, and fraud monitoring team before approaching a sponsor bank, not after.3️⃣ Bring your operations and compliance leads to early bank meetings, not just the founder.4️⃣ Treat banker feedback as a data point; show how you tested it and what you changed.5️⃣ Ask your bank partner if embedded work appears in the annual goals of their compliance, risk, and legal teams.GUESTDavid Robinson LinkedIn: https://www.linkedin.com/in/dmrembeddedbanking/COMPANYAcademy Bank: https://www.academybank.comAcademy Bank BaaS: https://www.academybank.com/business/banking-as-a-serviceFINTECH CONFIDENTIALPodcast: https://fintechconfidential.com/listenNotifications: https://fintechconfidential.com/accessLinkedIn: https://www.linkedin.com/company/fintechconfidentialX: https://x.com/FTconfidentialInstagram: https://www.instagram.com/fintechconfidentialFacebook: https://www.facebook.com/fintechconfidentialSUPPORTERSSkyflow: Build fast without breaking privacy. A zero-trust data privacy vault delivered as an API. Visit https://skyflowsecure.com Under: Streamline your application and underwriting process by turning PDFs into smart, signable forms. Get started free at https://under.io/ftcHawk AI: Real-time payment screening, AML transaction monitoring, and dynamic customer risk rating to fight fraud and financial crime. Sign up for a demo at https://gethawkai.comABOUTGuest: David Robinson is Director of Fintech and Embedded Banking at Academy Bank. He brings over 20 years of financial services experience across State Street, UMB Bank, and now Academy Bank, where he built the embedded banking practice from the ground up starting in December 2022.Company: Academy Bank is a full-service community bank under Dickinson Financial Corporation, headquartered in Kansas City, Missouri. Named one of Fortune's Most Innovative Companies in 2023, it operates over 70 branches across Arizona, Colorado, Kansas, and Missouri.Host: Tedd Huff, CEO of fintech advisory firm Voalyre and founder of Fintech Confidential. The show is produced by DD3 Media and brings you the people, tech, and companies that change how you pay and get paid.CHAPTERS00:00 Episode Highlights01:24 Skyflow Sponsor Read02:26 Meet the Hosts03:39 Introducing David Robinson04:37 Defining BaaS and Embedded Finance05:29 Academy Bank Growth Strategy06:56 Rapid Fire: This or That08:11 Choosing Treasury Prime09:22 Future Programs and Segments09:53 What Stays In-House12:42 Managed vs. Bank-Owned Compliance14:35 Marketplace Shift and Multi-Platform16:53 Partnerships Are a People Business18:26 Under Sponsor Read18:56 How Banks Vet Fintech Fit19:25 Diligence and Fit20:21 Regulators and Scale21:30 When Deals Fall Apart23:23 Greenlights and Redlines24:23 Advice for Fintechs26:12 Why Academy Bank27:49 Top Tips and Misconceptions29:38 Fees vs. Deposits30:46 Internal Shift and Speed35:47 Crystal Ball and Closing36:54 Final Advice for Founders38:51 Wrap Up39:23 Hawk AI Sponsor Read40:09 Disclaimer
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The Joint Readiness Training Center is pleased to present the one-hundredth-and-thirty-eighth episode to air on ‘The Crucible - The JRTC Experience.' Hosted by MAJ Amy Beatty, the Task Force Executive Officer Observer-Coach-Trainer from Task Force Sustainment (Division Sustainment Support Battalion / Light Support Battalion) on behalf of the Commander of Ops Group (COG). Today's guests are CPT Cody Kindle and CPT Christopher Ward. CPT Kindle the S-4 Sustainment Planner for JRTC's Plans / Exercise Maneuver Control Task Force. CPT Ward is the A Co CDR OCT (Distro / BSA) from Task Force Sustainment (DSSB / LSB). This episode examines the employment of base clusters within the brigade support area (BSA) as a survivability technique in the modern battlefield. The discussion highlights how sustainment units must adapt to a highly transparent and lethal operating environment where UAS surveillance, long-range fires, and precision targeting threaten traditional large logistics footprints. Rather than concentrating sustainment elements in a single BSA, base clusters disperse key functions—such as maintenance, distribution, medical support, and command nodes—across multiple smaller positions that remain mutually supporting. This dispersion reduces the likelihood that a single enemy strike can disrupt sustainment operations while still enabling brigades to maintain logistics flow to maneuver battalions. The conversation also emphasizes the planning and synchronization required to make base clusters effective. Leaders discuss the importance of terrain analysis, security integration, camouflage and signature management, and disciplined reporting to maintain a shared operational picture across dispersed sustainment nodes. Effective base clusters require coordinated movement control, rehearsed displacement drills, and strong communications architecture to ensure that dispersed elements can still function as a cohesive support network. Ultimately, the episode frames base clusters as a critical adaptation for sustainment survivability in large-scale combat operations, enabling brigades to continue fueling, arming, and repairing combat forces despite persistent enemy reconnaissance and precision strike threats. Part of S05 “Beans, Bullets, Band-Aids, Batteries, Water, & Fuel” series. For additional information and insights from this episode, please check-out our Instagram page @the_jrtc_crucible_podcast. Be sure to follow us on social media to keep up with the latest warfighting TTPs learned through the crucible that is the Joint Readiness Training Center. Follow us by going to: https://linktr.ee/jrtc and then selecting your preferred podcast format. Again, we'd like to thank our guests for participating. Don't forget to like, subscribe, and review us wherever you listen or watch your podcasts — and be sure to stay tuned for more in the near future. “The Crucible – The JRTC Experience” is a product of the Joint Readiness Training Center.
There is a storm coming with the challenges of navigating the TRUSTEE CRISIS. It is one of the biggest blind spots in the “GREAT WEALTH TRANSFER” and will be the source of mountains of litigation for the unwary, https://youtu.be/hwQev88A03M Summary In this conversation, Frazer Rice and Jennifer Zelvin McCloskey discuss the current crisis in trusteeship, highlighting the shortage of qualified trustees amidst a significant wealth transfer. They explore the importance of modern trust planning, the challenges faced by individual trustees, and the need for better education and training in the field. The discussion also covers the emotional and interpersonal aspects of trusteeship, the functions and responsibilities of trustees, and the necessity of managing risk effectively. They emphasize the importance of building a pipeline for future trustees and improving the perception of the profession, while also identifying opportunities within the trust industry. https://open.spotify.com/episode/4qpkrVdaUa2AfDxgl7j3yN?si=XVgG3jE_Qpqq2JTqi8XLXQ Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com) Takeaways The coming crisis in trusteeship is already here. There is a significant shortage of qualified trustees. Trusteeship requires strong interpersonal skills and emotional intelligence. Managing risk is a fundamental aspect of trusteeship. Trustees critically need education and training. The role of a trustee is evolving with increasing complexity. Beneficiaries need to understand their rights and the trustee’s role. Custodial responsibilities are essential for asset protection. There are many opportunities for growth in the trust industry. Trust law and investment management are distinct fields. This Episode is for . . . Anyone that has an estate plan with a trust in it and doesn't know what a trustee does Any advisor who works w/ multi-generational situations (that’s everybody in wealth management) Any RIA looking to sell Financial types worried about compliance world Fiduciary litigators Chapters of “THE TRUSTEE CRISIS: Navigating the Challenges” 00:00 The Coming Crisis in Trusteeship 02:06 Importance of Modern Trust Planning 04:11 Challenges with Individual Trustees 08:03 The Dwindling Pool of Qualified Trustees 10:06 Functions and Responsibilities of a Trustee 12:20 The Emotional and Interpersonal Aspects of Trusteeship 16:05 Managing Risk in Trusteeship 19:07 Building a Pipeline for Future Trustees 22:10 The Role of Education in Trusteeship 25:07 Improving the Perception of Trusteeship 28:19 The Need for Better Trust Education 30:39 Bifurcation of Trustee Functions 33:26 Distribution Functions and Beneficiary Relations 36:52 Custodial Responsibilities in Trusteeship 40:19 Consequences of Poor Asset Management 46:41 Curriculum for Trustee Education 52:13 Opportunities in the Trust Industry Transcript of “THE TRUSTEE CRISIS: Navigating the Challenges” Frazer Rice (00:01.068)Welcome aboard, Jennifer. Jennifer Zelvin McCloskey (00:02.723)Thanks Frazer, how are you today? Frazer Rice (00:04.782)I am doing great. We’re going to dive into a topic that is near and dear to both of our hearts. And that is what I’m describing as the coming crisis in trusteeship, but I think it’s already here. Which is the concept of qualified trustees being in short supply, right in the face of a gigantic wealth transfer. And first of all, before we get into that, just describe what you do on a day to day basis first. Jennifer Zelvin McCloskey (00:33.445)Sure, I actually wear a bunch of hats. Day to day, right now, I’m a full-time practicing trust and estate attorney. I’m also an individual trustee for a variety of trusts that need either somebody here physically located in Delaware for a short period of time or even a successor trustee. But I’ve also spent many, many years building programs in trust management and trust administration. Because there is this crisis of human capital that just does not exist. I built multiple programs. They’re housed out of the University of Delaware. So I act as a trust and estate attorney, do planning, administration, I teach in the area, I build programs in the area, and I serve as a trustee. PEAK TRUST MANAGEMENT CERTIFICATE Frazer Rice (01:23.182)A full plate to be sure. To me, I came out of Wilmington Trust and another trust company served an individual trustee too. I’ve seen all these different flavors of trusteeship. My general sort of bon mot around that is that the individual trustees. I’d say 95 % or higher don’t really have an appreciation of the risk and responsibility that they’re taking on. And then the corporates have their own issues, which we’ll get into in a little bit. If we pull back even further, modern trust planning in wealth management, why is this so important? Jennifer Zelvin McCloskey (02:06.275)That’s massively important. It’s not just for the mass affluent or the ultra high net worth. It’s for everybody. We have all of these assets that we have this hyperfocus on building and increasing our wealth. Making sure that we have the ability to sustain ourselves throughout our entire lives. But if we don’t do this type of planning, if we don’t have structures and implementation for when we die, then our assets that we’ve planned so diligently for will fall off of a cliff. We lose the ability to control ultimately what happens to those assets. Layered on top of that, of course, is the tax component for ultra high net worth folks who are trying to really focus and direct their assets to make and create generational wealth transfers. Without this type of functionality and wealth planning and estate planning long-term, people lose control of what they’ve spent so much time building. Frazer Rice (03:13.338)One of the things I tell people as far as trusts are concerned is that, you know, we’re putting these structures together. They’re durable enough to withstand taxation or creditors or other asset protection features, create some guidelines around distributing the assets to the next generation or other constituencies. But also have some flexibility to be able to deal with the things we can’t look into the crystal ball and figure out over time. And that those three things just putting a document together that tries to do all that is hard enough, but then to put it in the hands of somebody or something to administer and to exercise discretion around it. That’s where the real art and science kind of stitched together and create this issue. You know, as we think about that too, the idea, the history of these types of scenarios kind of goes back to, you know, you’d put a structure in place and then you’d go hire a bank and they’d take care of everything. How do you look at that and say, all right, we’ve gone well past banks to individuals and then to dedicated institutions. What is the problem there? Jennifer Zelvin McCloskey (04:22.956)Now the problem, there’s two problems. In my opinion, what I see is that, you know, your individual trustee by and large is Uncle Joe, right? He’s the guy that everybody goes to in the family. The responsible one. He’s the smart one. The wealthy one who, great, doesn’t know what the fiduciary duties are. He doesn’t know that he has a duty of impartiality. He doesn’t know that… Frazer Rice (04:32.419)Right. Jennifer Zelvin McCloskey (04:48.475)He can’t self deal unless the instrument says so. Doesn’t understand how the instrument works. He doesn’t understand the nuance and the legalese written into the instrument. But he’s flying by the seat of his pants and everybody looks to him as the respected one in the family. No one knows that they have the ability to challenge him. So with your individual run of the mill trustee named in the instrument, they just don’t have the expertise, they don’t have the technical knowledge. Don’t know what they don’t know. They can get into trouble in that way. The other problem that you have with professional individual trustees oftentimes is that they are not formally trained. They may be an attorney who is working in that area, who’s doing plans for people who may or may not know what the full scope of being a trustee is. They may not realize, I have to get a special insurance policy because my malpractice insurance policy doesn’t actually cover this type of fiduciary engagement. There’s a lot of landmines that individuals can run into when they’re doing this type of work. On the corporate side, the problems that we run into is that there’s just a complete and utter lack. Frazer Rice (05:50.061)Hmm. Jennifer Zelvin McCloskey (06:12.059)Of available educational programs to teach people the proper way to be able to understand trusteeship. It has always been, and it just has developed over time through, you know, oh, we’ll give it to the bank, the bank will do it. This apprenticeship model, and that just does not scale well because if you learn improperly at the edge of a desk from somebody that learned improperly at the edge of the desk. Then the person that you’re teaching now at the edge of the desk is learning what you learned improperly. So anecdotally, I did karate for a long, long time. And the man who taught me karate, I’m almost a secondary black belt to like, was serious in karate. And the man who taught me karate said, you practice, it makes permanent. Don’t practice wrong. Because when you’re practicing wrong, you’re making permanent wrong things. And that’s what the apprenticeship model has the risk of lending itself to. It’s not that every trustee that learns at the edge of the desk learns wrong, but the risk is too high because the fiduciary responsibilities and the duties are too high to run that risk. The other problem is that we have a dwindling pool of really qualified senior trust officers because of just the nature of the job. You’re a human being, you’re an individual, you age, you retire. And it’s not something that people go to school and say, when I grow up, I want to be a trustee. They fall into it sideways. And unless there are academic programs that are out there that people are aware of and that they can get some formal training, some formal education to enter into the field. Frazer Rice (07:49.742)Yeah Jennifer Zelvin McCloskey (08:03.82)Separate and distinct from, I’m in the field and now I want to get a CTFA. I want to earn my certification to really show that I have the chops in this area. We have this shrinking pool of expertise. We have a lack of knowledge, a lack of formal education, and an apprenticeship model that doesn’t scale. On top of, with the individual side and the corporate side, this massive wealth transfer and an explosion of trust complexity that’s all taking place at the same time. Frazer Rice (08:31.918)One of the issues at the corporate level too is that as you say that the impregnance model is not necessarily the best way to do it. They’re cutting back on training programs. The business model around being a trustee or even a specific trustee does not make the big money. And so the ability for those types of institutions to develop the people.who ultimately are now in a very sort of pro-employee environment where there’s such a demand for trustees that they can kind of switch around and get a 10 or 20 % bump each time they go because people are desperate to have them. There’s a real cavern there to try to create the permanence that you’re looking for in a structure that really rewards consistency over time, especially as it relates to discretion and process of decision-making. Jennifer Zelvin McCloskey (09:23.15)Yeah, that’s exactly right. And that leads to this revolving door in the industry, because people are just trying to make more money and they’re going and bouncing to different trust companies. And there isn’t that backfill. Just because it’s a trust company and there’s policies and procedures, trusteeship is about relationships that you make with your beneficiaries, the relationships that you develop with multiple generations in a family. And when you have somebody that’s acting and serving in that and they move, they leave, they’re no longer acting and serving in that capacity, a new personality comes into the mix and it can really be disruptive. So having that consistency and minimizing the attrition is so valuable. Frazer Rice (10:06.766)The other thing I try to bring up, especially to individual trustees, is that the thing that you’re signing up for is probably going to look a lot different in five or 10 or 15 years when people are aged on, they remarry, they have kids, etc. That the conditions are a lot different than what they were before. And it’s going to be difficult to take on a structure that has eight people when before there were two. Jennifer Zelvin McCloskey (10:37.517)Yes, and that’s that complexity, that increased sophistication and complexity of trust structures that are available now to people. With the increase in the exemption, these trust structures, they’re not necessarily changed. For example, qualified personal residence trust, if people really need that anymore, but there’s a ton of them sitting around there. Are trustees properly administering it? Did you actually transfer the real estate into the trust at the time? So there’s all kinds of sophisticated structures that the trustees may or may not have the right skills. But they’re saddled with having to do it. Frazer Rice (11:19.47)Let’s take a step back and just talk about the functions of a trustee for a second. I break them down basically into three. Which is the first one. You have to administer the trust, meaning you have to dot the I’s, cross the T’s, make sure things get executed, tax returns are filed, statements get sent out to the extent that that happens, and that the administration of a structure like that occurs. Then I talk about the concept that the investments have to be made monitored moved around decided and that they’re appropriate for all classes of beneficiary that are in there and then the distribution function which is The assets have to be distributed according to the law. First the trust then maybe the intent or the law if everything is silent and that those three things are very different components and that it’s tough to find somebody who’s great at all three housed within one brain. Jennifer Zelvin McCloskey (12:20.217)Yeah, I agree with that 100%. It is a three legged stool. It’s the investments, the administration and the distributions. And in that administration umbrella in and of itself, there’s a tremendous amount of work that sort of goes unsung. know, it’s not the sexy stuff where you’re investing and making a bunch of money for your income beneficiaries and managing to preserve the corpus for your principal or your remainder beneficiaries. And it’s certainly not the personal interaction that you’re doing with your beneficiary day to day. Making distributions, helping them, seeing the product of that help. It’s the making sure you file ax returns are properly. Understanding how to read that tax return. Even if you’re not preparing it, making a proper selection on the accountant that you’re using to prepare those tax returns if you’re not preparing it. Make sure to set up statements properly, make sure that in this world of silent trust documents that you’re not sending a statement to somebody who’s not supposed to have it. Communicating with beneficiaries on an even keel. Making sure that you’re not inadvertently violating your duty of impartiality because it’s more than just a substantive duty, there’s a procedural duty as well. That’s really, really challenging to find within one human being, let alone add on top of it somebody who’s financially savvy enough to understand investments and all of the different complex investment tools that are out there, as well as having the personality and the interpersonal skills to keep beneficiaries engaged and happy. Frazer Rice (13:56.426)Just on top of that, the EQ, the bedside manner, and the ability to simplify the complex, et cetera. At the same time, that dedicated note taker that is able to document everything that happens within a decision. Whether distribution or investment or otherwise, that it’s just two different people most times. I find that something falls apart as time goes on. Ultimately if things aren’t laid out correctly, that’s when conflict starts to simmer. Then you know if there is something that’s wrong. That’s allowed to compound that’s where you get into a huge problem later on. Jennifer Zelvin McCloskey (14:36.922)It’s all that feeling. People are behaving in ways that they may or may not be able to articulate their emotional proximity to. When you’re talking with beneficiaries. There’s something simmering under the surface that you inherited because you’re a trustee. You may not even be aware of it because the beneficiaries may not even be able to articulate it. You have to have a certain sense. A gut check of feelings of rntuitively being able to read what’s going on under the surface. To pull it out of people in a very balanced and even keel way. It’s not an easy job by any stretch of the imagination. On top of financial literacy and personal liability and executive functioning skills, being detail oriented, making sure your documentation is not overly explicit. isn’t, you know, scarce. You’re now wondering how and why did you make those decisions? People don’t think about the decisions that they make on a day to day basis. We don’t think in a way to articulate why I made this decision. Why I exercised this type of judgment. And that’s what we’re being asked to do as trustees is to document what is my decision making process? Why am I making the decision? What are my factors involved in making that decision in a way that’s defensible. If we ever need to defend it. Frazer Rice (16:05.292)Well, in favoring one class of people over another is usually where the rubber hits the road on this. People who are used to seeing the income from a trust and don’t want that touched come hell or high water. Then future beneficiaries who’d like to see the trust go from X to 2X to 5X. So that they have something larger to enjoy. You have a natural tension that you have to manage. It’s just not easy. If you don’t document the hows and whys of what you’re doing, you set yourself up for a problem. From one class or another looking at you saying, you you should have done it differently. To go back to that liability component. You’re the only one who sits in the chair of having made that decision. You’re the one with the bullseye on your back when it’s called to account. Jennifer Zelvin McCloskey (16:53.093)That’s right, that is exactly right. And now add on top of it, you’re just named because you’re Uncle Joe and everybody goes to Uncle Joe. You have no technical background and you just don’t know the landmines that are there. You don’t know what you don’t know. Wouldn’t it be wonderful if we were able to create a pipeline of really sophisticated entry level employees or folks that are, you know sophisticated in financial literacy that now want to take the job to become trustees, that we were able to give them this technical roadmap for what the job actually is and then have them get the ability to apprentice on all of those policies and procedures. What does this corporation do? How do we document things? When you’re trying to learn it all at one time, it’s like drinking from a fire hose. Let’s give people the ability to really have a chance at doing it successfully. Frazer Rice (17:53.048)So let’s dive into that pipeline issue for a second. We already diagnosed that the, let’s call it the trust companies or the banks are, they’re just not resourced enough. They can’t run people through an internal school to do it quote unquote correctly. The apprentice model really kicks in. Which means you’re at the sort of mercy of what people are good at, not good at, et cetera. People turn over quickly so that apprenticeship doesn’t even work anymore. The RIAs I think are the worst place to learn about this type of thing. They have a completely different modus operandi as far as keeping clients happy. The word fiduciary means something so different to them than it does to an actual trustee. I wouldn’t feel good about the training on that front to sort of create trustees And then so law schools. They’re they’re just trying to create people the trust in the states vertical as a general matter. Let alone trying to delineate into a trustee situation. You’re putting the pipeline together and you put these programs together. How do you stitch together the needs and what does that manifest itself into? Jennifer Zelvin McCloskey (19:07.642)So that’s a really, really good question. I think that the very first place that we start with answering that question is advising on a trust as an attorney. It’s different from the administration of a trust and the skills that you need for that. So when you create a program like this where you’re trying to teach about trust management. You have to start with the technical skill. The legal side of what is it that we’re even doing? What is a trust? What are the fiduciary duties? Where do they come from? Then we have to, after we teach or create a structure or foundation on what the legality is. Now we go into how does this translate into administration? So when I created the programs, I looked at what’s the law they need to know? What is the level of sophistication of the student? And what do I need to, from a foundational perspective, teach first? What are the building blocks? And then how do I translate that into administration? The one thing that I have found is trust law does not equal investment management. So if people are coming along… Frazer Rice (20:26.254)No question. I’m nodding audibly at that comment. I like that. Jennifer Zelvin McCloskey (20:31.226)Your fiduciary duties as a trustee are fundamentally different than those of an RIA, where some RIAs are not even fiduciaries by law. They’re not. So being able to delineate and explain where that line is, what makes you a fiduciary, what are those duties, after you know the legal basics. And taught to you at a level that you can understand. I don’t expect everybody to be a lawyer. And people have asked me time and time again, do I need to be a lawyer to know this? No, you don’t need to be a lawyer because you’re not advising on the law. You’re advising on the administration of a legal structure and how that administration affects the fiduciary duties that are inherent in the relationship. Then how those fiduciary duties are translated out to the beneficiary. That’s the way that I’ve always built these programs. Where do I start? Start with the law. Where do I go from there? Start with how the administration translates the law. And then how does that administration get heard by the beneficiary? Where does the RIA come into the mix? The RIA should not be dabbling in advising on trusts. They should know that they need to bring in somebody who has this particular skill. And if they’re not doing that, they’re doing the client a disservice by trying to give one-stop shop advice. Frazer Rice (22:06.85)Yep, no question about it. One of the things that…we delve into the world of trusts and their function, et cetera, is that you’re dealing with an ecosystem from client to outside advisor, whether RIA or even accountant, et cetera, that they’re looking for certainty and airtight. quality to these structures that you put them in place and then everything runs like a clock going forward. When in actuality, I think there is a bandwidth of risk around everything. And so it’s the poor trust officer or individual trustee who sometimes has to be the bearer of bad news to say, yeah, you know, I think this is going to work 98 % of the time, but there’s a 2 % problem here or we’ve got this to fix or something like that and everybody else sort of sighs with disappointment and gets mad at the administrative function when in actuality they’re really doing their job and trying to, you know, keep a lot of things that are spinning out of control kind of within view. How do you get a trust officer or that administrative function or even the full trustee function to be comfortable with that risk and everything that’s involved with that? Jennifer Zelvin McCloskey (23:20.504)You have to start with explaining that there is risk and we’re not our job is not as a trustee to eliminate risk. Our job is to manage and identify risk. It is inherent in the job. There is going to be risk. No matter what you do, you cannot divorce risk from trusteeship. It’s a matter of identifying perceived risk and actual risk. And if you can teach that, if you can teach These are the things that are going to trigger a likely outcome. They’re gonna trigger a likely risk. Then you can essentially, you can’t foresee everything. I mean, there are things that are just gonna happen. But in a trust instrument, you’ve got contingency plan upon contingency plan upon contingency plan. That’s what the flexibility of those structures are building. We need to, as trustees, be able to recognize What is the risk with contingency plan A? The risk with B? What is the risk with C? How can we minimize the risk? And how can we make sure that we’re managing perception of risk versus actual risk? Frazer Rice (24:29.31)as someone who’s been in trust companies, advised trust companies, advised trustees, and advised clients, the lack of appreciation for the management of that risk and that that as the intersection of the business model of trusteeship and risk management and use of discretion and making hard decisions and even kind of an insurance quality around these structures, how do you fix that, where people place a level of respect on the job that I think is completely lacking in the wealth management ecosystem? Jennifer Zelvin McCloskey (25:09.089)Absolutely. It’s a tough one to answer. How do you fix it? First and foremost, I think that it’s a top-down fix, especially at a corporate trust company, a bank, and even an independent trust company that’s not affiliated with a bank. The management has to… really understand the function of the trust company. For so long, it’s been just an extra service that we provide and and we’ll do this, the back office trust company. It’s really, really important that the management recognizes what the functionality of the trust company is and stops treating it as sort of a back office stepchild. From the corporate level, I think that’s the very first place we start. Frazer Rice (25:38.478)Mm-hmm. Jennifer Zelvin McCloskey (25:57.818)The second place we start is investing in our trust officers, investing in the team, giving them the education that they need, continuing to give them education, providing training programs, whether they be in-house, external, bring in trainers. None of this is set it and forget it. At the individual level, I think it’s really, really important to have functions like the Individual Trustee Alliance, groups like that, where you have an ability to talk to other professionals that are doing what you’re doing. That’s another way to impress upon people that we have to manage the risk and we can’t do it all alone. Nobody knows everything. You really have to, you have to talk to other people. You have to engage. have to, what is it called when we were practicing law and we’re a little bit outside of our comfort zone, we have to consult with other people who know more than we do. It’s our obligation as lawyers. It’s the same thing with a trust company, with a trustee, whether you’re an individual or you’re not. Widen that circle. Frazer Rice (27:08.474)I think this is my idea for the day that there’s got to be a bit of a public relations campaign sort of describing what’s going on here because I think especially when we go into the family members that sort of occupy these roles, they have no earthly idea what they’re doing. They’re usually doing it for free. Everything’s hunky dory up until a point and everyone hopes that everyone is not going to sue each other if something goes wrong. But the level of wealth that’s being transferred now is now so significant that everyone sort of talks about, AI is going to get rid of lawyers. Nope, not in fiduciary litigation. I think that’s a medium term growth industry, especially around insurance, around ILITs, around revocable trusts, around elder care. But this is my advertisement for people who are in law school looking for a productive way to go. I think that one is going to be, I think that one’s recession proof, at least for a while until I retire anyway. So my thought is that awareness over these things, and it’s probably going to take a very difficult case or a class action suit, something like that, where somebody really gets hurt in order for that awareness to come up. Jennifer Zelvin McCloskey (28:24.922)Yeah, I would agree. think that some of the solutions would include better trust education, you know, whether it be for RIAs, lawyers. Trust in the states is a throwaway class in law school. And there are so many law schools that are essentially rolling it back because bar exams aren’t testing it anymore in a variety of states. And ACTEC is definitely working with the law schools to try and increase trust in the states being taught and certainly being tested. So education for lawyers coming out of law school, education for RIAs that are advising on trusts, education for trust officers, for trust administrators, trust professionals in general, clear role delineation. What is the role of the RIA? The role of the trust officer? What is the role of the trustee if they’re an individual trustee? And then creating a culture of collaboration on what we’re doing as a team for the beneficiary, not substitution, but collaboration with the advisors and the trustees. Frazer Rice (29:32.59)Let’s go into the role delineation for a second. About 20 or 30 years ago, the concept of bifurcating or sort of cordoning off the different functions I described before the investment, the administration and the distribution has come into vogue. I think that came out of frustration with bank trust companies where you got one set of advice for every trust that they had as far as investments and distributions and administration and a lot of modern larger families wanted something a little bit more specific to their needs. And that’s really turned, it’s exploded as an industry for increasing sophistication and size of wealth. Along those different functions, where maybe the administration goes to a professional trust company or a trust officer in the state that you want, Then there’s some intersection maybe in the distribution committee. And then the investment side of it is a bit of a free for all, think, depending on what you’re, dealing with. How do you educate the, that continued the delineation, but the coordination within those types of structures. Jennifer Zelvin McCloskey (30:41.275)Yeah, I think it’s really important. And I’m a Delaware lawyer. I’m licensed in multiple states, but Delaware is my home. It’s where I learned how to be a lawyer. It’s where I grew up as a lawyer. So this directed trust model that you’re describing, where you’re bifurcating, truly bifurcating these particular functionalities of a trustee, it originated in Delaware. sort of, we didn’t, I mean, we invented it, right? We codified it. It was being done, but we codified it. The idea of making sure that everybody understands what their function is and knowing that there’s a limit of liability that’s built into the instrument and communicating what that means to the RIA that is named in the document. I can’t tell you how many times I have heard companies, heard trust companies say, we’re advisor friendly. And I’m like, not unless you’re directed, you’re not. Frazer Rice (31:37.528) “THE TRUSTEE CRISIS: Navigating the Challenges”Yeah. Jennifer Zelvin McCloskey (31:40.439)If you are directed, you are 100 % advisor friendly because there’s no chance that that trustee is going to try and take the investment management. They’re not a portfolio manager. Not a clerical administrator. They’re not a passive rule follower. We need to identify what does that trustee actually do when they are an administrative or directed trustee. Clarify that role so that people who are engaged in this bifurcation, this structure where we’ve got a distribution committee, maybe it’s individuals who are close to the family, close to the beneficiaries, where you don’t have somebody who’s objectively uninvolved with the family members making decisions as to whether or not there’s a distribution that should be made. But also advising those rolls those advisors that your administrative trustee is not just a pencil put a paper pusher. Not just checking boxes. They really do add value to the role that they provide and making sure that everybody understands what each other are doing, having regular meetings amongst the team instead of operating in a vacuum or operating in a silo. And taking the approach of it’s not my job, misunderstanding trustee powers and the advisor’s authority. So when that’s delineated, when that’s really understood, not just by the advisors, but also by the beneficiaries, there are so many beneficiaries out there, Frazer, that have absolutely no idea that they actually hold all the cards. They don’t know. Frazer Rice (33:25.87)Along that line, so in the administrative, we just walked through pretty nicely. The distribution function is one that, let’s talk a little bit for a second about what it means to ask a trustee for a distribution and maybe the difference between income and principal and why having a steady hand at the wheel within that function, whether it’s a corporate trust company of qualified individual or family input in that function, why real good thought needs to go into how that’s staffed. Jennifer Zelvin McCloskey (34:04.73)Yeah, absolutely. 100%. In a corporate trustee ship or a corporate trust company structure, there’s always going to be distribution committees, right? So if you are the trustee, you’re going to have to go through a committee that’s looking at what your reasoning is for making that distribution. They’re asking questions about what have been the prior distributions? Have they come from principal? Have they come from income? What is the spend rate on that trust? How is this going to affect long-term spend rate? Is this an aberration? Is this something that’s gonna become a habit? Really understanding what the distribution, the guidelines are in the trust. What is the distribution standard? Making that decision? What are our factors? And how many people are at the table? Who’s communicating that to the beneficiary? Does the beneficiary know that the trust officer alone does not have the ability to say yes or no? That when they’re in this ecosystem of a corporate trust company, they have their checks and balances to make sure that that risk is being managed. So when you’re looking at corporate trust companies, are a lot of layers behind understanding what the distribution standard is, whether it’s hems or if it’s purely discretionary. The other thing that you need to look at when it’s not a corporate trustee and it’s an individual trustee is, how is that individual trustee making that decision? Are they doing it in a vacuum? Alone? Are they favoring one beneficiary over another because they like them more, you need to have some communication to the beneficiaries so that they understand what they are, what their interest is, what they are entitled to, if anything, and why the trustee stands in that position as the gatekeeper. And I really think in my heart of hearts, we need to make a shift from a gatekeeper trustee Jennifer Zelvin McCloskey (36:16.708)to a beneficiary enhancement trustee, where the beneficiary is really taking on the understanding that the trustee is there to facilitate enhancing the beneficiary’s life. That even though the trust may have started at the outset as a tax strategy or something that the grantor decided they needed to do with the advice of counsel. At the end of the day, you wouldn’t have been named as the beneficiary if there wasn’t some sense of love or obligation even, that it’s for your benefit. It’s in the name. Beneficiary. Trustees need to understand that and beneficiaries need to be taught. Frazer Rice (36:54.958)Right. Frazer Rice (37:00.646)And it goes to the circle back to the notion of making sure that you write down the whys of the decision because ultimately if the concepts of favoritism or you didn’t communicate this or anything, the idea of having the beneficiary submit a budget but having them understand why they are submitting a budget and then if there is some discretion that’s happening around that decision that the data points that are informing that discretion, that’s gonna keep everybody safe a lot later on. Jennifer Zelvin McCloskey (37:32.666)Absolutely. I break it down into a couple of different factors. It’s fiduciary decision making. How is that fiduciary making the decisions they’re making? Why are they making those decisions? And who is being affected by the decisions? Document interpretation. Do you understand the document that you’re administering? If you don’t understand the document you’re administering, hopefully best case scenario, you know what you don’t know and you ask. But if you don’t understand the document and you don’t even have the wherewithal to say, hey, I need help to understand the document, it’s really problematic. The third part, balancing beneficiary interests. Really taking on board this idea of the principal income problem that all the assets in the trust are not the same. That some of it doesn’t at all in any way affect a certain class of beneficiaries. And at the same time, it’s inextricably intertwined in the way that it affects another class of beneficiaries. And then risk management and governance. How is this being governed? How are we managing perceived and actual risk as a trustee? Frazer Rice (38:40.13)The investment function, which I alluded to before, I see storm clouds on that horizon, not really at the RIA level, because I think there’s sort of a default mode that investment policy statements are in place. Diversification is a true commodity at this point. And I never really worry about an RIA sort of understanding how to invest to get to a certain expected return and deal with the risks and drawdown and all that stuff. The storm cloud I see is when individuals sit in that role and they are being tasked with, let’s call it quote unquote, overseeing concentration, meaning that trust is holding a building, farmland, a nuclear reactor, crypto, all of these different things that sometimes can be, A, they have their own different maintenance responsibilities that are not just looking at a fidelity statement, but that they also have their own volatility And, you know, in the case of a building, you got to make sure it’s managed correctly. are they going to get sued or the windows kept up, all of that stuff, and that there’s a whole different component there. And I’m waiting for the shoe to drop on some fact pattern there where somebody is sitting in the role of an investment advisor. It doesn’t say trustee in the document, so they don’t really think that they have trustee liability. But. they sit in that role and all of a sudden somebody finds 10 55 gallon drums of green fluid in the basement of a building and all of a sudden the trust has a big set of red brackets that say minus $100 million that you owe to the federal government and the EPA. How do you think about that? Jennifer Zelvin McCloskey (40:21.454)Hmm. Jennifer Zelvin McCloskey (40:25.242)That’s a heavy question. so the Delaware stock answer, obviously, direct it, right? It’s just to get the trust, cut off the liability. At the first, at the inception of your hypothetical is bad drafting, right? So if there’s no statement as to whether or not your investment advisor is acting as a fiduciary or not, Frazer Rice (40:35.042)Right. Jennifer Zelvin McCloskey (40:52.836)What does your statute say? Does your statute impose that they are as a default a fiduciary or not? So that’s the very first step. That’s bad drafting. We need to know. But if it’s silent, let’s say it’s just a lousy document, there’s, God knows. Anybody who’s seen trust documents knows that, you’ve seen them all, right? And everything in between. Some are good, some are bad. If this is a bad one. Frazer Rice (41:13.08)Seen good and you’ve seen bad. Jennifer Zelvin McCloskey (41:20.079)Then we need to document the statute. If we can correct it, modify the document, let’s modify it. But if all of that can’t happen, then I would say the best way to handle it, make sure you have adequate insurance. mean, over-insure that, over-insure it. Make sure that there’s regular checks on the actual… Assets that are in the trust, if you have a concentration and that concentration is real estate, get the advice of counsel, put that bad boy into an LLC, get yourself some distance from the actual asset itself being held in the trust, hold an interest, hold a financial interest, push it down to the corporate level. But if you can’t do all of that and you’ve got those 500 gallon drums of green fluid and now you’re… Frazer Rice (42:14.286)You Jennifer Zelvin McCloskey (42:15.371)You you’ve got a super fun site. What do you do? You don’t shy away from it. Have to address it head on. You got to take the accountability. You got to communicate and document, communicate and document some more. Talk to your beneficiaries. Make sure that they’re aware of where it went wrong, why it went wrong. Because I have found in my exposure in the industry over time and in reading case law, it’s when you’re trying to cover stuff up. Frazer Rice (42:43.913)Jennifer Zelvin McCloskey (42:44.027)You’re just making more problems. Bad news doesn’t age well. It doesn’t get better over time. You have to approach it head on and make sure that there’s communication and documentation. Meet with your beneficiaries. If there’s a trusteeship where you are appointed as a trustee individually and you’re not having at least quarterly meetings with your beneficiaries, If you’re not going out and seeing the asset, if you’re not going out and making sure that the asset is properly custodyed, you’re not, you’re violating your fiduciary duty. You are not doing what you’re supposed to do. Frazer Rice (43:21.804)You brought up an interesting word there, custody, which is the administrative function, whether held corporately or individually, one of the major things you have to do is to safeguard the assets. And that’s a big two syllable word that carries a lot of weight with it. That custodial function, how do you teach the trust officers or the individual trustees where that starts and stops? Jennifer Zelvin McCloskey (43:48.579)Yeah, mean, custody is super, it’s a really touchy, touchy subject, especially with the dynamic way that trusts have developed in the current climate from tangibles. You know, I’ve got artwork and my beneficiary wants to hang the artwork in their house. Well, do you have custody? Has it been assigned to the trustee and how do you maintain that asset? Make sure nothing’s happening to it. Do make an appointment, go over to the, visit your artwork? What if it’s prize horses, you know? What if it’s, you know, a stud that, you know, we’re gonna need to breed and it’s gonna be the next Triple Crown winner? How do you make sure that the barn is properly safeguarded? It’s a really touchy subject, especially with things like tangibles and things like assets held away when you technically custody the asset, but you don’t have control over the asset. I think in the education part for custodying, what I do in my programs and when I teach this is I make sure that we talk about different types of asset classes. And what the risks, again, what are the risks that you run with these asset classes? How can we manage the actual and the perceived risk of holding that asset? Even if you have custody and name only, but you don’t have physical custody, how do you maintain your control over that asset? Because it’s really the C’s, right? The custody and control. Just because you don’t have custody doesn’t mean you don’t have control. So we have to make sure that there’s an education that’s provided about the different asset classes, whether it’s tangibles, intangibles, assets held away, if it’s a concentration of stock, if it’s crypto, and most trust companies are not taking crypto. I think that there’s like a circuitous way that they’re getting in right now, but it all boils down to education, isolating what the issue is and educating people on it. Frazer Rice (45:59.586)I’ll give you a third C, it’s consequences, which is what happens when you don’t understand these functions. on the crypto side of things, Jennifer Zelvin McCloskey (46:01.786)Uhhh Frazer Rice (46:11.544)Holds the key to get to the crypto. What happens if that trust officer quits and walks away with the key and they’re like, well, multi-sigil figure this out. I’m like, okay, that’s not that. That doesn’t make me feel great at the moment. And now there have been some advances, which is good, but traps for the unwary to be sure. the good news too for crypto is for people who want exposure, the spot ETFs take away 90 % of the problems with that. But as we start to think about winding down here, because I have a feeling we could probably talk for four or five hours on this subject, when putting your programs together, what does a curriculum look like? And we don’t have to go through it bit by bit, but how does that work when someone comes to your program? How much time does it take? What’s the commitment? Jennifer Zelvin McCloskey (46:47.172)Yeah, I think so. Frazer Rice (46:54.851)Mm-hmm. Jennifer Zelvin McCloskey (47:06.33)So the program that I created that’s really available anywhere across the country is called the Peak Trust Management Certificate Program. Peak Trust Company, may be familiar with it. They have name rights because they gave the donation to the University of Delaware for me to build the program. So it’s housed at the Lerner College at the University of Delaware, but bears the name of Peak Trust Company. I look at five different things. The first thing is trust law and administration. So like I said previously when we were talking, you lay that foundation of what is the legal component of this? What is the baseline that people have to know? And then what is the administration? The second component is, and it’s inextricably intertwined as taxation. What is the income tax? What are the deductions? And now let’s take all of that income tax knowledge, individual income tax knowledge, and build on it with fiduciary income tax. What is DNI? What is FAI? How does it go out to the beneficiary? What’s the character of the distribution? How do we manage that? What are we deducting in the trust? So teaching taxation and not because trustees necessarily are tax preparers, but because the trustees obligation is to be able to understand and read that tax return, they need to know how to spot problems. So from my perspective, teaching fiduciary income tax is a critical component. It also helps. Yeah. Frazer Rice (48:38.828)No, no, I was gonna say no question about that. And there are elections to make, just because it doesn’t just go on autopilot, there are choices to be made so that if you’re the trustee, you may not have to prepare the tax return, but you may have to make a choice on the tax return and you’ve got to be informed because that can be an issue. Jennifer Zelvin McCloskey (48:58.651)65 day elections, perfect example, right? You just, you need to understand what your role is and how it overlaps with that of the CPA. The third part, of course, investments. Investments are inextricably intertwined, whether you’re doing it yourself as the trustee or you’re directed or even delegated, which is like the hairy scaries of every trusteeship known to man, because you’re not actually in control, but you’re responsible. So it’s the gray. When I build a program, because of the, you know, the directed trusteeship being so popular in today’s day and age, we have to talk about not just investments of, you know, marketable securities, not just the custody of tangibles, but also subscription documents, because so many alternatives are held in trust right now. unique assets, need to know how the trustee is actually carrying out their fiduciary duty when it comes to engaging in an investment that is an alternative investment. The fourth component is of course compliance. We cannot ever get away from compliance and I think we could do a whole nother podcast on compliance in trusteeship but. You know, it’s a regulated entity. And even if you’re an individual trustee and you’re not using what those compliance frameworks are, what the guidelines are by OCC, Reg 9, FDIC, if you’re not looking at that and using that as a guideline, don’t do the job. understanding KYC, BSA, AML, all of those compliance components that have tentacles. That’s the fourth part. And then for the fifth part of this program, because it’s specifically geared toward trustee education in trust companies, although it can be applicable, very applicable to individuals, is operations. I was very fortunate that I was able to partner with SCI on building the operations component. So we license their platform called Plato. It’s essentially their training platform. Jennifer Zelvin McCloskey (51:12.888)so that trustees can see how fees are set up, fees, that’s a whole other podcast, fees, statements, distributions, how are we doing this? How are we documenting everything? What are the logistics of the day-to-day operations? So that’s how I built the program and it’s available anywhere in the country. It’s 10 weeks, how long does it take? I would say from three to five hours a week of an investment that you’re making at a bare minimum. Obviously there’s a whole lot more of depth that you can go into. The resources are built in. But I would say 10 weeks, about 50 hours of time where you’re actually engaging with the material. And then I bring in guest lecturers on each different area of expertise for lack of a better description. And they get a certificate at the end, they get a digital badge, and now they really have something where they can add value day one in a trust company or as a trustee. Frazer Rice (52:17.902)With Delaware being, you one of the real gold standards as far as trust jurisdiction, I assume that everything that comes out of this program is pretty transportable to the other useful jurisdictions, let’s call it, within the country. know, the Tennessee’s, the South Dakota’s, the Nevada’s, the Alaska’s, Wyoming’s, New Hampshire’s, et cetera. Obviously, there are hairs to split with different foibles in their law, but everything that you’re describing sounds like works everywhere else. Jennifer Zelvin McCloskey (52:47.928)And I’ve always taken the approach, you’re 100 % correct, I’ve always taken the approach of UTC. I base everything off of UTC and if there’s something different or unique based upon the jurisdiction that you’re in, I always encourage people you have to look at your statute, you have to look at the jurisdiction that you’re actually practicing this in and administering in. I use Delaware, South Dakota, Alaska as examples quite often when we’re talking about the directed stuff, but By and large, it’s UTC. Frazer Rice (53:20.966)It just a weird subset. So special needs trusts and islets, which are two types of trusts, very specific. One holds life insurance. The other is designed to really take care of people who can’t take care of themselves. And they are types of trusts that a lot of trust companies don’t like to take on because the liability is harder or the profit margin is less. For those individuals who get the opportunity to participate in those and I put that in air quotes. How would you advise people to get ready for those types of situations? Jennifer Zelvin McCloskey (53:58.308)People who are in need of those types of trusts. Frazer Rice (54:02.122)Well, maybe both. The people who need those trusts, you know, they’re going to, they, you know, it’s almost like they get set up and then the staffing gets kind of figured out later, barely. And then, you know, the, for the people who end up taking on that role, they really have no idea of what they’re in for in a sense. Is there sort of like a mini, I’m not going to say a full course like you’re describing, but a crash course in, in what’s going on here and what can I do to keep myself safe? Jennifer Zelvin McCloskey (54:30.271)Unfortunately, no, I don’t know of one. and there isn’t much built in. there’s, we talk about a little bit in the program that I built, but, those are specialized and eyelets we talk about a little bit more there, you eyelets had their day and sort of they has done ish. but special needs trust. It’s a whole other ball game because It really incorporates state law and social security and Medicaid, all of those government benefits that I think you would need something more specialized than my program that I developed. And I don’t have a great answer for that, I’m sorry. Frazer Rice (55:12.482)No, there’s not a great answer for it because it’s tough. it’s a, all of which is to say for someone who’s involved with those things and feels confused by what’s going on, that’s one where it’s worth it to spend the money to lean on a dedicated Medicaid elder care, special needs type of lawyer on that front because there are traps for the unwary. Okay, now we’re starting to butt up against an hour here of. Jennifer Zelvin McCloskey (55:29.764)Yes . . . Frazer Rice (55:38.827)Four hours. No, I’m kidding listeners. We’re not going to talk for four hours, but How do people find your program and and then I’ll ask a bonus question at the end Jennifer Zelvin McCloskey (55:49.339)So the program is on the University of Delaware’s website. You just type in peak trust management certificate and it’ll pop up. My name will be there. I think my picture might be there. It’s all over my LinkedIn. So if you look me up, you’re going to see the peak trust management certificate program. You can always email me, jennifer at zeldenlaw.com. Happy to push people into it. start, I’m in the new cohort right now. We’re two weeks into a 10 week program. But we have a new cohort starting in May. I think it’s May 4th. So may the fourth be with you. Frazer Rice (56:24.622)Terrific. So the final question here is really more of a crystal ball question. In this trust industry, trustee industry, what are the real, I’m going to say opportunities out there, and we’ve sort of painted a picture of doom and gloom and its low profit margin and things like that. Where can someone who is thinking from a business perspective about this find something? Once they’re properly educated about it and being able to participate in it. Jennifer Zelvin McCloskey (56:57.582)There are so many opportunities. There is an absolute need for good trustees everywhere. Trust companies from coast to coast, individual trustee alliance. People really, really need trustees. There’s tremendous opportunity with Heritage Institute, not the Heritage Foundation, but the Heritage Institute. There’s opportunities with…various family offices and various trust companies for education, for beneficiary education. So many opportunities out there. Trust companies are just clamoring for people. So if people are interested in becoming a trustee, getting that education, you will not have a hard time finding a job. Like you said, it’s basically recession proof. This wealth is going to transfer. We need sophisticated, knowledgeable trustees. on the receiving end of that transfer so that it happens correctly. Frazer Rice (57:56.578)I’d go so far as to say financial advisors. I just gotta say, a CFP is useful, CFA is on your investment side, but something like this, you know so much more about how intergenerational wealth works than what’s happening in those particular situations that I think it helps people stand out when I see something like that on a resume. Jennifer Zelvin McCloskey (58:00.302) “THE TRUSTEE CRISIS: Navigating the Challenges”That’s all the podcast. I hear you. I hear you. Frazer Rice (58:24.386) “THE TRUSTEE CRISIS: Navigating the Challenges”All right, with that, Jennifer, it’s great to catch up and I will have all of your information on the show notes and I will either see you at the ITA conference in Dallas or what I’m down in Delaware next. More Around “THE TRUSTEE CRISIS: Navigating the Challenges” BUILDING A TRUST COMPANY TENNESSEE AS A JURISDICTION DIRECTED TRUSTEES DELAWARE WELL BEING TRUST THE TRUSTEE CRISIS: Navigating the Challenges https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/ Keywords for THE TRUSTEE CRISIS: Navigating the Challenges trusteeship, wealth transfer, trust management, fiduciary duties, trust education, estate planning, risk management, trust administration, individual trustees, trust companies, the trustee crisis, navigating the challenges, the great wealth transfer,
The Joint Readiness Training Center is pleased to present the one-hundredth-and-thirty-seventh episode to air on ‘The Crucible - The JRTC Experience.' Hosted by MAJ Marc Howle, the Brigade Senior Engineer / Protection Observer-Coach-Trainer, and MAJ David Pfaltzgraff, BDE Executive Officer OCT, from Brigade Command & Control (BDE HQ) on behalf of the Commander of Ops Group (COG). Today's guests are expert sustainers from across JRTC: MAJ Amy Beatty, the TF Executive Officer for TF Sustainment (DSSB / LSB) and CPT Cody Kindle, the S-4 Sustainment Planner in Plans / Exercise Maneuver Control (TF Zulu). This episode dives into the importance of base clusters, which are a survivability and sustainment technique used by brigades and battalions to disperse logistics and command elements while maintaining mutual support in a contested battlespace. Instead of concentrating sustainment nodes such as the brigade support area (BSA), field trains, and maintenance sites in a single large footprint, units distribute smaller elements across a wider area in multiple mutually supporting positions connected by terrain, security, and communications. This approach reduces the vulnerability of sustainment assets to long-range fires, UAS surveillance, and precision strike systems that dominate the modern battlefield. By dispersing logistics nodes while maintaining coordination through disciplined reporting, movement control, and security integration, base clusters allow sustainment elements to remain survivable, mobile, and capable of supporting maneuver forces in large-scale combat operations (LSCO). Part of S13 “Hip Pocket Training” series. For additional information and insights from this episode, please check-out our Instagram page @the_jrtc_crucible_podcast Be sure to follow us on social media to keep up with the latest warfighting TTPs learned through the crucible that is the Joint Readiness Training Center. Follow us by going to: https://linktr.ee/jrtc and then selecting your preferred podcast format. Again, we'd like to thank our guests for participating. Don't forget to like, subscribe, and review us wherever you listen or watch your podcasts — and be sure to stay tuned for more in the near future. “The Crucible – The JRTC Experience” is a product of the Joint Readiness Training Center.
Former compliance and BSA officer Ashley Przada joins Rafael DeLeon to share hard-won lessons from 14 years in banking — covering everything from BSA risk and examiner relationships to compliance burnout and building programs from the ground up.
In this week's episode, Elliot Berman and John Byrne cover a wide-ranging set of developments reshaping the global AML landscape. They open by marking the fourth anniversary of Russia's invasion of Ukraine before diving into new regulatory, enforcement, and geopolitical stories affecting financial crime professionals. John highlights the Federal Reserve's request for comment on removing “reputation risk” from bank supervision and discusses ongoing litigation involving JPMorgan and the Trump Organization. The conversation then turns international: OCCRP's newly announced Anti-Corruption Hero Awards, revelations of European-made parts ending up in Russian military drones, and the European Center for Not-for-Profit Law's work on financial access for human rights defenders. Elliot and John also examine Australia's transition to a new AML/CFT regime and Canada's new financial intelligence initiative focused on extortion. Additional topics include the Treasury Inspector General's audit of FinCEN, IRS-CI's latest BSA data usage report, and U.S. cases involving cyber intrusions and tax fraud.
In this episode of AML Conversations, John Byrne sits down with Sarah Beth Felix—AML expert and author of Dirty Money Weekly—to break down the biggest storylines shaping financial crime compliance this month. Sarah offers a practical, forward-looking take on the Epstein files and why community and midsize banks must rethink their approach to adverse media screening. She and John also unpack the confusion surrounding the administration's de-risking Executive Order, the impact of FinCEN's recent CDD “exceptive relief,” and the optics behind the agency's decision to rescind its advisory on the St. Kitts & Nevis Citizenship‑by‑Investment program. They dive deeper into IRS‑CI's newly released data proving the value of BSA reporting—and what rising CTR/SAR thresholds could mean for law enforcement. To close, Sarah responds to emerging rumors that banks should be required to capture and track customer citizenship status, explaining why such a shift would have massive operational implications. This is a must-listen for AML professionals navigating a rapidly changing regulatory landscape and looking for actionable insight, context, and clarity.
Do you get nervous speaking English in front of people, even a small group of friends?In this episode of our new series, Georgie and Hanan talk about public speaking and speaking in bigger groups.With Regina Kaplan Rakowski, Professor of Learning Technologies at the University of North Texas.WATCH – Find Georgie's videos with tips to improve your speaking here: https://www.bbc.co.uk/learningenglish/english/features/beating_speaking_anxiety/not_understanding-videoTRANSCRIPT – Read along with this podcast and learn useful vocabulary: https://downloads.bbc.co.uk/learningenglish/features/beating_speaking_anxiety/4_BSA_speaking_in_front_of_others_transcript__.pdfNEWSLETTER – Sign up to our email newsletter to hear about our latest lessons and programmes https://www.bbc.co.uk/send/u178220599
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