Podcasts about consumer finance

In this crossover episode of The Consumer Finance Podcast and Payments Pros, Chris Willis, Jason Cover, and Taylor Gess unravel the often-confused distinctions between loans and credit sales in the first installment of our Point-of-Sale Finance Series. This episode sheds light on the regulatory nuances that impact the delivery of financial products. From the historical backdrop of Retail Installment Sales Acts to the modern-day challenges of terminology, the conversation offers a comprehensive overview of the pros and cons of retail installment contracts and direct loans. Whether you're a seasoned professional or new to consumer finance, this discussion will enhance your understanding of these pivotal financial structures.

In this episode of The Consumer Finance Podcast, Chris Willis is joined by Jason Cover to introduce an upcoming special series focused on point-of-sale finance, a rapidly evolving sector in consumer financial services. This teaser provides a sneak peek into increasingly popular topics that will be discussed throughout the series, including innovative point-of-sale finance solutions such as payment methods beyond traditional credit and debit cards, in addition to a diverse range of products and the dynamic interactions between fintech lenders, financial institutions, and merchants. The series will also explore foundational concepts and specific models across various industries, such as home improvements and medical financing, setting the stage for a deep dive into the transformative impact of point-of-sale finance on consumer transactions.

In this episode of The Consumer Finance Podcast, Chris Willis and Lori Sommerfield discuss the Consumer Financial Protection Bureau's (CFPB) recent withdrawal of more than 60 pieces of informal guidance, focusing on those related to fair lending and unfair, deceptive, or abusive acts or practices (UDAAP) issues. This conversation highlights key pieces of guidance that have been rescinded, including those concerning adverse action notices and abusive practices, in addition to insights on how these developments might influence the CFPB's enforcement priorities moving forward. This episode is part of a series across multiple podcasts from our Consumer Financial Services practice regarding the recent CFPB advisory withdrawals, and their impact in various areas.

In this episode of The Consumer Finance Podcast, Chris Willis is joined by Troutman Pepper Locke Partners Lindsey Kress and Regina McClendon to analyze the complexities of the California Consumers Legal Remedies Act (CLRA). The discussion highlights recent amendments, including the prohibition on drip pricing, and examines strategic approaches for businesses facing potential litigation under this statute. With a focus on understanding the CLRA's unique provisions and defenses, the episode offers valuable guidance for companies navigating consumer protection challenges in California, along with addressing class action risks and safe harbors.

In this crossover episode of The Consumer Finance Podcast and Regulatory Oversight, Chris Willis, Kim Phan, and Stephen Piepgrass provide insights on a new joint privacy task force among several state AGs, known as the Consortium of Privacy Regulators. The consortium recently outlined goals to share state resources and align enforcement priorities regarding consumer harm and privacy rights. In response to an anticipated shift of regulatory scrutiny from federal agencies to state leaders, this episode focuses on specific steps financial services companies should consider when dealing with consumer privacy, data, complaints, and inquiries to ensure compliance and mitigate potential investigations and enforcement actions.

In this episode of The Consumer Finance Podcast, Chris Willis is joined by Troutman Pepper Locke Partners Joseph DeFazio and Jason Manning, along with Alison Grounds, founder and managing partner of Troutman Pepper Locke's award-winning eDiscovery subsidiary, eMerge to discuss the evolving capabilities and advantages of eDiscovery. This episode highlights the significance of efficient processes in streamlining document review to enhance legal strategies, including setting clear policies for electronically stored information (ESI) and analyzing vast volumes of digital data with accuracy. As the use of AI becomes more prevalent across the consumer financial services industry, the speakers underscore the impact of leaning into eDiscovery and innovation to help uncover critical evidence early in litigation and response plans, as well as during regulatory investigations.

Join us for a special crossover episode of The Consumer Finance Podcast and Regulatory Oversight, where Chris Willis, Kim Phan, and Gene Fishel delve into the evolving world of state AI legislation. As AI becomes a pivotal tool in the financial services industry, understanding the implications of new laws is crucial. This episode focuses on Colorado's comprehensive AI law and its potential influence on other states, exploring key issues such as algorithmic discrimination, privacy, and cybersecurity. Gain insights into best practices for compliance and learn how state attorneys general are stepping up enforcement in the absence of federal action. Don't miss this informative discussion bridging consumer finance and regulatory oversight.

In this episode of The Consumer Finance Podcast, Chris Willis is joined by Troutman Pepper Locke colleagues Lori Sommerfield and Lane Page to dissect two unexpected fair lending developments under the new Trump administration. First, we unpack the Consumer Financial Protection Bureau's (CFPB) surprising move to vacate its own redlining consent order with Townstone Financial, Inc. We then analyze the Federal Housing Finance Agency's (FHFA) dramatic policy shift requiring two government sponsored enterprises (GSEs, namely Fannie Mae and Freddie Mac) to terminate special purpose credit programs (SPCPs), as well as the broader implications for mortgage lenders. Join us for the twists and turns of this evolving fair lending regulatory landscape and learn what steps institutions should consider taking to mitigate risks.

In this episode of The Consumer Finance Podcast, Chris Willis is joined by colleagues Megan Burns, Jason Manning, and Punit Marwaha to explore the arcane world of reverse mortgages. They provide valuable insights about how these unique financial products work, the regulatory landscape, and the litigation hurdles faced by reverse mortgage servicers. Listen to this episode to hear real-life examples highlighting the complexities reverse mortgage servicers may face when dealing with reverse mortgages, including loan origination requirements, the involvement of the U.S. Department of Housing and Urban Development, Federal Housing Administration guidelines, alleged third-party fraud, and the sensitivity around elderly borrowers.

In this episode of the Consumer Finance Podcast, Chris Willis, co-leader of Troutman Pepper Locke's Consumer Financial Services Regulatory practice, delves into the current state of machine learning and artificial intelligence (AI) models in underwriting and fraud detection. Chris provides an overview of the regulatory expectations set by the Consumer Financial Protection Bureau, including the historical context and recent developments. He discusses the importance of fair lending considerations, the use of less discriminatory alternative analysis, and the skepticism around certain types of alternative data. Chris also explores the potential impact of state regulations and the need for a long-term approach to fair lending risk. Tune in to stay informed about the evolving landscape of AI and machine learning in consumer finance.

The Government has introduced legislation that could see more than 150,000 mortgage holders miss out on hundreds of millions in compensation for mistakes made by ANZ and ASB. The Government wants to ensure lenders are not disproportionately punished if they fail to disclose all the right information about a product to their customers. NZ Herald Wellington business editor Jenee Tibshraeny explains what this could mean for the banks - and homeowners. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Government has introduced legislation that could see more than 150,000 mortgage holders miss out on hundreds of millions in compensation for mistakes made by ANZ and ASB. The Government wants to ensure lenders are not disproportionately punished if they fail to disclose all the right information about a product to their customers. NZ Herald Wellington business editor Jenee Tibshraeny explains what this could mean for the banks - and homeowners. LISTEN ABOVESee omnystudio.com/listener for privacy information.

In this episode of The Consumer Finance Podcast, Chris Willis is joined by colleagues Jesse Silverman and James Kim to discuss recent developments in New York's legislative efforts to strengthen its consumer financial protection laws. They delve into the recently introduced Fair Business Practices Act, which borrows aspects of the Dodd-Frank Act and seeks to expand the New York Attorney General's powers to mirror those of the Consumer Financial Protection Bureau (CFPB), and its potential impact on businesses and consumers. The discussion highlights the broader trend of states stepping up their consumer protection efforts in response to perceived federal regulatory relaxation. The episode also explores the increasing cooperation and personnel exchange between the CFPB and state regulators, emphasizing the growing influence of state-level enforcement in the consumer financial services landscape. Tune in to understand the implications of these legislative changes and how they might shape the future of consumer financial protection.

George Toumbev, Chief Commercial Officer, NatWest Boxed BaaS provider NatWest Boxed has gone live with its first customer, the AA, which will use Boxed's embedded finance platform to offer financial products to millions of personal breakdown members and insurance customers as well as the broader market. The venture marks the first time 2 leading UK brands have agreed a strategic partnership to embed financial services into the customer journey. Robin Amlôt of IBS Intelligence discusses the new offering with NatWest Boxed's CCO George Toumbev.

In this episode of The Consumer Finance Podcast, Chris Willis is joined by Joe Reilly, a partner in Troutman Pepper Locke's Consumer Financial Services Practice Group, to discuss the events of the first two months of the new Trump administration. They provide a comprehensive overview of the current status of the Consumer Financial Protection Bureau (CFPB), its litigation matters, and its rulemaking efforts. Chris and Joe discuss the significant changes at the CFPB, including the appointment of new acting directors, the impact of the administration's directives on CFPB employees, and the ensuing legal battles. They also explore the status of key rulemakings, such as the 1071 Small Business Data Collection Rule, the overdraft rule, and the credit card late fee rule, offering insights into the potential future of these regulations. Tune in to stay informed about the latest developments in consumer financial services regulation and what they mean for the industry.

BBVA Consumer Finance en el CONGRESO FACONAUTO 2025 En el marco del Congreso Faconauto 2025, Antonio García, director de BBVA Consumer Finance España, destacó la importancia estratégica de la financiación en el sector automoción. García remarcó que la financiación es fundamental en la compra de vehículos, ya que muchos consumidores necesitan este apoyo financiero para renovar sus coches. Este aspecto adquiere relevancia en un momento en que el mercado enfrenta numerosos desafíos, incluyendo la incertidumbre económica, la escalada de aranceles y la entrada de nuevos competidores internacionales. BBVA lleva más de una década siendo socio estratégico de Faconauto, una alianza que García valora especialmente debido al crecimiento y notoriedad que la patronal ha alcanzado en el sector automotriz. El compromiso de BBVA es tal que su lema se ha convertido en "el banco de los concesionarios", enfatizando su cercanía y apoyo constante a este sector crucial para la economía española. A nivel macroeconómico, García se muestra moderadamente optimista. Aunque reconoce que factores externos como el tercer aniversario de la guerra en Ucrania y otras tensiones internacionales pueden generar incertidumbre, confía en la resiliencia del mercado español. A nivel sectorial, sin embargo, admite que la situación es compleja y que la incertidumbre actual dificulta la toma de decisiones tanto para consumidores como para concesionarios. García también subrayó la importancia del concesionario como el principal canal de distribución, refiriéndose a este como el propietario de "la última milla" en la relación con el cliente. Expresó su convicción de que, independientemente de si prevalece el modelo tradicional de concesión o se adopta un modelo de agencias, los concesionarios seguirán siendo imprescindibles en la venta directa al consumidor, dada su proximidad y conocimiento del cliente final. Además, señaló el papel activo de BBVA en apoyar las inversiones de los concesionarios, mencionando que estos han invertido más de 1.300 millones de euros para mantenerse en vanguardia tecnológica y de servicio. En este ámbito, BBVA ofrece soluciones integrales, desde financiación de stock e instalaciones hasta compras corporativas y operaciones internas de fusión y adquisición, multiplicando significativamente su participación en los balances de estos negocios en la última década. Finalmente, Antonio García hizo hincapié en la importancia de tener socios financieros sólidos y confiables que acompañen a los concesionarios en todas sus necesidades financieras. En este contexto, destacó la fuerte presencia y liderazgo del BBVA en el sector automoción, reiterando su compromiso de seguir creciendo junto a los concesionarios para enfrentar juntos los retos futuros del mercado. Producción: Fernando Rivas San Julián José Lagunar Herranz Todos los podcast: https://www.podcastmotor.es Twitter: @AutoFmRadio Instagram: https://www.instagram.com/autofmradio/ YouTube: https://www.youtube.com/@AutoFM Contacto: info@autofm.es

In this episode of The Consumer Finance Podcast, Chris Willis is joined by Matt Hansen, Jason Manning, and Michael Lacy, partners in Troutman Pepper Locke's Consumer Financial Services practice group, to discuss the use of mock jury exercises in consumer financial services litigation. They explore what mock jury exercises are, why they are used, and the benefits they provide in preparing for trial. The conversation covers the timing and implementation of these exercises, the insights gained from them, and real-life examples of how they have influenced case outcomes. Tune in to learn how mock jury exercises can help legal teams refine their strategies and improve their chances of success in court.

In this special joint edition of the Crypto Exchange and the Consumer Finance Podcast, host Ethan Ostroff is joined by colleagues James Kim and Chris Willis to discuss the anticipated regulatory approaches to digital assets by the Consumer Financial Protection Bureau (CFPB), Federal Trade Commission (FTC), and state agencies following the recent change in administration in Washington.The group begins the discussion with the CFPB's actions in the end of 2024 and into 2025, particularly focusing on the digital payments larger participant rule (LPR). The discussion shifts to the FTC's expected role in addressing consumer fraud in the crypto space.The episode concludes by looking ahead to the anticipated, proactive role of state regulators, including the New York Department of Financial Services, in filling the potential void left by the CFPB by enforcing state laws, as well as federal consumer financial laws under Dodd-Frank.

In this final episode of our Year in Review series, Chris Willis is joined by colleagues David Anthony, Stefanie Jackman, and Jonathan Floyd to discuss the year in review and look ahead for debt collection. They provide crucial updates on significant developments in 2024, including the heightened regulatory focus on medical debt at both federal and state levels, and the implications of the Consumer Financial Protection Bureau's (CFPB) uncertain future. The team also explores the impact of the Supreme Court's Loper Bright decision on agency interpretations and the increasing trend of debt collection litigation moving to state courts. Gain insights into the current legal landscape, potential future developments, and practical advice for navigating these complex issues in 2025. Don't miss this essential discussion for anyone in the consumer financial services industry.

In this episode of The Consumer Finance Podcast, Chris Willis is joined by Jason Manning and Joe DeFazio, partners in Troutman Pepper Locke's Consumer Financial Services practice group. They provide crucial updates on two significant litigation topics: the ongoing litigation surrounding so-called junk fees, particularly convenience fees, and the implications of New York's Foreclosure Abuse Prevention Act (FAPA). They delve into the recent Eleventh Circuit decision on convenience fees, the broader impact of the Consumer Financial Protection Bureau's stance on junk fees, and the challenges posed by FAPA for mortgage lenders and servicers. Listeners will gain insights into the current legal landscape, potential future developments, and practical advice for navigating these complex issues. Don't miss this essential discussion for anyone in the consumer financial services industry.

In this special joint edition of the Consumer Finance Podcast and the Regulatory Oversight Podcast, host Chris Willis is joined by colleagues Stephen Piepgrass, James Kim, Jesse Silverman, and Lane Page to discuss the ongoing changes at the Consumer Financial Protection Bureau (CFPB) and predict how state regulators and legislatures will react to fill the void. This episode explores the anticipated responses from state attorneys general, financial service regulators, and legislatures, and offers strategic insights for industry players to navigate this complex regulatory environment. Tune in to understand the proactive measures your organization can take to stay compliant and ahead of potential state enforcement actions.

In this episode of The Consumer Finance Podcast, Chris Willis is joined by Mary Zinsner and Heryka Knoespel, partners in Troutman Pepper Locke's Consumer Financial Services Practice Group, to discuss the latest in deposit account-related litigation. As part of the Year in Review and Look Ahead series, they delve into significant cases from 2024, including Ponzi schemes, check washing, and elder exploitation scams. They also provide insights into what depository institutions can expect in 2025. Tune in to stay informed about the evolving legal landscape affecting banks and credit unions.

Trump's Deep State Cleanout: Clinton Created It, Barack Politicized It, Biden Weaponized It DOGE: USAID & Other Corruption Deep Dive: Consumer Finance Protection Board (CFPB) Europe Waking Up TooFollow Debbie Georgatos, America Can We Talk Show HostWebsite: http://americacanwetalk.orgTwitter: @DebbieCanWeTalkTruth: https://truthsocial.com/@AmericaCanWeTalkInstagram: https://www.instagram.com/debbiecanwetalkFacebook: https://www.facebook.com/AmericaCanWeTalkRumble: https://rumble.com/user/AmericaCanWeTalkOBBM: https://www.obbmnetwork.tv/series/america-can-we-talk-207873America Can We Talk is a show with a mission — to speak up for the extraordinary and unique greatness of America. I talk about the top issues of the day facing America, often with insightful guests, always from the perspective of furthering that mission, and with the goal to inspire listeners to celebrate and embrace the liberty on which America was founded. #BecauseAmericaMatters

In this third episode of the Year in Review series of The Consumer Finance Podcast, host Chris Willis is joined by Lori Sommerfield, a partner in Troutman Pepper Locke's Consumer Financial Services Practice Group, to discuss significant fair lending and Unfair, Deceptive, or Abusive Acts or Practices (UDAAP) developments during 2024 and what to expect in 2025. They delve into aggressive redlining enforcement actions by federal regulators under the "Combatting Redlining Initiative" during the Biden administration, federal and state regulators' increasing scrutiny of the use of artificial intelligence in consumer lending and potential discrimination claims, the Consumer Financial Protection Bureau's war on "junk fees," and the current status of the Section 1071 final rule. They also offer predictions concerning anticipated changes in the federal agencies' approach to fair lending and UDAAP enforcement under the Trump administration. Tune in for a comprehensive overview and expert insights into these pivotal areas of law, which pose significant regulatory, legal, and reputational risk.

Carrying on with the tradition of episodes with DLAI, this year we tried something different and worked on recording episodes after their Annual Fintech Conclave. In the first episode in this series, we explore the dynamic shifts in consumer finance with Anuj Kacker, co-founder of Freo. Anuj shares his perspective on how the fintech industry has evolved in the last five years, from post-pandemic recovery to the increasing importance of financial inclusion and managing risks. We covered the following with Anuj:

In this episode of The Consumer Finance Podcast, host Chris Willis is joined by James Kim and Jesse Silverman, co-leaders of Troutman Pepper Locke's fintech industry group. They discuss the current regulatory environment for earned wage access products, as well as potential developments in 2025. The conversation covers the evolving positions of the Consumer Financial Protection Bureau (CFPB) and the differing approaches taken by states such as Connecticut, Wisconsin, California, and Maryland. Tune in to understand the complexities and practical implications for earned wage access providers in this dynamic regulatory landscape.

In this episode of The Consumer Finance Podcast, host Chris Willis and Michael Lacy, Consumer Financial Services Practice Group leader, introduce Troutman Pepper Locke's annual Year in Review and Look Ahead publication. The publication covers 17 critical areas, including the Fair Credit Reporting Act, the Telephone Consumer Protection Act, and FinTech. This concise and accessible report offers valuable insights for clients, practitioners, and regulators. Tune in to stay informed and ahead of the curve.

In this episode of The Consumer Finance Podcast, host Chris Willis is joined by Partners Virginia Flynn and Chad Fuller for the first edition of a special year-in-review series. Together, they provide a comprehensive analysis of the Telephone Consumer Protection Act (TCPA) developments from 2024 and offer predictions for 2025. The discussion covers key changes, including the upcoming one-to-one consent rule, the impact of key cases, and other significant TCPA trends. This episode is essential for staying ahead in the evolving landscape of TCPA compliance. Stay tuned for more year-in-review content!

Listen to the latest episode of our UK Conversations in Credit podcast, where Joanne Owens and Alexandra Byard discuss how the current Consumer Finance regulation changes are shaping the landscape for vulnerable customers.

In this episode of The Consumer Finance Podcast, host Chris Willis and guest Joe Reilly delve into recent CFPB consent orders that penalize financial services companies for allegedly launching products before they were fully ready. They discuss the implications of these orders, the importance of thorough product testing and risk management, and the potential financial consequences of premature product launches. Tune in to learn valuable insights and best practices to avoid similar pitfalls in your organization.

In the first episode of The Consumer Finance Podcast as the newly combined Troutman Pepper Locke, host Chris Willis is joined by Partners Tom Yoxall and Michael Lacy to discuss the strategic merger between Troutman Pepper and Locke Lord, which became effective on January 1. The episode explores the enhanced capabilities and expanded geographic reach of the combined firm, particularly in the consumer financial services and broader financial services sectors. Tune in to learn about the synergies, cultural alignment, and future goals of this financial services powerhouse.

Join host Chris Willis and guests Lori Sommerfield and Joseph Reilly in this episode of The Consumer Finance Podcast as they delve into the CFPB's recent study on differential treatment in small business lending. Discover the methodology behind the study, its findings, and the implications for small business lenders. The discussion also covers the significance of the CFPB's 1071 Small Business Data Collection Rule and its potential impact on the industry. Learn about the possible biases and limitations of the study, and explore the broader context of fair lending practices. This episode provides valuable insights for lenders and regulators alike, highlighting the importance of vigilance and proactive measures in ensuring fair treatment for all small business owners.

We take a look back at key developments over the past year and look ahead to what's in the pipeline for 2025. We look at authorised push payments, buy now pay later, turmoil in the consumer finance space as a result of the Johnson ruling, finfluercers and the impact of the elections this year on the FCA's workstreams, among other topics. 

In this episode of The Consumer Finance Podcast, host Chris Willis, co-leader of Troutman Pepper's Consumer Financial Services Regulatory practice, is joined by colleagues Mark Furletti, Stephen Piepgrass, Jesse Silverman, and James Stevens. Together, they delve into the anticipated regulatory landscape and legal needs for financial services companies under the upcoming Trump administration. The discussion covers the potential resurgence of new financial products, the impact on M&A activity, the role of state attorneys general, and the future of bank-fintech partnerships. Tune in to gain insights on how to strategically navigate the evolving regulatory environment and leverage opportunities in the financial sector.

In this episode of The Consumer Finance Podcast, host Chris Willis is joined by Jesse Silverman and Matt Morris to explore the complexities of the CFPB's nonbank registry rule. This regulation, introduced in 2024, has generated significant confusion due to its intricate requirements. They discuss the rule's purpose, its impact on nonbank financial services, and the detailed steps companies must take to ensure compliance. Tune in to understand the key definitions, registration deadlines, and the broader implications for the industry.

Moody's Analytics own Scott Hoyt joins the Inside Economics team to discuss the state of the American consumer, as the critical Christmas buying season is set to begin. Consumers have been powering the broader economy, and the team expects that to continue.  But there are a number of consumer-related puzzles, which the team works to solve.Guest: Scott Hoyt, Senior Director of Economic Research, Moody's AnalyticsHosts: Mark Zandi – Chief Economist, Moody's Analytics, Cris deRitis – Deputy Chief Economist, Moody's Analytics, and Marisa DiNatale – Senior Director - Head of Global Forecasting, Moody's AnalyticsFollow Mark Zandi on 'X' @MarkZandi, Cris deRitis on LinkedIn, and Marisa DiNatale on LinkedIn

Join Chris Willis and his colleague Stefanie Jackman as they delve into the recent amendments to New York City's debt collection rules. In this episode of The Consumer Finance Podcast, they discuss the significant changes, including communication restrictions, validation requirements, and the expanded coverage to include creditors. Learn about the implications for both creditors and debt collectors, the enforcement mechanisms, and the ongoing legal challenges. Stay informed and prepared for the April 1, 2025, enforcement date.

In this episode of The Consumer Finance Podcast, Chris Willis is joined by Partner Kim Phan to discuss the latest cybersecurity guidance from the New York Department of Financial Services (NYDFS) concerning artificial intelligence (AI). Released on October 16, this guidance addresses the growing cybersecurity threats posed by AI and provides insights on how financial institutions can mitigate these risks. Kim and Chris delve into the specifics of the guidance, including the expectations for risk assessments, the importance of monitoring AI usage, and practical steps for enhancing cybersecurity measures. They also highlight the dual perspective of AI risks from both external threat actors and internal vulnerabilities, and discuss the potential benefits of integrating AI into cybersecurity strategies. Tune in to gain a comprehensive understanding of how to navigate these new guidelines and stay ahead in the evolving landscape of cybersecurity.

In this episode of The Consumer Finance Podcast, host Chris Willis introduces the firm's newest partner, Heryka Knoespel. Heryka shares insights into her national litigation practice, focusing on fraud cases involving email and text message compromises. As a native Spanish speaker, she also discusses her role in regulatory compliance for Spanish-language marketing and advertising. Heryka's unique background and experience make her a valuable addition to the Troutman Pepper team. Tune in to learn more about her journey into consumer financial services law and her vision for the future.

In this episode of The Consumer Finance Podcast, Chris Willis is joined by Troutman Pepper Partner David Anthony and Rami Haddad, deputy general counsel for Compliance, Litigation, and Privacy at PRA Group. The discussion dives into a variety of pressing issues in the consumer finance sector and covers current litigation trends, the impact of the Supreme Court's overruling of Chevron in the Loper Bright case, and the CFPB's new nonbank registry rule. The episode also explores the heightened focus on medical debt collection by the CFPB and its potential implications for the industry. Tune in for expert insights and a comprehensive overview of these critical topics.

In this episode of The Consumer Finance Podcast, Chris Willis is joined by Troutman Pepper Partner Mark Furletti, and special guest John Sun, CEO and co-founder of SpringLabs. The discussion delves into the transformative possibilities of artificial intelligence (AI) in the financial services sector, and covers the basics of AI, its current applications, and future potential. The conversation highlights how AI, particularly generative pre-trained models, can revolutionize complaint management, enhance regulatory compliance, and improve operational efficiency. Tune in to understand how AI is reshaping the landscape of consumer financial services and what lies ahead.

In this episode of The Consumer Finance Podcast, Chris Willis is joined by Partners Mark Furletti and Jason Cover to delve into the CFPB's recent interpretive rule that classifies buy now, pay later (BNPL) products as credit cards under Regulation Z. The discussion unpacks the controversy surrounding this rule, the subsequent FAQs released by the CFPB, and the broader implications for the BNPL industry. The episode explores the challenges and ambiguities posed by the rule, potential compliance strategies, and the likelihood of legal challenges. Tune in for an insightful analysis of one of the year's most debated regulatory developments in consumer finance.

In this episode of The Consumer Finance Podcast, Chris Willis delves into the latest annual report from the CFPB's Office of Servicemember Affairs. While the report is ostensibly about issues affecting military personnel, it primarily highlights ongoing challenges in student loan servicing. Chris discusses key findings, including customer service obstacles, errors in income-driven repayment plans, and the contentious practice of transcript withholding. This episode underscores the CFPB's persistent focus on these issues and the implications for the student loan servicing industry. Tune in for a comprehensive analysis and stay informed about the regulatory landscape.

In this episode of The Consumer Finance Podcast, Chris Willis delves into the Consumer Financial Protection Bureau's (CFPB) recent response to the Treasury Department's request for information on the use of artificial intelligence (AI) in financial services. Chris highlights key points from the CFPB's communication, including their views on fraud models, fair lending testing standards, and the implications for financial institutions. He also discusses the CFPB's candid remarks about its own innovation office and the future of regulatory treatment for individual firms. This episode is essential listening for anyone in the financial services industry looking to stay informed about regulatory expectations and compliance challenges.

In this special crossover episode of The Consumer Finance Podcast and Moving the Metal, Troutman Pepper attorneys Brooke Conkle and Chris Capurso discuss the Consumer Financial Protection Bureau's (CFPB) new report on negative equity in auto lending. This report, the first of its kind, utilizes data from the CFPB's 2023 Auto Finance Data Pilot, which was issued to major banks, finance companies, and captive lenders. Brooke and Chris analyze the impact of the report, including what the report may indicate for the CFPB's upcoming priorities.

In this special crossover episode of Payments Pros and The Consumer Finance Podcast, Carlin McCrory, Keith Barnett, and Chris Willis are joined by Jason Cover and Mark Furletti to discuss the Consumer Financial Protection Bureau's (CFPB) proposed interpretive rule on earned wage access (EWA) products. EWA allows employees to access wages they have earned before payday, with two main models: employer-integrated and direct-to-consumer. The conversation explores the differences between EWA and payday lending, emphasizing that EWA typically does not involve finance charges or obligations to repay.The podcast explains the CFPB's proposed interpretive rule, which replaces the 2020 guidance that was more favorable to the industry. The new rule would classify EWA products as credit under the Truth in Lending Act (TILA), requiring additional disclosures. The discussion also covers the CFPB's stance on expedited funding fees and tips, which they argue should be considered finance charges.The group discusses the CFPB's approach, noting potential challenges and the lack of justification for the proposed rule. They encourage market participants to submit comments before the August 30 deadline to address flaws in the CFPB's analysis.

California frequently is in the vanguard of consumer financial issues and legislation, foreshadowing trends that may spread to other states. Today's episode, during which we explore important hot topics and recent developments in California consumer finance law, is hosted by Ballard Spahr partner Melanie Vartabedian, and features Partners Michael Guerrero and Joel Tasca, and Of Counsel John Kimble. We first discuss what the future likely holds for proposed rules issued under the California Consumer Financial Protection Law (CCFPL) by the California Department of Financial Protection and Innovation (DFPI). The proposed rules include complex registration and reporting requirements for certain consumer products, and are under revision after rejection by the California Office of Administrative Law for lack of clarity. We then explore the DFPI's most recent annual report on activity under the CCFPL, which recaps the DFPI's rulemaking, enforcement efforts, complaints received, and efforts in connection with education outreach and the Office of Financial Innovation. Highlights include a rule that applies consumer-type “unlawful, unfair, deceptive, or abusive acts and practices” (referred to in the report as “UUDAAP”) prohibitions to financial products and services provided to small businesses; ramped-up enforcement efforts; and high-dollar settlements as well as litigation in progress. Next, we turn to a comparison of California's Rosenthal Fair Debt Collection Practices with the federal Fair Debt Collection Practices Act, and discuss their similarities, differences, and litigation trends under both laws. We then focus on the California Consumer Credit Reporting Agencies Act, which poses challenges for companies that report consumer data to consumer reporting agencies over and above the requirements of federal law. We conclude with a look at unique issues arising in California with respect to the FTC “holder rule”.

The next installment in McGlinchey's Deep Dive into Bank Partnerships Series features a podcast on lending, presented by attorneys Joe Apatov, Aaron Kouhoupt, and Robert Savoie. Their discussion centers on the evolving landscape of bank partnership programs, focusing on litigation and legislative trends. Key topics include state regulations, compliance management, the Depository Institutions Deregulation and Monetary Control Act (DIDMCA), and True Lender concerns.

There is a huge range of factors that can impact our investment decisions, whether we realize it or not, from our level of financial literacy to our political affiliations. This is borne out in research conducted by today's guest Professor Antoinette Schoar, the Stewart C. Myers-Horn Family Professor of Finance at MIT Sloan. Today, Antoinette joins us to share her insights and challenge conventional wisdom on various topics from target date funds to cryptocurrencies. Tuning in, you'll learn about the transformative impact of target date funds on investment behaviours and asset allocation, before delving into the subject of financial literacy and financial advisors. Antoinette also sheds light on the unique dynamics of crypto trading and breaks down why retail investors' strategies in crypto differ significantly from those in traditional markets. We also discuss the complexities of private equity and venture capital, focusing on why these asset classes might not be suitable for retail investors due to high barriers and risks. Our conversation also covers the critical role of regulation in maintaining market stability and protecting investors. Join us for a thought-provoking discussion that promises to deepen your understanding of financial markets and enhance your investment decisions!   Key Points From This Episode:   (0:00:18) An introduction to today's guest, Antoinette Schoar, and her extensive research. (0:03:44) The rise of target date funds in the American retirement system: how it's affected asset allocation and trading behaviour of retail investors. (0:09:39) The impact of target date funds: how they have affected mutual fund flows, arbitrage opportunities, market efficiency, the elasticity of aggregate demand, and trend-chasing anomalies. (0:16:48) The influence of individual beliefs, like political affiliation, on financial decision-making and portfolio adjustments, and how to counteract it. (0:21:54) Perceptions of risk in housing investments: how this affects the rent versus buy decision, what changes people's housing risk perceptions, and how to make better housing decisions. (0:29:29) Findings from Antoinette's study on financial advisors and their effectiveness at undoing bias in their prospective clients. (0:33:51) How investors' prior beliefs affect their receptiveness to receiving financial advice and why better financial literacy is essential. (0:41:38) What consumers need to know about advisor compensation structures and what they should look for when seeking out financial advice. (0:47:05) How Antoinette's students motivated her to research cryptocurrency and teach it. (0:49:40) Antoinette's insights on the applications of cryptocurrency and blockchain, and some of the surprising positive outcomes from the rise in cryptocurrency. (0:52:13) The trading behaviours of retail investors in cryptocurrencies compared to traditional asset classes. (0:57:30) An analysis of the Terra Luna collapse explaining the systemic issues and resulting financial impact on smaller investors. (01:02:14) The broader implications of cryptocurrency trading and the need for regulatory oversight to protect investors. (01:06:05) An overview of the challenges and risks of investing in private equity and venture capital for retail investors. (01:11:56) Antoinette's reflections on success, professional goals, and the broader impact of research on financial markets and investor behaviour.   Links From Today's Episode: Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/  Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on X — https://x.com/RationalRemind Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.caBenjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/  Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/ Cameron on X — https://x.com/CameronPassmore Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/ Antoinette Schoar — https://mitsloan.mit.edu/faculty/directory/antoinette-schoar Monika Piazzesi — https://economics.stanford.edu/people/monika-piazzesi   Papers From Today's Episode:    ‘Belief Disagreement and Portfolio Choice' — https://www.nber.org/papers/w25108 ‘Credit Supply and House Prices: Evidence from Mortgage Market Segmentation' — https://www.nber.org/papers/w17832 ‘Retail Investors' Contrarian Behavior Around News, Attention, and the Momentum Effect' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3544949 ‘Anatomy of a Run: The Terra Luna Crash' — https://www.nber.org/papers/w31160

Upgrade's visionary CEO, Renaud Laplanche, unpacks his pioneering thinking on consumer finance. He unveils 3 key financial consumer needs and explores the evolving landscape of fintechs — progress, challenges and what's next.