Simply Stated - All Things Finance

Today, I’d like to focus on a group undergoing a tremendous amount of change, both because of COVID-19 and in spite of it: financial regulators. Next week, state and federal regulators will meet as they do every year, albeit digitally, at the State-Federal Supervisory Forum. The forum provides an opportunity for regulators to connect, learn, and find new ways to collaborate with one another.

What happens when you put $669 billion of grants and loans into the financial system all at once? An expert talks about how the program is intended to work and changes over time. In a rush against the clock, a small business owner tries to get a loan for herself and for a minority-owned business client. An expert on community banks explains how they fit into the program.

CSBS COVID-19 Resource Page: www.csbs.org/information-covid-19-coronavirusShow notes: www.csbs.org/covid-pod9Twenty-six million have applied for unemployment since the start of the COVID-19 Pandemic. We look at state-level data to figure out where the nation has been hardest-hit. Broad consensus now exists among legislators, state regulators and the industry about what needs to happen to help prev...

CSBS COVID-19 Resource Page: www.csbs.org/information-covid-19-coronavirusShow notes: www.csbs.org/covid-pod8First it was their regulators, then it was the industry themselves, and now it is members of Congress: there’s increasing agreement that something needs to be done to help mortgage servicers while a record number of unemployed are seeking mortgage forbearance. America is now at 22 million u...

COVID-19 Consumer Resources Page: https://www.csbs.org/covid-19-consumer-resourcesCOVID-19 Info Page: https://www.csbs.org/information-covid-19-coronavirusYou don’t need me to tell you what the economic data is saying right now. All over the country, businesses are closed, workers are being furloughed or laid off, and businesses and consumers alike are looking at what they have saved and trying to...

CSBS COVID-19 Resource Page: https://www.csbs.org/information-covid-19-coronavirusShow notes: https://www.csbs.org/covid-pod7Another week, another concerning round of economic data. We talk about the new jobless claims, what community bankers are seeing on the ground, and how state regulators are working to help bankers and their customers. There’s plenty of new announcements and initiatives ongoi...

Read the show notes in full: www.csbs.org/covid-pod5CSBS COVID-19 Consumer Resource Page: https://www.csbs.org/covid-19-consumer-resourcesYou already know about the troubling economic numbers coming out. We break down how this looks from state to state. The results of the Community Bank Sentiment Index arrived today, and the numbers are, as expected, way down. We’ll explain how community bankers p...

Full show notes: www.csbs.org/covid-pod4CSBS COVID-19 Resource Page: www.csbs.org/information-covid-19-coronavirusCalls are growing for the Federal Reserve to provide safeguards for mortgage servicers as the industry is left out of the $2 trillion rescue package. Guidance from state regulators for industries, bankers and consumers continues. Washington State develops guidelines to keep the mortgag...

Shownotes: www.csbs.org/covid-pod3CSBS COVID-19 Resource Page: https://www.csbs.org/information-covid-19-coronavirusRegulators alert Congress about an overlooked impact of COVID-19 on mortgage loan servicers. As states work to provide guidance to consumers and institutions, California strikes a major agreement with its banks to help their community. Fed Chair Jerome Powell goes on ABC Morning News...

Follow all updates on COVID-19 Financial Services here: https://www.csbs.org/information-covid-19-coronavirusRead the shownotes in full here: https://www.csbs.org/covid-pod2Good afternoon, and welcome to the COVID-19 Financial System Update. During the ongoing pandemic, news is happening at a rapid pace. And we at Simply Stated realize that you might miss something important. So we will be sharing...

Follow all updates on COVID-19 Financial Services here: https://www.csbs.org/information-covid-19-coronavirusRead the shownotes in full here: https://www.csbs.org/covid-pod1Good afternoon, and welcome to the COVID-19 Financial System Update. During the ongoing pandemic, news is happening at a rapid pace. And we at Simply Stated realize that you might miss something important. So we will be sharing...

Hey folks. A lot is going on right now. As companies go remote, businesses shut down, and we all work on social distancing during the COVID-19 Pandemic, we here at Simply Stated have also gone remote. In the coming weeks, we are completely retooling our programming to focus on the Coronavirus pandemic, steps regulators are taking to strengthen and protect the financial system, and advice for banke...

Guest: Rachel Siegel - Senior Associate, Consumer Finance, The Pew Charitable TrustsHost: Matt LongacreTimestamps2:22 - What is a "mobile payment?"4:10 - Are mobile payments companies utilizing the current infrastructure or building their own?6:10 - What are consumers saying about mobile payments?7:36 - Has mobile growth payment slowed?9:11 - What causes some consumers to decide not to u...

Today, we talk with CSBS Senior Legislative Vice President and Deputy General Counsel Margaret Liu and try to define exactly what everyone means when they call a company a "fintech."

Right now, in San Francisco, over 800 people have gathered for the 2020 NMLS Conference. The System, initially designed to handle all the work that goes into licensing mortgage loan originators, is now used for all sorts of nonbank financial companies. This conference attracts everyone in the nonbank space. State regulators, federal regulators, licensees, the press... And the meeting serves as a f...

Simply Soundbites is a new mini-series on the Simply Stated Podcast, where the guest of the week explains a complex topic or definition from the news in ten minutes or less. Today we ask Darryle Rude, Chief Examiner at the Utah Department of Financial Institutions, what an Industrial Loan Corporation is(also known as an Industrial Bank or ILC).Editors Note: At 3:28, we discuss a "loophole&quo...

In recent years, there’s been a new obsession with something called “Real-Time Payments.” It’s the idea that everything it takes for one person to send money to another could happen instantaneously. Host: Matt Longacre,Guest: Joey Samowitz, Senior Analyst, Policy, Conference of State Bank SupervisorsTimestamps:2:05 - The Journey of a Check in the 20th Century6:05 - How 9/11 Stopped Your Check from...

Timestamps:1:39 – Intro2:45 – Why does the Community Bank Research Conference exist?5:11 – Why the FDIC Joined the Research Conference7:06 – What Impact has Research had on Policy for Community Banks?13:41 – How Does the FDIC Build Trust with its Regulated Banks?19:20 – What is a Community Banker’s Biggest Risk Right Now?24:33 – Community Banks and Fintech? Friend or Foe? Adapt or Ignore?26:50 – H...

Time Stamps1:55 – What is the Supervision of Non-Banks Like Now?8:45 – What is the State Examination System? What Will the Experience Be Like for Regulators?15:55 – What Will the Experience Be Like for the Industry, and what are some of the coolest features of the system?23:30 – What’s Next? For State Supervision, for NMLS, for SES? What’s the next step in this process? If you work for a financial...

CSBS, the FDIC, and the Fed have this annual conference every year about community banks. And we get together these brilliant economist, and statisticians, and we even do a poll! A poll of community banks all across the country. And we look at all the data and research, and it’s pretty informative. But we also learned pretty quickly that we weren’t capturing everything that was going on. Community...

As nonbanks have grown their market footprint, regulators are looking at ways to modernize the regulatory approach to these entities. At CSBS, we refer to these efforts as "reengineering nonbank supervision."

Fintech continues to be a hot-button issue for regulators, industry and policymakers. All of us want to know what the future holds, but few of us really know the answers. What we do know is that technology is powering more financial transactions, enabling new business models, and even propelling new regulatory initiatives. So this is a good time to check in with state regulators and get their pers...

Economists, investors, policymakers, and reporters use all sorts of different “indicators” as guideposts to assessing the health of the economy. Some are purely informational and numeric, like job growth numbers and changes in GDP. But others are based on feeling, like consumer sentiment. They’re basically asking someone “how’s it going?” and compiling all those feelings into a single indicator. G...

Welcome to Simply Stated, a podcast by CSBS, the Conference of State Bank Supervisors. I am Matt Longacre. My guest today is Greg Gonzales. He is commissioner of the Tennessee Department of Financial Institutions. Like many other state regulators, the department oversees banks, credit unions, trust companies, and a variety of nonbanks. Because of this diversity, Greg says, “Our small department to...

Banks want your deposits. They want you to deposit your paychecks, they want your employer to deposit their assets with them. They want you to choose to keep your money with them rather than put that money into other places. And there’s all sorts of reasons for that. It means they can issue more loans and grow more quickly. And, importantly for regulators, it helps the bank stay on a stronger fina...