Season 4 of #CreditEcotoGo begins with an in-depth conversation about “data portability”. Section 1033 of Dodd-Frank authorized the #CFPB to write rules around personal financial data rights. Former CFPB Assistant Director, Corey Stone, joins the podcast to discuss the goals of 1033 and whether the proposals went far enough. The data landscape has changed since Congress included this “sleeper” section into the Act. Corey believes the last decade shows us that industry has caught up to w...

The ecosystem is a circular environment. There is no beginning or end. In #financialservices, the loan origination may begin the process but the decisions made from that starting point will be impactful through the life of the transaction, especially if the loans are sold to the secondary market. This lack of consistency has been a challenge not only for the debt sale market but also for those who want to regulate it. To bring some clarity to the matter, Rebekah (Bekah) Luebcke, Vice Presiden...

As the headwinds of a turning economy impact more and more consumers, understanding how #debtsettlement fits into the credit ecosystem makes for a timely conversation. Teresa Dodson, founder of Greenbacks Consulting and the leading expert on debt settlement, stops by #creditecotogo to set the record straight about debt settlement. Consumers enrolled in legitimate debt settlement companies want to resolve their debts; they are not looking for excuses or loopholes from their responsibilities. H...

Ensuring #fairness at all levels in financial services is the new norm. But how do you do it and how do you know when it is achieved? Kareem Saleh, CEO and Founder of FairPlay AI stops by #CreditEcoToGo to talk about his platform and new #ai fairness methodologies, which do a better job in assessing risk, while at the same time expanding opportunities for credit access. Kareem tells us that “fairness through awareness” and machine-learning algorithms always need to be challenged and refined. ...

There is cautious optimism that 2022 will be the year that federal legislation will open the door to the banking of cannabis transactions. But is the Safe Banking Act the answer? On the latest episode of #CreditEcotoGo with Joann Needleman, Peter Su, Senior Vice President of Green Check Verified manages our expectations and tells us that the real issue is the lack of “capability, capacity, and cost”. The regulatory burden of taking on cannabis customers is significant for financial inst...

In the last decade, the CFPB has tried to tackle the question of innovation through partnerships and No-Action Letters. First, there was Project Catalyst which resulted in very few collaborations and a small amount of No-Action Letters. Then there was the Office of Innovation which stood up the Compliance Assistance Sandbox which approved only 3 applications. Now the newly re-tooled Office of Competition and Innovation looks to continue these innovation partnerships but will it succeed? Nat H...

Text and email are not digital versions of a letter or a telephone call. There has to be a strategy that includes consumer consent but also a willingness by that same consumer to continue the conversation. Enter Quanta Credit Services, a new innovative digital-first solutions provider that manages communication strategies. Aleks Whitchurch, CEO and Co-Founder of Quanta stops by the next episode of #creditecotogo to talk about the nuts and bolts of the digital communications journey and the ma...

In a very crowded #fintech market, #CreditEcotoGo welcomes Sedric to the podcast. Voted the Most Promising Fintech Startup of 2022 by #Citi and #Visa, Sedric is an AI solution which systemically implements the most critical part of a financial institution’s compliance management system: risk detection and remediation. Rather than wait a week or a month for the results of an audit report, Sedric identifies risk and provides on-demand real-time training in order to remediate the risk. Our...

The co-Founders of @Creditas, India’s leading technology provider in the delinquent management space, are our guests to kick off the 3rd season of @ClarkHillLaw’s #CreditEcoToGo. Anshuman Panwar and Madan Srinivasan share their observations of the US collections market, where they hope to launch shortly, and the unique architecture of their technology that was built with the consumer in mind. Madan tells us that the US market has all the correct building blocks; the key is how to stitch them ...

Financial services reporters, Kate Berry, American Banker, Jon Hill, Law360, and Evan Weinberger, Bloomberg Law stop by #CreditEcoToGo with Joann Needleman for a year-end recap and forecasting for 2022. Our guests provide their insight and historical perspective of the #CFPB during this past year and where the agency is headed under recently confirmed Director, Rohit Chopra. The politicization of the CFPB remains and all agree it may have gotten worse given that the Director now works a...

It may have taken a pandemic for banks and financial institutions to finally understand and embrace the value of technology and social media. Shondell Varcianna knows this first hand. As the owner and founder of Varci Media, Shondell has successfully guided financial institutions communicate with their customers. Having worked as lender and underwriter for several banks, Shondell quickly realized that consumers do not seek financial advise from the banks where they have a relationship, and ba...

The Consumer Financial Protection Bureau (CFPB) has always been curious of Big Tech and its penetration into the financial services sector. That curiosity took center stage last month when the CFPB ordered six (6) of the most well-known technology companies (Google, Apply, Facebook, Amazon, Square and PayPal) to turn over information about their “products, plans and practices” when it comes to their payment platforms. Dan Smith, Executive Vice President, Head of Regulatory Affairs at th...

ARM industry start-up, Spring Oaks Capital, set out to do things differently, but it had no idea that it would launch a new company on the cusp of a worldwide pandemic. Jay Collins, Co-Founder and Chief Operating Officer at Spring Oaks Capital, stops by #Creditecotogo to highlight the successes his company has had despite the challenges of COVID. Jay’s story is a lesson to all in the financial services industry, as well as any industry, that establishing a team approach to your workforce and ...

In celebration of the one year anniversary of Clark Hill’s #CreditEcoToGo, and its 50th episode, we discuss the digital transformation of the collections industry with Dave Hanrahan, CEO and Co-Founder of Kredit, a next generation software platform that lets consumers interact with all their creditors, and those collecting for them, in one place. Kredit creates options for consumers while empowering them to make decisions about their own financial well-being in a global and holistic way. At t...

Michael O’Neill, VP and Bank Secrecy Act Officer at Safe Harbor Private Banking stops by #CreditEcoToGo to talk about his experience building the right compliance program to bank the cannabis industry. Michael tells us cannabis bankers do not grow on trees and building the program goes beyond well beyond ordinary due diligence. Rather it is an ongoing commitment to ensure that the law is followed at every step and banking staff is educated and trained to bank the way regulators want. Safe Har...

Congress, the states, and regulators have been scratching their heads for years when it comes to fintechs. Balancing consumer protection around innovation has been the source of contentious debate. Garry Reeder is the CEO of the newly launched American Fintech Council (AFC), an association that is looking to foster responsible innovation in financial technology. Navigating the “in-between spaces” of the traditional banking system and fintechs is one of the priorities of AFC and its members. a...

Since the start of the pandemic, the financial services industry, including the accounts receivable management (ARM) industry, has predicted that the use of technology to contact consumers will grow exponentially. That prediction came true, but Firstsource Solutions, a leading provider of business process solutions to more than 100 global businesses, has been using email and text to contact consumers since 2017. Arjun Mitra, President of Global Collections, stops by #CreditEcoToGo to di...

Todd Kleperis has spent his life taking risks. From military veteran to Harvard University, Todd never shied away from a challenge. It's no surprise that Todd now makes his living serving high-risk industries in the financial services eco-system. The founder of PayZel, Todd assists financial institutions with the implementation of their bank secrecy and anti-money laundering compliance policies while taking on high-risk depositors. Todd will tell you that banks with innovative boards utilizin...

Francis Creighton, President and CEO of the Consumer Data Industry Association (#CDIA) stops by #CreditEcoToGo to talk about the core fundamentals of the credit reporting system and the challenges ahead for 2021. While state and federal regulators have been laser-focused on credit reporting accuracy, Francis tells us there are two bigger challenges. First is ensuring that more people can be included in the credit reporting system in order to gain better access to credit, Second is the p...

On this episode of CreditEcoToGo, former CFPB Deputy Director, Tom Pahl, stops by to talk Regulation F. Tom has been the point person on #debtcollection policy while serving at both the FTC and the CFPB. The final debt collection was a decade in the making and Tom talks about the challenges faced by the Bureau and the evolution of the process which resulted in the final rule. Tom does not believe the rule will be rescinded or repealed but certainly changes could be made once a new director is...