Simply Stated - All Things Finance: Recent Episodes
Conference of State Bank Supervisors (CSBS)
Financial Regulation can be complicated. Join us for interviews with state financial regulators, commissioners, policymakers, and CSBS staff to gain further insight on how banks, money transmitters, check cashers, and all forms of financial services are supervised and supported by our regulatory system.
For more information on updates to NMLS Modernization and how to get involved, visit the NMLS Modernization page on the CSBS website.
Since the NMLS Annual Conference & Training in February, there’s been a lot of excitement around “NMLS Modernization.” Today, CSBS launched several new features and changes in NMLS as a part of this modernization effort.
I sit down with Dave Dwyer, Senior Vice President of Business Services at CSBS, to learn about the changes available to NMLS users today and what's to come as NMLS Modernization continues.
Community banker sentiment remains near-neutral for a second quarter but is still rising; in the second quarter of 2024, the Community Bank Sentiment Index (CBSI) reached its highest level recorded since 2021.
CSBS Chief Economist Tom Siems joins us today to explore what is driving a near-neutral sentiment from community bankers, how uncertainty impacts a community bank's outlook, and what regulators and compliance experts should take from this quarter's CBSI reading.
Are we finally starting to see the long-awaited cooldown in economic activity?
CSBS Chief Economist Tom Siems takes us along for a deep dive into interest rate data, market fluctuations, and the current state of commercial real estate and office lending. And, as always, we ask: what should regulators an the industries be looking out for in the current economic climate?
Regulators take confidentiality seriously. So, when regulators from different states, agencies, or industries need to communicate, how do they do it? As it turns out, regulators spend months (and sometimes years) carefully setting up the infrastructure and processes so that, when the need arises to communicate with one another, they know exactly what can be shared with whom and when.
This week, Matt Lambert sits down with me to talk through these "information sharing agreements," why they matter, the work that goes into making them, and what the industry should know about how their regulators communicate.
Guest: Matt Lambert, CSBS Deputy General Counsel - Policy
Community banker sentiment remains negative for a ninth straight quarter, but things are looking up; in the first quarter of 2024, the Community Bank Sentiment Index (CBSI) reached its highest level recorded since 2021.
CSBS Chief Economist Tom Siems joins us today to look deeper into the driving forces behind community banker negativity, why their negative sentiment is trending toward positivity, and what regulators and compliance experts should take from this quarter's CBSI reading.
Guest
Rich Madison, Vice President, Credentialing and Accreditation Programs
In today's episode, we discuss:
- What a mortgage broker's license is
- What it means for your mortgage broker to be licensed
- Where you can search for a licensed or registered mortgage broker
- Who to contact if you have concerns
In the epilogue, we ask regulators to share their insights on the importance of NMLS, what we gain from a state-federal regulatory partnership and lessons learned from the NMLS development process.
About "The Making of NMLS" Series
The Housing and Economic Recovery Act, or HERA, was signed into law fifteen years ago on July 30, 2008. HERA included the SAFE Act, which required mortgage loan originators to register or be licensed in the Nationwide Multi-State Licensing System (NMLS).
In celebration of 15 years of NMLS, CSBS is releasing a podcast series about the creation of NMLS. Join us each week through August as we interview the regulators and leaders responsible for one of history's most ambitious 50-state projects.
Guests
- Vickie Peck - Executive Vice President, Products & Solutions
- Buz Gorman - Executive Vice President, General Counsel
- John Ryan - Former CSBS President and CEO
- Neil Milner - Former CSBS President and CEO
- Bill Matthews - Former President and CEO of State Regulatory Registry LLC
- Steve Antonakes - Former Massachusetts Commissioner of Banks; Former Deputy Director of the CFPB
- Gavin Gee - Former Director of the Idaho Department of Finance; Former CSBS Chair
- Joe Smith - Former North Carolina Commissioner of Banks
- Tom Gronstal - Former Superintendent of Banking in Iowa
- Darrin Domingue - Former Chief Examiner of the Louisiana Office of Financial Institutions
When we left off from the last episode in September 2005, the CSBS Board of Directors had just approved the development of NMLS. In episode four, we discuss the significant trouble brewing in the mortgage market in 2006. As the mortgage crisis unfolded, state regulators pushed forward with the development of NMLS. As Congress investigated the crisis, state regulators shared NMLS as a possible solution for reigning in the market.
About "The Making of NMLS" Series
The Housing and Economic Recovery Act, or HERA, was signed into law fifteen years ago on July 30, 2008. HERA included the SAFE Act, which required mortgage loan originators to register or be licensed in the Nationwide Multi-State Licensing System (NMLS).
In celebration of 15 years of NMLS, CSBS is releasing a podcast series about the creation of NMLS. Join us each week through August as we interview the regulators and leaders responsible for one of history's most ambitious 50-state projects.
Guests
- Vickie Peck - Executive Vice President, Products & Solutions
- Buz Gorman - Executive Vice President, General Counsel
- John Ryan - Former CSBS President and CEO
- Neil Milner - Former CSBS President and CEO
- Bill Matthews - Former President and CEO of State Regulatory Registry LLC
- Steve Antonakes - Former Massachusetts Commissioner of Banks; Former Deputy Director of the CFPB
- Gavin Gee - Former Director of the Idaho Department of Finance; Former CSBS Chair
- Joe Smith - Former North Carolina Commissioner of Banks
- Tom Gronstal - Former Superintendent of Banking in Iowa
- Darrin Domingue - Former Chief Examiner of the Louisiana Office of Financial Institutions
In episode three, we discuss the work that went into building NMLS and the opposition faced along the way. Staff worked to harmonize legislative and regulatory requirements across state agencies, develop uniform documents, gather feedback from the mortgage industry and work out the funding and maintenance structure of the system. The episode culminates with a look at the debate between states on whether to launch and adopt the system.
Producer's Note: In this episode, the host refers to the SAFE Act passing in July 2007. HERA and the SAFE Act passed July 30, 2008. In addition, the host mentions the states being given one year to adopt NMLS. While every state held a legislative session within one year, the SAFE Act provided two years for states to adopt NMLS.
About "The Making of NMLS" Series
The Housing and Economic Recovery Act, or HERA, was signed into law fifteen years ago on July 30, 2008. HERA included the SAFE Act, which required mortgage loan originators to register or be licensed in the Nationwide Multi-State Licensing System (NMLS).
In celebration of 15 years of NMLS, CSBS is releasing a podcast series about the creation of NMLS. Join us each week through August as we interview the regulators and leaders responsible for one of history's most ambitious 50-state projects.
Guests
- Vickie Peck - Executive Vice President, Products & Solutions
- Buz Gorman - Executive Vice President, General Counsel
- John Ryan - Former CSBS President and CEO
- Neil Milner - Former CSBS President and CEO
- Bill Matthews - Former President and CEO of State Regulatory Registry LLC
- Steve Antonakes - Former Massachusetts Commissioner of Banks; Former Deputy Director of the CFPB
- Gavin Gee - Former Director of the Idaho Department of Finance; Former CSBS Chair
- Joe Smith - Former North Carolina Commissioner of Banks
- Tom Gronstal - Former Superintendent of Banking in Iowa
- Darrin Domingue - Former Chief Examiner of the Louisiana Office of Financial Institutions
In episode two, we start with an interview with then-CSBS President and CEO John Ryan. John shares the story behind when state regulators decided it was time to develop a nationwide licensing system. We determine exactly who had the idea first, the initial reaction of commissioners in 2003 and what ultimately led to embarking on the creation of NMLS.
About "The Making of NMLS" Series
The Housing and Economic Recovery Act, or HERA, was signed into law fifteen years ago on July 30, 2008. HERA included the SAFE Act, which required mortgage loan originators to register or be licensed in the Nationwide Multi-State Licensing System (NMLS).
In celebration of 15 years of NMLS, CSBS is releasing a podcast series about the creation of NMLS. Join us each week through August as we interview the regulators and leaders responsible for one of history's most ambitious 50-state projects.
Guests
- Vickie Peck - Executive Vice President, Products & Solutions
- Buz Gorman - Executive Vice President, General Counsel
- John Ryan - Former CSBS President and CEO
- Neil Milner - Former CSBS President and CEO
- Bill Matthews - Former President and CEO of State Regulatory Registry LLC
- Steve Antonakes - Former Massachusetts Commissioner of Banks; Former Deputy Director of the CFPB
- Gavin Gee - Former Director of the Idaho Department of Finance; Former CSBS Chair
- Joe Smith - Former North Carolina Commissioner of Banks
- Tom Gronstal - Former Superintendent of Banking in Iowa
- Darrin Domingue - Former Chief Examiner of the Louisiana Office of Financial Institutions
In episode one, we discuss the financial conditions in the early 2000s. Allegations of predatory lending, an increased number of applications of unqualified individuals to issue mortgages, and increasingly risky behavior in the mortgage market all caught the attention of state financial regulators. Seeing this growing trend, some regulators gathered at CSBS meetings in search of solutions.
About "The Making of NMLS" Series
The Housing and Economic Recovery Act, or HERA, was signed into law fifteen years ago on July 30, 2008. HERA included the SAFE Act, which required mortgage loan originators to register or be licensed in the Nationwide Multi-State Licensing System (NMLS).
In celebration of 15 years of NMLS, CSBS is releasing a podcast series about the creation of NMLS. Join us each week through August as we interview the regulators and leaders responsible for one of history's most ambitious 50-state projects.
Guests
- Vickie Peck - Executive Vice President, Products & Solutions
- Buz Gorman - Executive Vice President, General Counsel
- John Ryan - Former CSBS President and CEO
- Neil Milner - Former CSBS President and CEO
- Bill Matthews - Former President and CEO of State Regulatory Registry LLC
- Steve Antonakes - Former Massachusetts Commissioner of Banks; Former Deputy Director of the CFPB
- Gavin Gee - Former Director of the Idaho Department of Finance; Former CSBS Chair
- Joe Smith - Former North Carolina Commissioner of Banks
- Tom Gronstal - Former Superintendent of Banking in Iowa
- Darrin Domingue - Former Chief Examiner of the Louisiana Office of Financial Institutions
In the prologue, we speak with Vickie Peck, Executive Vice President of Products & Solutions, to reflect on how licensing through NMLS has advanced over the past 15 years.
About "The Making of NMLS" Series
The Housing and Economic Recovery Act, or HERA, was signed into law fifteen years ago on July 30, 2008. HERA included the SAFE Act, which required mortgage loan originators to register or be licensed in the Nationwide Multi-State Licensing System (NMLS).
In celebration of 15 years of NMLS, CSBS is releasing a podcast series about the creation of NMLS. Join us each week through August as we interview the regulators and leaders responsible for one of history's most ambitious 50-state projects.
Guests
- Vickie Peck - Executive Vice President, Products & Solutions
- Buz Gorman - Executive Vice President, General Counsel
- John Ryan - Former CSBS President and CEO
- Neil Milner - Former CSBS President and CEO
- Bill Matthews - Former President and CEO of State Regulatory Registry LLC
- Steve Antonakes - Former Massachusetts Commissioner of Banks; Former Deputy Director of the CFPB
- Gavin Gee - Former Director of the Idaho Department of Finance; Former CSBS Chair
- Joe Smith - Former North Carolina Commissioner of Banks
- Tom Gronstal - Former Superintendent of Banking in Iowa
- Darrin Domingue - Former Chief Examiner of the Louisiana Office of Financial Institutions
The Model Money Transmission Modernization Act, also known as the Money Transmitter Model Law, is a single set of nationwide standards and requirements created by industry and state experts. We speak with two CSBS experts on money transmission to learn how this model law came to be, what it accomplishes and how it's being implemented nationwide.
Guests Matt Lambert - Deputy General Counsel, Policy, CSBS
Camille Polson - Manager, Policy Development, CSBS
CSBS Chief Economist Tom Siems shares findings from the most recent CSBS Community Bank Sentiment Index, an index derived from quarterly polling of community bankers across the nation.
We discuss community bankers' lowest sentiment reading since the start of measurement and what is driving it. Plus, we explore what makes the Community Bank Sentiment Index unique compared to other indicators used by economists.
State regulators have an important mandate that requires them to protect consumers, ensure the safety and soundness of their institutions and promote economic growth. Today we talk about the priorities of state regulators in 2023, focusing on legislation, state-federal partnerships and Networked Supervision.
Guests:
Jim Cooper - President and CEO, CSBS
Karen Lawson - Executive Vice President of Policy and Supervision, CSBS
CSBS Chief Economist Tom Siems shares the findings of the most recent CSBS Community Bank Sentiment Index, an index derived from quarterly polling of community bankers across the nation. We discuss community bankers' negative sentiment for the end of 2022 and their top concerns looking into the new year. Plus, we explore where community bankers think we are in the business cycle compared to the consensus of economists.
This week, we talk with CSBS Information Security Manager Richard Mensah about common cybersecurity threats to financial institutions, organizations designed to help combat cyber-threats, and tools state regulators have created for executive leaders to approach cybersecurity at their companies.
"States of the Economy" is a monthly look at the economic picture across the country. In this episode CSBS Chief Economist Tom Siems and host Matt Longacre discuss what the latest inflation and jobs numbers, business confidence measures and more are telling us about the current trajectory of the U.S. economy.
Community Banks Adapting to the Digital Age
Guests:
- CSBS Chief Economist Thomas F. Siems
- Federal Reserve Bank of St. Louis Supervision Policy, Research and Analysis Manager Meredith A. Covington
- Temple University Professor of Finance and CSBS Adjunct Research Scholar Jonathan A. Scott
In this episode, we explore how community banks are adapting to a changing digital landscape by analyzing banking and technology questions from the 2021 CSBS National Survey of Community Banks.
Today, we explore the challenges behind curbing inflation, the tools available to the Federal Reserve to do so, and the consequences of the Fed acting too aggressively or too gently.
"States of the Economy" is a monthly look at the economic picture across the country. In this episode CSBS Senior Economist Tom Siems and host Matt Longacre discuss what the latest inflation and jobs numbers, business confidence measures and more are telling us about the current trajectory of the U.S. economy.
"States of the Economy" is a monthly look at the economic picture across the country. In this episode CSBS Senior Economist Tom Siems and host Matt Longacre discuss what the latest inflation and jobs numbers, business confidence measures and more are telling us about the current trajectory of the U.S. economy.
"States of the Economy" is a monthly look at the economic picture across the country. In this episode CSBS Senior Economist Tom Siems and host Matt Longacre discuss what the latest inflation and jobs numbers, business confidence measures and more are telling us about the current trajectory of the U.S. economy.
CSBS Senior Vice President Tim Doyle sits down with me to explain what exactly makes a license a license. We discuss the difference between a license and charter, why licenses exist, what a license does and does not mean for a consumer, how licensing has changed and how NMLS helps consumers make good choices when shopping for financial services.
Community bankers are slightly more optimistic about future business conditions and the economic outlook than they were at the end of last year but are more concerned about future profitability than at any point since the pandemic began, according to the most recent Community Bank Sentiment Index (CBSI).
"States of the Economy" is a monthly look at the economic picture across the country. In this episode CSBS Senior Economist Tom Siems and host Matt Longacre discuss what the latest inflation and jobs numbers, business confidence measures and more are telling us about the current trajectory of the U.S. economy.
"States of the Economy" is a monthly look at the economic picture across the country. In this episode CSBS Senior Economist Tom Siems and host Matt Longacre discuss what the latest inflation and jobs numbers, business confidence measures and more are telling us about the current trajectory of the U.S. economy.
"States of the Economy" is a monthly look at the economic picture across the country. In this episode CSBS Senior Economist Tom Siems explains how supply chain issues and fluctuating demand complicate the nation's economic recovery.
From the Show: The Beer Game
"States of the Economy" is a monthly look at the economic picture across the country. In this episode CSBS Senior Economist Tom Siems and host Matt Longacre discuss what the latest inflation and jobs numbers, business confidence measures and more are telling us about the current trajectory of the U.S. economy.
"States of the Economy" is a monthly look at the economic picture across the country. In our discussion, CSBS Senior Economist Tom Siems focuses on how the national economic picture impacts local communities and what state regulators are looking out for.
In this episode of "States of the Economy," our monthly look at the latest economic data, Sr. Economist Tom Siems discusses the "2021 bond market conundrum," supply-side issues that are restraining the recovery, and what regulators should be keeping an eye on over the coming months.
"States of the Economy" is a monthly look at the economic picture across the country. In our discussion, CSBS Senior Economist Tom Siems focuses on how the national economic picture impacts local communities and what state regulators are looking out for.
Guests:
Jim Park, Executive Director, Appraisal Subcommittee
Greg Gonzales, Commissioner, Tennessee Department of Financial Institutions
Today, we discuss what appraisers do, why they matter, what it takes to become an appraiser and the challenges and opportunities facing the industry today.
"States of the Economy" is a monthly look at the economic picture across the country. In our discussion, CSBS Senior Economist Tom Siems focuses on how the national economic picture impacts local communities and what state regulators are looking out for.
Guest: CSBS Senior Director of IT Security Engineering & Operations Charles Hill
Today, we speak with Charles about SolarWinds to learn what it is, what happened with the company and the far-reaching consequences of this cybersecurity breach.
"States of the Economy" is a monthly look at the economic picture across the country. In our discussion, CSBS Senior Economist Tom Siems focuses on how the national economic picture impacts local communities and what state regulators are looking out for.
At the end of each quarter, CSBS also includes feedback and data from community bankers who completed the Community Bank Sentiment Index (CBSI) for the quarter.
One of the key responsibilities of state and federal regulators is to help maintain the public’s trust in the nation’s financial system. One of the key ways they go about maintaining this trust is by preventing bad actors and illicit funds from using banks and financial companies to move money.
But here’s the thing about bad actors; just because there’s a law on the books and a cop on the beat doesn't means they stop trying. As laws get implemented and regulators monitor the system, financial criminals come up with new and creative methods to avoid detection.
So regulators need to be nimble and adaptive. And, every so often, they need Congress to pass laws to give them more tools and methods to do their job right.
Today, we talk about a law Congress recently passed to help fight financial crime. And we focus specifically on how a few simple changes are helping state regulators, federal regulators and banks team up to protect the financial system.
In this week's episode, we talk with CSBS's CISO Todd Scharf and learn about how ransomware can impact consumers and employees. We also cover common red flags and how consumers can protect themselves from ransomware attacks.
"States of the Economy" is a monthly look at the economic picture across the country. In our discussion, CSBS Senior Economist Tom Siems focuses on how the national economic picture impacts local communities and what state regulators are looking out for.
How consumers borrow, invest, store, and send money is changing more rapidly than ever before, and the pace of that change is only set to accelerate.
State regulators have always been responsive to changes in the industry, responding to innovations in banking in finance for over 100 years.
But the changes affecting financial services in the past several years are different. Companies and transactions are becoming faster, more complex, and more interconnected than ever before.
So, state regulators adopted a more dynamic and collaborative approach to supervision they call “Networked Supervision.” Networked Supervision is designed to not just respond to changes in the industry, but to proactively improve supervisory tools before they are needed.
Today, I talk to the head of CSBS, the organization tasked with helping states stay ahead of the curve. We discuss what states have been doing the last few years to meet the needs of a changing industry, what companies and consumers can expect out of their regulator in the coming year, and how supervisors are changing their approach to tech to work harder, better, faster, stronger.
"States of the Economy" is a monthly look at the economic picture across the country. In our discussion, CSBS Senior Economist Tom Siems focuses on how the national economic picture impacts local communities and what state regulators are looking out for.
Guests:
- Anthony Polidori – Idaho Deputy Director and Chair-Elect of the Multistate Mortgage Committee
- Kirstin Anderson – Oregon Director and President of the American Association of Residential Mortgage Regulators
Over the last few episodes, we’ve been talking about this strategy state supervisors use to approach the rapid change of the financial system. That strategy is called “Networked Supervision,” and it has a lot of different parts to it. There’s the technology aspect with state-of-the-art licensing and monitoring tools; the collaboration aspect, where states share information; and the “streamlining” aspect, where regulators make the process easier for companies and more impactful for consumers.
But really, “Networked Supervision” comes down to three core concepts:
- Making the process of getting a financial business started faster, easier and safer for the company and consumer;
- Making the process of examining those businesses faster, easier, and more useful for all parties;
- And providing regulators with state-of-the-art monitoring tools that permit them to see real-time what’s going on as broad as the financial system as a whole or as granular as a single institution or, sometimes, even a single business transaction.
The result of all this is a world where state examiners can fulfill their mandates of protecting consumers and ensuring local economic growth, where companies can spend less time on compliance and focus on serving their customers, and customers can rely on their regulator to be watching out for them and their money in a rapidly-changing, tech-driven world.
Today, we are continuing our focus on point number two of networked supervision: making the examination of businesses better. And we are continuing a discussion on a concept known as “One Company, One Exam,” where large companies operating across the nation could see fewer exams as more states team up to conduct them. But, while we talked about money transmission last time, today we are talking about mortgages. And we’re really fortunate; we’ll be talking to two expert examiners who have both been in the business for more than 20 years about what’s changed in mortgage supervision and what “One Company, One Exam” will mean for them.
I’m Matt Longacre, and this is Simply Stated.
If you’ve been paying attention to state supervision lately, you’ve probably heard the phrase “Vision 2020” several times. Vision 2020 has been an initiative to modernize and enhance the state supervisory system in a way that makes licensing, examination, and supervision easier, safer, and more effective.When the work launched in 2018, there was a lot of public outreach. State regulators held town halls, hearings, and more to get feedback from industry leaders, academics, and policymakers alike. Then, CSBS and the states got work.Since then, there have been some significant landmarks of progress. Every US state assigned an innovation contact to work with new companies and new technologies. Over half of states signed onto a multistate MSB licensing agreement. The State Examination System launched, making the entire examination process easier to conduct remotely and collaboratively.But now we’re at a point where the fruits of all these labors will really come to bear. With new technology, new data aggregation tools, and new examiner resources in place, the state system is poised to create the most integrated and interconnected supervisory network ever. This network will let an examiner leverage real-time data and information about a company and conduct better examinations. It will allow for states to collaborate seamlessly, accept examination data from other states, and conduct joint exams. And, this network will reduce examination frequency and burden on supervised companies.Over the next several months, I’ll be meeting with the experts behind these changes. We’ll be reviewing some brand new advancements, announcing new changes, and explaining how all the technology the state system has developed is building toward a single system and a single philosophy we like to call “Networked Supervision.”So today, we will be discussing just one piece of this broader network. I meet with an expert who works on Money Services Businesses to chat about a new initiative known as “One Company, One Exam.” Spoiler alert: it’s a whole heck of a lot like what it sounds like.
This is the story of your money. How it moves, who protects it, and the careful balance between keeping your money safe and allowing new ideas and apps to use this system. And we talk about a new federal government plan that could seriously harm this system.
Guest: Chuck Cross, Senior Vice President of Non-Bank SupervisionHost: Matt LongacreSupervision is hard. Examiners, whether it’s for banks or nonbanks, are a unique breed. Not only must they have a mastery of financial services and the institutions that they supervise, and not only do they need a strong knowledge of what’s necessary for compliance, they must also orchestrate an extremely difficult balance between maintaining an examination procedure that is fair, impartial, and consistent from one company to another, but also continuously update their supervision based on changing circumstances and law.So, when a crisis happens, the job only gets harder. Previously on Simply Stated, we talked to experts about the impact of COVID-19 on community banks, looking at how they view their futures. We also talked to small business owners on the ground about how the CARES Act impacted their survival.Today, we’re going to talk to some experts about what it’s like to be an examiner in the middle of a pandemic. We cover the complex landscape of supervision, how an examiner begins to tackle emergency legislation, and what it takes to turn a massive piece of legislation that impacts tens of thousands of financial services businesses into a consistent, repeatable exam process that is fair to companies and consumers.Paper on Nonbank Supervision: https://www.csbs.org/sites/default/files/chapter_two_-_overview_of_state_nonbank_supervision_2.pdfCOVID-19 Consumer Relief Guide: https://www.csbs.org/mortgage-relief-coronavirusExaminer Guidance for CARES Act Examinations:Information Request - https://www.csbs.org/cares-exam-information-requestProcedures - https://www.csbs.org/cares-exam-general-proceduresReview Worksheet - https://www.csbs.org/cares-exam-loan-file-review-worksheet
Originally Recorded in February 2020. As we enter the quiet summer months, Simply Stated is re-broadcasting the "greatest hits" of the podcast. Look out for more content in August and beyond.Guest: Rachel Siegel - Senior Associate, Consumer Finance, The Pew Charitable 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 use mobile payments?10:26 - Do consumers understand the protections they have when using a mobile payment?11:47 - What protections do exist for consumers?13:37 - What needs to happen for mobile payments to grow?14:45 - What are "real-time payments?" What is FedNow?16:46 - What is the impact for consumers of a real-time payments system?18:50 - Are there risks associated with real-time payments?It feels like you can do almost anything on your phone nowadays. Beyond just, you know, making a phone call, there’s listening to music, texting, games, photography, changing your thermostat, watching the delivery driver drop a package at your front door… The point I’m trying to make is that more and more of our lives have been driven into our mobile phones. And where people go, so goes money. Shopping, sending cash to your friend or super, paying your Uber driver… all of these things are part of a growing financial ecosystem known as “mobile payments.”But, I’m just curious… do you really know what’s going on with your money on these apps? Is the cash you store on them secure? Are your payments protected from fraud like they are with a credit card? Am I the only one who is totally clueless about this yet still continue to use these apps?Today, I sit down with an expert from The Pew Charitable Trusts to talk about an interesting survey they conducted about consumers and mobile payments. We try to answer the questions: Are consumers adopting mobile payments technology as fast as everyone expected? Do consumers trust mobile payments? Are they running into issues and, if so, are their issues getting resolved? What sort of mobile payments are protected and what aren’t?
For a financial services business and for a regulator, a license provides clarity. The business knows who is supervising their activity, has someone to talk to when they want to be sure they are complying with laws, and provides confidence they are permitted to operate in a state. The state regulator who issues the license is able to see into the operations of financial services that are impacting their communities, making it easier to keep businesses in compliance and benefit their local economies.But there’s a third party in this relationship that is critically important to business and regulator alike: the consumer. Sometimes, a consumer has a question or problem with a financial services business, and they need to reach out to their regulator. They want to know: Is what’s happening here legal? Do I have other options? How do I resolve my issue? That’s where consumer complaints come in. For most of regulatory history, a Consumer Complaint would be a pretty linear relationship. A consumer would fill out a form or call their regulator, the regulator would ask questions of the business, and then the regulator would report back to the consumer their findings and what, if anything, is to be done.But just as technology has changed how a business gets its license, and just as technology is just now changing how businesses get examined, we are very close to seeing a new way consumer complaints are handled. This new system will be faster, more organized, and easier for regulators and businesses alike. For the sake of consumers, it will provide regulators a better view into the entire history of a business, compliance and complaints alike. And, if everything goes as planned, this system could radically simplify how consumers get their voices heard.Today, I talk to the masterminds behind this new system to learn more.
In this soundbite, CSBS Senior Director and Non-Depository Counsel Matt Lambert walks us through how transactions involving cryptocurrencies are regulated, which activities are licensed at the state level, what "on ramps and off ramps" are, and more.
In this mini-podcast, we answer the question "What is an agent of the payee? Are they licensed? How are they regulated?"
In this mini-episode, we ask what qualifies as a Money Services Business and who regulates them.
CSBS COVID-19 Resource Page: https://www.csbs.org/mortgage-relief-coronavirusShow notes: www.csbs.org/covid-pod10The current economic situation is unprecedented. How do you put it into perspective? We compare unemployment and jobless claims to crises past and try to get a handle on just how severe of a downturn we are having.People are reporting struggles with their mortgage servicers and getting forbearance or other mortgage payment relief. CSBS and the Consumer Financial Protection Bureau released a consumer relief guide to explain your rights when asking for forbearance and what to expect when you call your servicer.There’s still more than $100 billion left in Paycheck Protection Program money for small businesses. But what is it like on the ground for business owners applying? We highlight one firm’s experience getting a loan.And last but not least, the U.S. House of Representatives passed a $3 trillion package. The bill seems to be a starting point for negotiations with the Senate, but what all is in it?
Today, I’d like to focus on a group undergoing a tremendous amount of change, both because of COVID-19 and in spite of it: financial regulators. Next week, state and federal regulators will meet as they do every year, albeit digitally, at the State-Federal Supervisory Forum. The forum provides an opportunity for regulators to connect, learn, and find new ways to collaborate with one another.
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 prevent a mortgage financing crisis. Has there been any progress? Is there any reason this can’t happen?And, a reminder to consumers: State regulators have noted an increased number of scams targeting mortgage loans. We’ve got the advice and resources you need to help protect yourself.
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 unemployment claims in four weeks. We talk about the new jobless claims and how community banks play a role in understanding the economy. And, a reminder to consumers to watch out for common scams as they receive their stimulus checks.It’s Friday, April 17, this is Matt Longacre, and here’s the latest as of 11 a.m. Eastern:
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 figure out how much longer they can go in lockdown.I want to focus on the local economic aspect of the pandemic today as seen through the lens of the primary lenders to small businesses and rural and suburban communities. What are community bankers saying about their local economies and future business activity? What are they telling their regulators? And what do the regulators have to say back?I’m Matt Longacre, and this is Simply Stated
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 ongoing to help mortgage servicers. But will it be enough to keep the industry afloat? And CSBS has put together some resources for consumers trying to navigate this trying time.It’s Thursday, April 9, this is Matt Longacre, and here’s the latest as of 1 PM Eastern
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 provide a perspective job numbers cannot and how the sentiment of community bankers declined each week. After that, we focus consumer resources: as you prepare to collect payment from the federal government, as you look out for increased unemployment checks, and as you consider loans or financial products to help you get through these unprecedented times, we’ve got resources to help you avoid getting scammed.It’s Thursday, April 2, and here’s the latest as of 2 PM Eastern.
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 mortgage and real estate industries operating while enforcing strong health standards. As the $2 Trillion CARES Act becomes law, we have some tools to help consumers watch out for scams. Good afternoon, and welcome to the COVID-19 Financial System Update. It’s March 30, and here are the news updates as of 4 p.m. Eastern Time.
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. And, CSBS provides state-level data into just how much the unemployment rate has changed so far in March.Good afternoon, and welcome to the COVID-19 Financial System Update. It’s March 27, and here are the news updates as of 2 p.m. Eastern Time.
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 the most recent financial stories, regulations, guidance and more surrounding the pandemic. Each news item shared here will be available in a single link, available in shownotes of today’s podcast and from the homepage of CSBS.org.
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 the most recent financial stories, regulations, guidance and more surrounding the pandemic. Each news item shared here will be available in a single link, available in shownotes of today’s podcast and from the homepage of CSBS.org. So, let’s get started. It’s March 23, and here are the news updates as of 4:40 PM Eastern Time.
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 bankers and consumers alike during this time.One big thing you are hearing about in the news right now is all the steps the Federal Reserve is taking to stave off the economic impact of the pandemic. The Fed has cut interest rates to near zero, is re-starting quantitative easing like it did in the 2008 Financial Crisis, and it’s actively trading in something commonly referred to as the “repo market.”But this isn’t the first time in the last year that the Fed has been working in the Repo Market. Last fall, another far-less-noticed crisis occurred in that market that led the Federal Reserve to intervene.So, just a few weeks ago, I talked with an economist who could better explain to me what the repo market is, why the Federal Reserve sometimes participates in the repo market, and what exactly happened last fall.Even though this recording is just 3 weeks old, some of the information is going to feel dated due to recent developments. But the story and lessons in it are even more relevant today than they were at recording. So, we decided to provide it to you anyway.Please keep up with us. I’m Matt Longacre, and this is Simply Stated.
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 use mobile payments?10:26 - Do consumers understand the protections they have when using a mobile payment?11:47 - What protections do exist for consumers?13:37 - What needs to happen for mobile payments to grow?14:45 - What are "real-time payments?" What is FedNow?16:46 - What is the impact for consumers of a real-time payments system?18:50 - Are there risks associated with real-time payments?It feels like you can do almost anything on your phone nowadays. Beyond just, you know, making a phone call, there’s listening to music, texting, games, photography, changing your thermostat, watching the delivery driver drop a package at your front door… The point I’m trying to make is that more and more of our lives have been driven into our mobile phones. And where people go, so goes money. Shopping, sending cash to your friend or super, paying your Uber driver… all of these things are part of a growing financial ecosystem known as “mobile payments.” But, I’m just curious… do you really know what’s going on with your money on these apps? Is the cash you store on them secure? Are your payments protected from fraud like they are with a credit card? Am I the only one who is totally clueless about this yet still continue to use these apps?Today, I sit down with an expert from The Pew Charitable Trusts to talk about an interesting survey they conducted about consumers and mobile payments. We try to answer the questions: Are consumers adopting mobile payments technology as fast as everyone expected? Do consumers trust mobile payments? Are they running into issues and, if so, are their issues getting resolved? What sort of mobile payments are protected and what aren’t?
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 forum to discuss what's new in licensing and compliance. It's all centered around this platform - NMLS.That's because NMLS revolutionized how companies got licensed. It sped up the time for approval, it made it easier to get licenses in multiple states and even made completing the test you take to get a license way more straightforward.This year, there's some big news coming out of the conference. An entirely new piece of tech - the State Examination System - seems poised to revolutionize how regulators examine - or "check in" - on these companies.All of this is a big push for a more "networked system of supervision." Today, I sit down with CSBS President and CEO John Ryan to talk about this concept. What does a "networked system of supervision" look like for nonbanks? What is the vision for a fully tech-enabled world of compliance? What is a day going to look like in the life of an examiner?
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" for ILCs. From a technical perspective, it is an exemption for ILCs, not a loophole.
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 Flying Commercial8:33 - How Does Money Move Today?10:34 - What's a Real-Time Gross Settlement System?11:25 - What's a Net Deferred Settlement System?12:52 - Are there any Real-Time Payment Systems Today?14:15 - Why Create a New System if one Already Exists?16:18 - What's in it for the Consumer?17:38 - Who is for FedNow? Who is Opposed?18:57 - How did the Federal Reserve Gather Feedback for FedNow?Editor's Comment: During the interview, we discuss how "50% of banks have been reached by the Clearing House RTP system." This system has in fact only reached 11 of the 24 banks that currently own The Clearing House, accounting for 50 percent of all deposits.Paying someone feels so simple nowadays, right?Whenever I go out to dinner with friends and we need to split the check, they just tell me to “Venmno them” or “Paypal them” or “Zelle them” (Okay, nobody’s ever actually told me to Zelle them, but you get my point). And even the old, "slow" systems seem faster! When I get a check, my bank lets me snap a photo of it and deposit it.But even though the transaction kind of feels instant, it’s still anything but. When I add that check to my account, it says “Pending.” And the bank tells me to hang onto that check for a couple days in case something goes wrong.It turns out that, behind the scenes, there’s a vast system of machinery working to make sure the little bits and bytes of data on my phone represent real transactions. They want to be sure that everyone actually has the money they say they have and that the money is getting safely from bank A to bank B. That process can still take a while to complete. In recent years, there’s been a new obsession with something called “Real-Time Payments.” It’s the idea that all this should be able to happen (the movement of the money, the confirmation that person A has the funds, the deposit into person B’s account) instantaneously.Today, I talk to an expert who knows more about the hard work going into making payments faster. We talk about how checks cleared before, where we are today, and what new and innovative “Real-Time Payments systems” mean for the future.
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 – How do States and the FDIC Collaborate?34:05 – What to Regulators Wish Bankers Understood About Them?38:39 – Time Travel! What Does Community Banking Look Like in 2030?Supervising banks anywhere is hard work. But there’s an extra challenge when supervising institutions in the United States: more than any other nation in the world, we have the most diverse number and type of banks themselves. These banks can be globally, nationally, or locally-focused. Some of those most locally-focused banks are commonly referred to as “Community Banks.” Community banks have played an important role in serving rural areas, towns, and cities for more than a century. But supervising and truly understanding so many institutions with such diverse purposes and goals requires regulators and leaders truly “in the know” about America’s diverse localities. Today, I sit down with two of the most “in the know” people there are when it comes to community banks. How do we go about understanding them? How has what we’ve learned impacted our view of the nation’s financial system as a whole? What does a fintech-filled future hold for America’s uniquely-diverse banking system? Listen to learn more.
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 company that's not a bank, chances are pretty good that you need licenses to operate in the states you work in. If you're a regulator of these companies, you've got a lot of licenses to supervise. You may need to examine companies every so many years, or you may need to examine based on risk. And you also need to work with your colleagues across state lines to coordinate.And this is important work. These exams ensure companies are operating in a safe and sound manner. They ensure that consumer protection laws are being followed.But, with 50 US states, and tens of thousands of companies (that number only continues to grow), you can see how this is a behemoth task.Today I talk to two minds who work day in and day out to tackle this problem. They are working on a new system - the State Examination System - that works with the licensing system present today to make examinations faster, more efficient, and more meaningful for regulators and companies.If not often that regulatory work can be made less burdensome and more effective, but we may be in one of those rare moments.
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 banks are local, just like these local interviews that I’ve slowly learned to appreciate. So we started doing a sort of “Vox Pop” of our own, focused just on community bankers, and we call it “Five Questions for Five Bankers.”Today, I have on an expert from CSBS who works with the state regulators that gather the feedback from bankers across the country, summarizes, and publishes it for the conference. Some of what they say can be seen in data we have, and some of what they say is pretty surprising.
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 perspective. And that is the purpose of this version of Simply Stated.
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.Getting a comprehensive picture across the country can be tough. But, there is one group that is connected to consumers and businesses alike that could provide us this valuable information. community bankers are some of the most connected individuals in a wide cross-section of society, whose very livelihood relies on the success of neighbors and local businesses – rural, urban and in between. Today, I want to talk to someone who has examined, worked with, and promoted research on these community bankers. And I want to discuss a new economic guidepost six years in the making, designed to use community bankers nationwide to take the pulse of America’s economy. It’s called The Community Bank Sentiment Index.
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 touches every community in the state of Tennessee.” And that comes in handy as the department looks to support the strategic plan of his new Governor, with an emphasis on assisting rural communities across the state. The regulatory approach relies on balancing two important parts of its mandate — “ensuring safety and soundness and being mindful of economic development” — while tailoring regulations to the risks presented by individual institutions, depository and non-depository alike. To Greg, that’s the best way to enable financial institutions to deliver benefits to the citizens of Tennessee. “We want to help institutions not just survive but thrive.” In our interview, Greg elaborates on his regulatory approach. He recounts how companies have thanked the department for flagging risk issues to make those companies stronger entities. He describes a large increase in assets managed by state-chartered banks — from about $40 billion a few years ago to $120 billion and more in the near future — and what conditions have led to this growth.He also speaks to his role as chairman of the State Liaison Committee of the FFIEC and the critical role that organization performs. In particular, he appreciates how federal officials have supported state efforts to assist smaller institutions on issues such as exam modernization, and how CSBS provides important staff support. And, finally, he speaks to how regulators need to do their jobs — both with industry and with consumers — to enable financial services to be delivered in a safe, sound and reliable manner. As he summarizes, “It’s all about public confidence.”A lifelong Tennessean, Greg speaks with enormous pride in the work of his department, everyone he works with outside the department, and his hopes for a better future for all those in the state. Conducting this interview is Jim Kurtzke, who recently spent the day with Greg and his staff in their offices in Nashville. Let’s go to the interview.
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 financial footing.But deposits aren’t always easy to come by. In a strong economy, banks are competing for a limited pool of assets that could end up going to other institutions, into investments, or to other regions. This can be especially challenging for rural communities. And, in an economic downturn, as some loans become losses, banks fight even harder for these deposits that will keep them financially sound.Today, I wanted to talk to the experts about two things regulators are talking about constantly right now but probably haven’t come up at your kitchen table over dinner. The first is how regulators should handle a sometimes-risky type of deposit known as brokered deposits. Why are they risky? If a bank isn’t well-capitalized, should they be cut off from seeking brokered deposits? What’s the logic behind blocking a source of liquidity for a bank that desperately needs it?And second, I want to talk about the issue of a bank being undercapitalized more broadly, and what happens when regulators put a bank in what is known as Prompt Corrective Action. We covered this a lot in an earlier podcast on leverage ratios, so it might be worth listening to that first if you need some warming up. My question today is: How do regulators make sure they are catching the warning signs of a struggling bank and intervene in a way that’s beneficial for the bank, consumers, and the federal deposit insurance fund? It’s a question that regulators still grapple with today. In fact, just last week the federal agencies proposed a new rule adjusting their approach to this very question.
Today we talk to Tom Fite, Director of the Indiana Department of Financial Institutions, about how his agency built out their examination skills in cybersecurity supervision.
Today we interview Bill Matthews, who leads the nation's licensing system for nonbanks.
We speak to the Director of Washington Department of Financial Institutions about an initiative to streamline the nonbank licensing process.
Being chairman of CSBS is no easy job. You have to lead the design and implementation of a strategic plan...represent state regulators in relationships with their federal counterparts...all while managing the regulatory department in your own state. In other words, not for the mean and mild. This is Simply Stated, a podcast by CSBS, the Conference of State Bank Supervisors.For the year ahead, into the role of chairman steps Bret Afdahl, director of the division of banking in South Dakota. We recently talked onsite at the CSBS annual meeting in San Antonio, just following his speech on what he plans for the year ahead. So let’s give a listen.
2 - What's a Community Bank Leverage Ratio and Why Does it Matter? by Conference of State Bank Supervisors (CSBS)
All across the country, tens of thousands of non-bank financial companies are operating on a daily basis. Debt collection companies, money transmission companies, mortgage, and lending companies are engaging in TRILLIONS of dollars of transactions each year. And, despite the fact that there are now several federal regulatory agencies, states remain steadfast at the forefront of non-bank supervision.But with new technology comes unique obstacles. Many of these non-bank companies, embracing the role of the internet and emerging tech, have labeled themselves “fintech” companies, short for financial technology. And they’re oftentimes operating in several states simultaneously, issuing loans and transferring money to consumers all over the country.Today we explore ways states work together to handle the behemoth task of supervising America’s diverse financial system, how those same regulators try to engage with the regulated in a balanced, fair way and, using this one example from just last week, how those changes can lead to something bigger.