Simply Stated - A Podcast On All Things State Finance

Guests: Anthony Polidori – Idaho Deputy Director and Chair-Elect of the Multistate Mortgage CommitteeKirstin Anderson – Oregon Director and President of the American Association of Residential Mortgage RegulatorsOver 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

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 t

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

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

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 f

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.