#1 - States and Fintech
- 02:49 - Explanation of the Meeting
- 05:08 - Start of Interview with CSBS CEO John Ryan
- 05:08 - How did this meeting come about?
- 08:40 - Why is the industry so interested in using NMLS?
- 12:00 - Vision 2020 is not just NMLS improvements
- 13:35 - Was reaching out to the industry a leap of faith?
- 16:18 - What are the highlights of the recommendations to come out of this effort?
- 18:36 - What's next? How do we implement these recommendations?
- 22:10 - A community between regulators and their companies
- 24:10 - Is the fintech industry still on-board with the state system?
About the Podcast
Today we interview CSBS President and CEO John Ryan about a major development in fintech supervision spearheaded by state regulators.
Stop me if this setting sounds familiar. A clean, softly-lit conference room is set up with the tables in a square. A light breakfast platter and a large coffee carafe sit out on the credenza. Pleasantries are exchanged along with business cards, as everyone gets settled you can hear the slight muffle of a dial-in line.
All in all, a pretty ordinary business meeting setting. But this meeting was anything but ordinary. For one, the guests weren’t your ordinary guests: On one side of the table sat reporters from some of the nation’s biggest financial news outlets (Politico, Bloomberg, Reuters, Forbes). On another side were representatives from some of the biggest non-bank financial companies in the world (We’re talking the Paypal, Western Union, SoFi). And filling out the rest of the room were these companies’ regulators who, and this might surprise you, are in fact not from Washington but from state agencies all over the country (Georgia and Nebraska were both proudly represented in the room).
And, most un-ordinary of all, the regulators and regulated had come together to share a list of recommendations and initiatives that, once implemented, could change the future of non-bank finance and supervision for the decades to come.
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 how those changes can lead to something bigger.