Not all of our listeners will be familiar with the Depository Institutions Deregulation and Monetary Control Act of 1980, but pending litigation on state DIDMCA opt outs could upend the bank partnership models employed by many fintechs. RegFi co-hosts Jerry Buckley and Sasha Leonhardt welcome Orrick partner James McGuire for an overview of DIDMCA’s interest rate exportation rules for state-chartered financial institutions and the lawsuit filed by industry groups in response to Colorado’s recent opt-out legislation. The conversation explores the critical balance between state regulations and national lending practices, including the potential implications to traditional banking, fintech innovation and consumer access to credit.

Links:

• Orrick Financial & Fintech Advisory
• RegFiPodcast.com

RegFi co-hosts Jerry Buckley and Caroline Stapleton welcome Eugene Ludwig to discuss the decline in economic opportunities for middle- and low-income Americans. Gene, former Comptroller of the Currency and founder of Promontory Financial Group, shares insights from his book The Vanishing American Dream and the work of the Ludwig Institute for Shared Economic Prosperity to develop better statistical indicators for reporting economic conditions.

The conversation explores regulatory, technological, and policy solutions to improve economic prospects for working-class Americans, emphasizing the role of the private sector in creating living wage jobs and proposing financial regulation reforms to foster innovation and consumer empowerment while ensuring safety and soundness.

Links:

• Ludwig Institute for Shared Economic Prosperity
• The Vanishing American Dream: A Frank Look at the Economic Realities Facing Middle- and Lower-Income Americans
• Orrick Financial & Fintech Advisory
• RegFiPodcast.com

RegFi co-hosts Jerry Buckley and Sasha Leonhardt in 2020 collaborated with the Alliance for Innovation and Regulation (AIR) to author a report titled “Financial Regulators’ Dilemma: Administrative and Regulatory Hurdles to Innovation.” The report — based in large part on interviews with heads of innovation at the principal federal financial regulatory agencies — outlines technological, structural and cultural impediments to regulatory innovation.

In this episode, Jerry and Sasha provide an overview of their research and the report’s key findings. The conversation then zooms out to consider how technological developments in recent years have confirmed — or challenged — some of these conclusions, as well as administrative and legislative efforts to spur innovation at federal financial regulators.

Links:

• Financial Regulators’ Dilemma: Administrative and Regulatory Hurdles to Innovation
• Alliance for Innovation and Regulation (AIR)
• Orrick Financial & Fintech Advisory
• RegFiPodcast.com