Credit Eco To Go

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. Rather than settling for one result, Fairplay exposes their algorithms during model development for alternative outcomes that might not have been well-represented in the first round of data, making the data more sensitive to disadvantaged groups. Kareem hopes this philosophy will enable all financial service entities within the credit cycle, to continue to harness data for the benefit of all consumers. #financialservice #equalaccess #fintech
DISCLAIMER – No information contained in this Podcast or on this Website shall constitute financial, investment, legal and/or other professional advice and that no professional relationship of any kind is created between you and podcast host, the guests or Clark Hill PLC. You are urged to speak with your financial, investment, or legal advisors before making any investment or legal decisions.

DISCLAIMER – No information contained in this Podcast or on this Website shall constitute financial, investment, legal and/or other professional advice and that no professional relationship of any kind is created between you and podcast host, the guests or Clark Hill PLC. You are urged to speak with your financial, investment, or legal advisors before making any investment or legal decisions.

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 institutions. The Safe Banking Act does not address how banks will be supervised and examined by prudential regulators. Adding to this confusion, some states like New York, are implementing policies like “Justice Involved”, which allows applicants who have had convictions for minor marijuana infractions to go to the head of the line when applying for a retail license. The standard customer due diligence policies and anti-money laundering regulations do not align with these potential banking customers and in the end their banking services will cost more.
DISCLAIMER – No information contained in this Podcast or on this Website shall constitute financial, investment, legal and/or other professional advice and that no professional relationship of any kind is created between you and podcast host, the guests or Clark Hill PLC. You are urged to speak with your financial, investment, or legal advisors before making any investment or legal decisions.

DISCLAIMER – No information contained in this Podcast or on this Website shall constitute financial, investment, legal and/or other professional advice and that no professional relationship of any kind is created between you and podcast host, the guests or Clark Hill PLC. You are urged to speak with your financial, investment, or legal advisors before making any investment or legal decisions.

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 Hoopes, VP and Head of Public Policy and Regulatory Affairs at Upstart stops by #creditecotogo to talk about the challenges of a regulatory partnership. While a No-Action Letter can offer a fintech or financial services entity an opportunity to “innovate in plain sight”, the time and available resources may not be attractive to many companies. For Upstart, the experience and collaboration with the CFPB was very positive but others may see that the juice is not worth the squeeze.
DISCLAIMER – No information contained in this Podcast or on this Website shall constitute financial, investment, legal and/or other professional advice and that no professional relationship of any kind is created between you and podcast host, the guests or Clark Hill PLC. You are urged to speak with your financial, investment, or legal advisors before making any investment or legal decisions.

DISCLAIMER – No information contained in this Podcast or on this Website shall constitute financial, investment, legal and/or other professional advice and that no professional relationship of any kind is created between you and podcast host, the guests or Clark Hill PLC. You are urged to speak with your financial, investment, or legal advisors before making any investment or legal decisions.

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 many paths that journey can take. Aleks tells us this is not a volume game but a problem-solving game. Quanta’s data shows that how you treat the consumer and customize the conversation can make a measurable difference.
DISCLAIMER – No information contained in this Podcast or on this Website shall constitute financial, investment, legal and/or other professional advice and that no professional relationship of any kind is created between you and podcast host, the guests or Clark Hill PLC. You are urged to speak with your financial, investment, or legal advisors before making any investment or legal decisions.

DISCLAIMER – No information contained in this Podcast or on this Website shall constitute financial, investment, legal and/or other professional advice and that no professional relationship of any kind is created between you and podcast host, the guests or Clark Hill PLC. You are urged to speak with your financial, investment, or legal advisors before making any investment or legal decisions.

Last week New Jersey, Montana, Arizona and New Jersey voted to legalize recreational marijuana, while South Dakota approved legalization for both recreational and medical. Only 6 states in the country do not permit any use of marijuana with a handful of states permitting only limited medical use. While the majority of states will be benefitting from additional revenue through licensing and taxes, many of these now-legal businesses will still not have sufficient access to financial services and basic banking opportunities. Justin Fischer, CEO and Co-Founder of RiskScout, stops by the next episode of Clark Hill’s Credit Eco To Go to discuss the challenges small and community banks continue to have attempting to serve these legal businesses. RiskScout is a platform that streamlines the compliance process in an attempt to level the playing field for community banks. As Justin tells us, challenges also exist in the hemp space, which was legalized at the federal level under the 2018 Farm Bill. Many farmers are turning to hemp as an alternative crop only to be shut out by their local banks, especially community banks, because they do not have the infrastructure to manage the compliance risks. RiskScout provide these smaller entities a chance to compete. Unless the basic function of banks fully utilized, states seeking to expand their cannabis and hemp footprint will only see their efforts go to waste.
DISCLAIMER – No information contained in this Podcast or on this Website shall constitute financial, investment, legal and/or other professional advice and that no professional relationship of any kind is created between you and podcast host, the guests or Clark Hill PLC. You are urged to speak with your financial, investment, or legal advisors before making any investment or legal decisions.
Funk Game Loop by Kevin MacLeod
Link: https://incompetech.filmmusic.io/song/3787-funk-game-loop
License: http://creativecommons.org/licenses/by/4.0/

DISCLAIMER – No information contained in this Podcast or on this Website shall constitute financial, investment, legal and/or other professional advice and that no professional relationship of any kind is created between you and podcast host, the guests or Clark Hill PLC. You are urged to speak with your financial, investment, or legal advisors before making any investment or legal decisions.