How the Banking Industry, and Washington, Have Changed since 2009

06/30/22 • 18 min

Richard Hunt has been the leading voice for consumer banking in the U.S. for 13 years, and his advocacy for the financial services industry began long before that. This week, he will step down from his role as president and CEO of the Consumer Bankers Association, but he is NOT retiring. Richard talks with us about why term limits for politicians -- and trade association heads -- are a good thing, how Washington has changed over the years, and how the smartphone transformed banking.

We also get Richard's thoughts on working with the Consumer Financial Protection Bureau over the years, which was established just a couple years after he took the helm at CBA, and how he has grappled with two financial crises.
Key talking points:

Why it's time for a new voice at CBA (1:18)

How the banking industry has evolved since the global financial crisis (3:13)

How Washington has changed in the last 13 years (4:05)

Differences between the 2008 crisis and the coronavirus crisis (5:09)

How banks bolstered the economy through the pandemic (9:04)

Working with the CFPB (10:41)

How smartphones changed banking forever (14:35)

What's next for Richard (16:52)

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Why it's time for a new voice at CBA (1:18)

How the banking industry has evolved since the global financial crisis (3:13)

How Washington has changed in the last 13 years (4:05)

Differences between the 2008 crisis and the coronavirus crisis (5:09)

How banks bolstered the economy through the pandemic (9:04)

Working with the CFPB (10:41)

How smartphones changed banking forever (14:35)

What's next for Richard (16:52)

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Previous Episode

How the Current Market Conditions are Affecting the VC-Startup Ecosystem

The venture capital sector had two bumper years in a row in 2020 and 2021, with record levels of fundraising, investment and exits. However, like the rest of the investing world, the market has cooled in the 2022 economy. Bobby Franklin, president and CEO of the National Venture Capital Association, talks with us about how the current economic climate is affecting the VC-startup ecosystem, and how startup leaders and investors are looking at their prospects.
Bobby also talks with us about how VCs are approaching their ESG goals, which cities and regions are seeing more VC investment activity, the JOBS Act 4.0 and the push to establish a US startup visa.
Key talking points:
How the market conditions of 2022 have affected venture capital investment activity (0:26)
Where the rising hubs for VC activity are (2:35)
What sectors are likely to show strong growth going forward (4:26)
How startups and VCs are looking at their prospects for going public as the IPO and SPAC markets slow to a crawl (5:58)
Why VCs strongly support the establishment of a US startup visa (8:11)
How the Jobs Act 4.0 would affect the VC sector (11:24)
How VCs are approaching their ESG goals (13:40)
The potential upside of tough times (21:11)
Further listening:
If you'd like to learn more about what policy initiatives are of high importance to the venture capital industry, check out NVCA's Venture Capitol podcast, hosted by Bobby.

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Next Episode

The tax credits that shape the Inflation Reduction Act

Lauren Collins, a partner at Vinson & Elkins, joins the show to explain how the tax incentives in the Inflation Reduction Act stand to not only boost the deployment of renewable energy in the U.S., but also create new tax credit markets that might attract investment funds and retail investors. Collins also highlights one key area of the energy puzzle that the IRA has unfortunately overlooked.
Key Highlights
3:44 - The most important tax aspects of the bill - PTC, ITC, Standalone Storage, Bonus credits
6:00 - The new technology neutral credit regime and leveling the playing field for smaller players
9:09 - Credit flexibility provisions (Direct pay and Transferability)
12:20 - Bonus credits and "Stacking" (Domestic Content, Energy Community and Low-Income)
17:10 - Prevailing wage provisions
19:26 - What about Hydrogen, Nuclear and Carbon Capture Utilization and Storage (CCUS)?
23:38 - Making room for Manufacturing, Minerals and Mining tax credits
26:15 - Which aspects of the IRA are overhyped?
28:21 - A new industry and marketplace for tax credits and tax professionals
29:30 - The 'missing piece' in the legislation
30:27 - Which aspects of the legislation are flying under the radar? Transmission misses out
33:30 - Bold predictions - Credit investment funds enter financial markets ... and so do retail investors!
More resources from Vinson & Elkins
Renewable Reboot: A Download on the Inflation Reduction Act of 2022 – Clean Energy Tax Provisions

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Modern Money SmartPod - How the Banking Industry, and Washington, Have Changed since 2009

Transcript

Colin Hogan 0:14

Hello everyone and welcome to the Modern Money Smart pod. I'm Colin Hogan.

Sean McMahon 0:18

And I'm Sean McMahon.

Colin Hogan 0:20

Today we have the pleasure of speaking with Richard Hunt the president and CEO of the consumer Bankers Association. After 13 years in that role, Richard is stepping away this week.

Sean McMahon 0:31 <