FinReg Focus

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Authors: Jonah Crane

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On this episode, host Jenny Lee, partner at Reed Smith, speaks with guest Jonah Krane, partner at Klaros Group, about the hottest topics in fintech regulation, including how regulators can be more innovative when drafting their regulations. They discuss the latest interagency guidance on bank-fintech partnerships, the CFPB's innovation office, open banking and consumer data access, and how the Volcker rule ended up being 1,000 pages. They also cover how a principles-based approach to regulation (e.g., UDAAP) is not light touch, but actually sets a high bar (relative to prescriptive standards). And they delve into the reasons why an outcomes-based approach to consumer finance regulation should prevail, addressing the constitutional, political, or other barriers that may stand in the way.


  • 00:40 - Intro and welcome
  • 04:40 - Federal guidance on bank-fintech partnerships
  • 05:35 - Consortium approach: Yea or nay?
  • 07:15 - Consumer-facing fintech vs. other fintech
  • 09:10 - Any lessons learned from CFPB bilateral agreements
  • 10:10 - CFPB rulemaking update
  • 14:30 - Open banking
  • 16:40 - Principles-based regulation debate
  • 20:20 - What to achieve on consumer-protection regulations
  • 23:40 - Political processes vs agency roles
  • 26:10 - Lessons from overseas on inclusion
  • 27:10 - Policy innovation in Nigeria and Indonesia
  • 30:10 - Agency innovation offices

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