Simply Stated - All Things Finance

Has the Interest Rate Pinch Finally Arrived?

Are we finally starting to see the long-awaited cooldown in economic activity?  CSBS Chief Economist Tom Siems takes us along for a deep dive into interest rate data, market fluctuations, and the current state of commercial real estate and office lending. And, as always, we ask: what should regulators an the industries be looking out for in the current economic climate?

How State and Federal Regulators Share Information

Regulators take confidentiality seriously. So, when regulators from different states, agencies, or industries need to communicate, how do they do it? As it turns out, regulators spend months (and sometimes years) carefully setting up the infrastructure and processes so that, when the need arises to communicate with one another, they know exactly what can be shared with whom and when. This week, Matt Lambert sits down with me to talk through these "information sharing agreements," why they m...

Positive Negativity - Community Banker Sentiment Rises to Start 2024

Community banker sentiment remains negative for a ninth straight quarter, but things are looking up; in the first quarter of 2024, the Community Bank Sentiment Index (CBSI) reached its highest level recorded since 2021.  CSBS Chief Economist Tom Siems joins us today to look deeper into the driving forces behind community banker negativity, why their negative sentiment is trending toward positivity, and what regulators and compliance experts should take from this quarter's CBSI reading. 

Ransomware Self-Assessment Tool, Version 2.0

What Goes Into Getting a Mortgage Broker License?

Guest Rich Madison, Vice President, Credentialing and Accreditation Programs In today's episode, we discuss: What a mortgage broker's license is What it means for your mortgage broker to be licensed Where you can search for a licensed or registered mortgage broker Who to contact if you have concerns

The Making of NMLS: Epilogue - Lessons Learned and Wisdom from the Regulators

In the epilogue, we ask regulators to share their insights on the importance of NMLS, what we gain from a state-federal regulatory partnership and lessons learned from the NMLS development process. About "The Making of NMLS" Series The Housing and Economic Recovery Act, or HERA, was signed into law fifteen years ago on July 30, 2008. HERA included the SAFE Act, which required mortgage loan originators to register or be licensed in the Nationwide Multi-State Licensing System (NMLS). In cel...

The Making of NMLS: 4 - A Mortgage Crisis, Congress, and 50 State Legislatures

When we left off from the last episode in September 2005, the CSBS Board of Directors had just approved the development of NMLS. In episode four, we discuss the significant trouble brewing in the mortgage market in 2006. As the mortgage crisis unfolded, state regulators pushed forward with the development of NMLS. As Congress investigated the crisis, state regulators shared NMLS as a possible solution for reigning in the market. About "The Making of NMLS" Series The Housing and Economic Re...

The Making of NMLS: 3 - Betting it All to Build NMLS

In episode three, we discuss the work that went into building NMLS and the opposition faced along the way. Staff worked to harmonize legislative and regulatory requirements across state agencies, develop uniform documents, gather feedback from the mortgage industry and work out the funding and maintenance structure of the system. The episode culminates with a look at the debate between states on whether to launch and adopt the system. Producer's Note:  In this episode, the host refers to th...

The Making of NMLS: 2 - Building the Supervision Coalition

In episode two, we start with an interview with then-CSBS President and CEO John Ryan. John shares the story behind when state regulators decided it was time to develop a nationwide licensing system. We determine exactly who had the idea first, the initial reaction of commissioners in 2003 and what ultimately led to embarking on the creation of NMLS. About "The Making of NMLS" Series The Housing and Economic Recovery Act, or HERA, was signed into law fifteen years ago on July 30, 2008. HER...

The Making of NMLS: 1 - A Rapidly Changing Mortgage Market

In episode one, we discuss the financial conditions in the early 2000s. Allegations of predatory lending, an increased number of applications of unqualified individuals to issue mortgages, and increasingly risky behavior in the mortgage market all caught the attention of state financial regulators. Seeing this growing trend, some regulators gathered at CSBS meetings in search of solutions. About "The Making of NMLS" Series The Housing and Economic Recovery Act, or HERA, was signed into law...

The Making of NMLS: Prologue - 15 Years of NMLS

In the prologue, we speak with Vickie Peck, Executive Vice President of Products & Solutions, to reflect on how licensing through NMLS has advanced over the past 15 years. About "The Making of NMLS" Series The Housing and Economic Recovery Act, or HERA, was signed into law fifteen years ago on July 30, 2008. HERA included the SAFE Act, which required mortgage loan originators to register or be licensed in the Nationwide Multi-State Licensing System (NMLS). In celebration of 15 years of N...

The Money Transmission Modernization Act

The Model Money Transmission Modernization Act, also known as the Money Transmitter Model Law, is a single set of nationwide standards and requirements created by industry and state experts. We speak with two CSBS experts on money transmission to learn how this model law came to be, what it accomplishes and how it's being implemented nationwide. Guests Matt Lambert - Deputy General Counsel, Policy, CSBS Camille Polson - Manager, Policy Development, CSBS

Community Banker Sentiment Dips to Lowest Level Since Tracking Began in 2019

CSBS Chief Economist Tom Siems shares findings from the most recent CSBS Community Bank Sentiment Index, an index derived from quarterly polling of community bankers across the nation.  We discuss community bankers' lowest sentiment reading since the start of measurement and what is driving it. Plus, we explore what makes the Community Bank Sentiment Index unique compared to other indicators used by economists.

State Regulator Priorities in 2023

State regulators have an important mandate that requires them to protect consumers, ensure the safety and soundness of their institutions and promote economic growth. Today we talk about the priorities of state regulators in 2023, focusing on legislation, state-federal partnerships and Networked Supervision. Guests: Jim Cooper - President and CEO, CSBS Karen Lawson - Executive Vice President of Policy and Supervision, CSBS  

Community Bankers Say the Recession is Already Here

CSBS Chief Economist Tom Siems shares the findings from the most recent CSBS Community Bank Sentiment Index, an index derived from quarterly polling of community bankers across the nation. We discuss community bankers' negative sentiment for the end of 2022 and their top concerns looking into the new year. Plus, we explore where community bankers think we are in the business cycle compared to the consensus of economists. 

Common Cybersecurity Threats for Financial Institutions & Tools to Help

This week, we talk with CSBS Information Security Manager Richard Mensah about common cybersecurity threats to financial institutions, organizations designed to help combat cyber-threats, and tools state regulators have created for executive leaders to approach cybersecurity at their companies.

States of the Economy - June 2022

"States of the Economy" is a monthly look at the economic picture across the country. In this episode CSBS Chief Economist Tom Siems and host Matt Longacre discuss what the latest inflation and jobs numbers, business confidence measures and more are telling us about the current trajectory of the U.S. economy.

Community Banks Adapting to the Digital Age

Community Banks Adapting to the Digital Age Guests: CSBS Chief Economist Thomas F. Siems Federal Reserve Bank of St. Louis Supervision Policy, Research and Analysis Manager Meredith A. Covington  Temple University Professor of Finance and CSBS Adjunct Research Scholar Jonathan A. Scott  In this episode, we explore how community banks are adapting to a changing digital landscape by analyzing banking and technology questions from the 2021 CSBS National Survey of Community Banks. 

How Difficult Is It to Curb Inflation? What Tools Do We Have?

Today, we explore the challenges behind curbing inflation, the tools available to the Federal Reserve to do so, and the consequences of the Fed acting too aggressively or too gently. "States of the Economy" is a monthly look at the economic picture across the country. In this episode CSBS Senior Economist Tom Siems and host Matt Longacre discuss what the latest inflation and jobs numbers, business confidence measures and more are telling us about the current trajectory of the U.S. economy.

What's Causing Inflation? What's the Impact?

"States of the Economy" is a monthly look at the economic picture across the country. In this episode CSBS Senior Economist Tom Siems and host Matt Longacre discuss what the latest inflation and jobs numbers, business confidence measures and more are telling us about the current trajectory of the U.S. economy.

The Jobs Market is in the Driver's Seat

"States of the Economy" is a monthly look at the economic picture across the country. In this episode CSBS Senior Economist Tom Siems and host Matt Longacre discuss what the latest inflation and jobs numbers, business confidence measures and more are telling us about the current trajectory of the U.S. economy.

Why Licenses Exist in Financial Services

CSBS Senior Vice President Tim Doyle sits down with me to explain what exactly makes a license a license. We discuss the difference between a license and charter, why licenses exist, what a license does and does not mean for a consumer, how licensing has changed and how NMLS helps consumers make good choices when shopping for financial services.

Community Bankers See Expanded Operations, Lower Profitability in 2022

Community bankers are slightly more optimistic about future business conditions and the economic outlook than they were at the end of last year but are more concerned about future profitability than at any point since the pandemic began, according to the most recent Community Bank Sentiment Index (CBSI).  "States of the Economy" is a monthly look at the economic picture across the country. In this episode CSBS Senior Economist Tom Siems and host Matt Longacre discuss what the latest inflati...

Will Inflation Eat Your Turkey Dinner?

"States of the Economy" is a monthly look at the economic picture across the country. In this episode CSBS Senior Economist Tom Siems and host Matt Longacre discuss what the latest inflation and jobs numbers, business confidence measures and more are telling us about the current trajectory of the U.S. economy.

"The Bullwhip Recovery"

"States of the Economy" is a monthly look at the economic picture across the country. In this episode CSBS Senior Economist Tom Siems explains how supply chain issues and fluctuating demand complicate the nation's economic recovery. From the Show: The Beer Game

States of the Economy - September 2021

"States of the Economy" is a monthly look at the economic picture across the country. In this episode CSBS Senior Economist Tom Siems and host Matt Longacre discuss what the latest inflation and jobs numbers, business confidence measures and more are telling us about the current trajectory of the U.S. economy.

States of the Economy - August 2021

"States of the Economy" is a monthly look at the economic picture across the country. In our discussion, CSBS Senior Economist Tom Siems focuses on how the national economic picture impacts local communities and what state regulators are looking out for.

States of the Economy - August 2021

"States of the Economy" is a monthly look at the economic picture across the country. In our discussion, CSBS Senior Economist Tom Siems focuses on how the national economic picture impacts local communities and what state regulators are looking out for.

States of the Economy - July 2021

In this episode of "States of the Economy," our monthly look at the latest economic data, Sr. Economist Tom Siems discusses the "2021 bond market conundrum," supply-side issues that are restraining the recovery, and what regulators should be keeping an eye on over the coming months.

States of the Economy - June 2021

"States of the Economy" is a monthly look at the economic picture across the country. In our discussion, CSBS Senior Economist Tom Siems focuses on how the national economic picture impacts local communities and what state regulators are looking out for.

Why the Financial System Needs Appraisers

Guests: Jim Park, Executive Director, Appraisal Subcommittee Greg Gonzales, Commissioner, Tennessee Department of Financial Institutions Today, we discuss what appraisers do, why they matter, what it takes to become an appraiser and the challenges and opportunities facing the industry today.

States of the Economy - May 2021

"States of the Economy" is a monthly look at the economic picture across the country. In our discussion, CSBS Senior Economist Tom Siems focuses on how the national economic picture impacts local communities and what state regulators are looking out for.

What is SolarWinds? Why Does it Matter?

Guest: CSBS Senior Director of IT Security Engineering & Operations Charles Hill Today, we speak with Charles about SolarWinds to learn what it is, what happened with the company and the far-reaching consequences of this cybersecurity breach.

Community Bankers Speak on the Economy - Q1 2021

"States of the Economy" is a monthly look at the economic picture across the country. In our discussion, CSBS Senior Economist Tom Siems focuses on how the national economic picture impacts local communities and what state regulators are looking out for. At the end of each quarter, CSBS also includes feedback and data from community bankers who completed the Community Bank Sentiment Index (CBSI) for the quarter.

Updates in the Fight Against Money Laundering

One of the key responsibilities of state and federal regulators is to help maintain the public’s trust in the nation’s financial system. One of the key ways they go about maintaining this trust is by preventing bad actors and illicit funds from using banks and financial companies to move money. But here’s the thing about bad actors; just because there’s a law on the books and a cop on the beat doesn't means they stop trying. As laws get implemented and regulators monitor the system, financi...

What is Ransomware?

In this week's episode, we talk with CSBS's CISO Todd Scharf and learn about how ransomware can impact consumers and employees. We also cover common red flags and how consumers can protect themselves from ransomware attacks.

States of the Economy - March 2021

"States of the Economy" is a monthly look at the economic picture across the country. In our discussion, CSBS Senior Economist Tom Siems focuses on how the national economic picture impacts local communities and what state regulators are looking out for.

When Regulators Aren't Allowed to Coordinate

When there’s an emergency – a pandemic, a cyber-attack, a disaster – state and federal regulators need to be able to talk to each other quickly and directly.  But, because of a weird quirk of a 60-year-old law, they often spend precious time just trying to figure out if they’re allowed to work together. Today we’re talking about the Bank Service Company Examination Coordination Act – BSCA Coordination Act for short. It’s legislation that could make a world of difference for banks and consu...

Networked Supervision

How consumers borrow, invest, store, and send money is changing more rapidly than ever before, and the pace of that change is only set to accelerate. State regulators have always been responsive to changes in the industry, responding to innovations in banking in finance for over 100 years. But the changes affecting financial services in the past several years are different. Companies and transactions are becoming faster, more complex, and more interconnected than ever before. So, state re...

States of the Economy with Tom Siems

"States of the Economy" is a monthly look at the economic picture across the country. In our discussion, CSBS Senior Economist Tom Siems focuses on how the national economic picture impacts local communities and what state regulators are looking out for.

One Company, One Exam for Mortgage Companies - The Future of Mortgage Supervision

Guests:  Anthony Polidori – Idaho Deputy Director and Chair-Elect of the Multistate Mortgage Committee Kirstin Anderson – Oregon Director and President of the American Association of Residential Mortgage Regulators Over the last few episodes, we’ve been talking about this strategy state supervisors use to approach the rapid change of the financial system. That strategy is called “Networked Supervision,” and it has a lot of different parts to it. There’s the technology aspect with state-of...

One Company, One Exam for MSBs

If you’ve been paying attention to state supervision lately, you’ve probably heard the phrase “Vision 2020” several times. Vision 2020 has been an initiative to modernize and enhance the state supervisory system in a way that makes licensing, examination, and supervision easier, safer, and more effective.When the work launched in 2018, there was a lot of public outreach. State regulators held town halls, hearings, and more to get feedback from industry leaders, academics, and policymakers ali...

#26 - Who Protects Your Payments?

This is the story of your money. How it moves, who protects it, and the careful balance between keeping your money safe and allowing new ideas and apps to use this system. And we talk about a new federal government plan that could seriously harm this system.

#25 - Supervising Emergency Legislation In A Pandemic

Guest: Chuck Cross, Senior Vice President of Non-Bank SupervisionHost: Matt LongacreSupervision is hard. Examiners, whether it’s for banks or nonbanks, are a unique breed. Not only must they have a mastery of financial services and the institutions that they supervise, and not only do they need a strong knowledge of what’s necessary for compliance, they must also orchestrate an extremely difficult balance between maintaining an examination procedure that is fair, impartial, and consistent fro...

#24 - The Future of Consumer Complaints

For a financial services business and for a regulator, a license provides clarity. The business knows who is supervising their activity, has someone to talk to when they want to be sure they are complying with laws, and provides confidence they are permitted to operate in a state. The state regulator who issues the license is able to see into the operations of financial services that are impacting their communities, making it easier to keep businesses in compliance and benefit their local eco...

What are Crypto Payments and Exchanges?

In this soundbite, CSBS Senior Director and Non-Depository Counsel Matt Lambert walks us through how transactions involving cryptocurrencies are regulated, which activities are licensed at the state level, what "on ramps and off ramps" are, and more.

What Is An Agent Of The Payee?

In this mini-podcast, we answer the question "What is an agent of the payee? Are they licensed? How are they regulated?"

What is a Money Services Business?

In this mini-episode, we ask what qualifies as a Money Services Business and who regulates them.

COVID-19 Financial System Update - May 19

CSBS COVID-19 Resource Page: https://www.csbs.org/mortgage-relief-coronavirusShow notes: www.csbs.org/covid-pod10The current economic situation is unprecedented. How do you put it into perspective? We compare unemployment and jobless claims to crises past and try to get a handle on just how severe of a downturn we are having.People are reporting struggles with their mortgage servicers and getting forbearance or other mortgage payment relief. CSBS and the Consumer Financial Protection Bureau r...

#23 - SFSF 2020 - Supervising in a World of Accelerated Change

Today, I’d like to focus on a group undergoing a tremendous amount of change, both because of COVID-19 and in spite of it: financial regulators. Next week, state and federal regulators will meet as they do every year, albeit digitally, at the State-Federal Supervisory Forum. The forum provides an opportunity for regulators to connect, learn, and find new ways to collaborate with one another.