‘Visionary’ Financial Services for the Underbanked

Banks have struggled serving the un- and underbanked for decades. By definition, one wonders how banks can ever serve the unbanked. Even so, to date, it seems that a majority of bank efforts to capture more customers from both segments falls into two categories that I’ll call “missionary” and “mercenary.” I believe neither works particularly well and Read More

By |2020-05-27T18:01:17-05:00February 17th, 2012|Comments Off on ‘Visionary’ Financial Services for the Underbanked

Best Practices for Compliance Risk Assessment

Editor's Note: For an update to the article, read the 2018 article: Today's best practices for compliance risk assessment.Putting together a compliance risk assessment is pretty much standard procedure by now. Although risk assessment methodology in general has been around for quite a while, its prominence in the compliance field is a fairly recent phenomenon. Formulating the Read More

By |2020-05-27T18:01:27-05:00December 27th, 2011|Comments Off on Best Practices for Compliance Risk Assessment

Product Development in the New Regulatory Era

When bankers sit down to design new products in this new regulatory era, they should bring their compliance experts in at the start of the conversation rather than at the end. That’s the advice from David Silberman, assistant director, deposit and payment markets, at the Consumer Financial Protection Bureau (CFPB). “Compliance is not something that happens at Read More

By |2021-02-17T12:46:31-06:00November 4th, 2011|Comments Off on Product Development in the New Regulatory Era

Raise More Capital and Innovate

I am no fan of needless regulation. The industry has enough to deal with right now with Dodd-Frank, a new (and leaderless) Consumer Financial Protection Bureau, derivative regulations and the like. But I question the wisdom of the well-heeled lobbyists in Washington, allegedly representing the interests of the banking industry (read: top 20 banks), aggressively pushing against Read More

By |2020-05-27T18:01:31-05:00July 1st, 2011|Comments Off on Raise More Capital and Innovate

An Arbitration Agnostic Sees the Light

I’ll admit it: in law school, I thought arbitration was b-o-r-i-n-g. And while in private law practice, I thought arbitration was generally worthless; I usually only added arbitration provisions to a contract when the other party asked. After all, in the experience of the litigators in our firm, arbitration rarely was less expensive than litigation, and you Read More

By |2020-05-27T18:01:32-05:00May 18th, 2011|Comments Off on An Arbitration Agnostic Sees the Light

Strengthening the Risk Management Culture

With Dodd-Frank financial reform legislation more than 2,300 pages long, it will take some time to understand its full impact on financial institutions. In the interim, there are steps companies can take to deepen their risk management culture and ensure they’re building a strong foundation to effectively execute in the “new normal.” Improving and strengthening risk management Read More

By |2020-05-27T18:01:32-05:00May 6th, 2011|Comments Off on Strengthening the Risk Management Culture

Ten Lessons from the Crisis

The financial crisis of 2007 and 2008 took a terrible toll on banks. Global losses on loans and securities were estimated by the International Monetary Fund to be as high as $4.1 trillion at the bottom of the recession in early 2009. In the United States, many banks failed or had to be rescued with hundreds of Read More

By |2020-05-27T18:01:32-05:00April 19th, 2011|Comments Off on Ten Lessons from the Crisis