Summary:

In this episode, Sarah Grotta, Deputy Chief Fintech Officer at FinWise Bank, interviews David Ritter, CEO of Privacy Lock, about consumer data privacy and compliance with state and federal privacy laws. They discuss the role of Privacy Lock in helping businesses comply with data privacy laws like GDPR and CCPA. David shares his journey into the privacy industry and highlights the importance of privacy in the emerging technologies landscape. They also explore the trends in data privacy laws, the need for businesses to keep customer data private, and the potential fines for non-compliance. They touch on the federal open banking law and its implications for data privacy. David provides advice for businesses on implementing privacy programs and discusses lessons learned from enforcement actions in mature privacy markets like California and Europe.

Takeaways

• Privacy Lock helps businesses comply with data privacy laws like GDPR and CCPA
• There is a clear trend of more states passing broad data privacy laws
• Businesses need to track and manage their customer data across its lifecycle
• Formalized consent processes and privacy request processes are required by law
• Enforcement actions in mature privacy markets have resulted in fines for non-compliance

https://www.myprivacylock.io/

• Partnerships matter in the card manufacturing space and can impact the success and timeline of a fintech's card program.
• Fintechs should consider both digital and physical cards in their program strategy, as physical cards are still expected by most users.
• Quick decision-making and realistic timelines are important in the card production process to avoid design paralysis and delays.
• Trends in card design include alternative materials, biometrics, and dynamic CVV codes.
• International markets influence US card programs, and there is a growing focus on biometrics and multi-factor authentication.
• Physical cards will continue to be relevant in the fintech space, as they provide a tangible interaction with customers and establish trust.

What you need to know about SBA Lending from the Best in the Business

In this episode, Jim Noone, president of FinWise Bank, interviews Yankie Markowitz, founding partner of Business Funding Group, about SBA loans. Yankie shares the background of SBA Loan Group and how they help business owners navigate the SBA loan process.

They discuss the different SBA loan programs, including the 7A and 504 programs, and the eligibility criteria for each. They also highlight the importance of finding the right bank and setting realistic expectations for the loan process.

The conversation covers the pros and cons of SBA loans, including the longer processing time and the need for thorough documentation. Jim and Yankie discuss the importance of having your financial reporting house in order when seeking financing for your business. They emphasize the need to have accurate and up-to-date tax returns, profit and loss statements, and other financial documents. They also highlight the significance of having a good credit score and reducing credit card utilization.

The conversation covers various uses of funds, such as owner-occupied commercial real estate purchase, business acquisitions, and expansion funding. They also touch on the eligibility standards of the SBA and the importance of finding the right bank that understands your business and industry.

Links mentioned in this episode:

U.S. Small Business Administration. District office contact information by state: https://www.sba.gov/about-sba/sba-locations/sba-district-offices

National Association of Government Guaranteed Lenders (NAGGL): https://www.naggl.org/

Guidelines for putting together your compliance strategy.

In this podcast episode, Kenzie Mexican, BSA Officer at FinWise Bank, interviews Jason Chorlins, Principal at Kaufman Rossin and financial services industry expert, about various topics related to compliance and risk management in the FinTech industry. They discuss the importance of compliance focus, managing third-party risk, mistakes in consumer card programs, monitoring complaints and Reg E, and reducing risk through risk assessment.

Highlights

• Compliance should be a top priority for banks and FinTechs in order to stay in business and be profitable.
• Managing third-party risk is crucial, and it starts with understanding the requirements from interagency guidance and developing a third-party risk management program.
• Consumer card programs can be high-risk, and it's important to understand and address issues such as fraudulent identification, disputes, and compliance with applicable regulations.
• Monitoring complaints, including Reg E complaints, is essential for identifying areas of improvement and ensuring compliance.
• Reducing risk requires a thorough risk assessment, setting a risk appetite, and monitoring key risk indicators to take appropriate actions.

Insights from a former regulator and risk management guru on the current fintech environment.

In this conversation, Robert Keil and Neepa Patel discuss the challenges and opportunities in the banking-fintech space, with a focus on compliance and regulatory action. They highlight the need for banks to become tech providers and build platforms that support bank-fintech relationships. They also discuss the importance of collaboration and knowledge sharing among banks to ensure compliance and mitigate risks.