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“FirstCash, the CFPB, and Military Lending Protections: A Follow-Up to Our Service Member Panel”

Release Date:
July 2025

🔍 Episode Overview

In this special follow-up episode of Financial Forward, host Jim McCarthy revisits the critical topic of military financial protections in the wake of a major enforcement action by the Consumer Financial Protection Bureau (CFPB).

Since the airing of our original Service Member Panel, the CFPB reached a $9 million settlement with FirstCash, Inc. and its subsidiaries for violations of the Military Lending Act (MLA). The Bureau alleged unlawful pawn loans with APRs over the MLA’s 36% cap, mandatory arbitration clauses, and missing disclosures—violations that also breached a 2013 Bureau order.

To help unpack the implications of this case and what it means for the financial marketplace, Jim is joined by returning guests:

👥 Featured Guests

🔹 Eric Goldberg

• Chambers-ranked expert in consumer financial services compliance and regulation
• Former Senior and Managing Counsel at the CFPB, where he led rulemaking on payments, credit, arbitration, and more
• Advisor to fintechs and banks on launching compliant, innovative financial products

🔹 Colonel Paul Kantwill, U.S. Army (Ret.)

• Former Assistant Director, CFPB Office of Servicemember Affairs
• Led the Department of Defense policy team that implemented the Military Lending Act
• Professor, veteran advocate, and national voice on military and consumer financial law

💡 Topics Covered

• Details of the CFPB’s July 11, 2025 enforcement action against FirstCash
• The Military Lending Act – what it protects and why it matters
• Insights from those who helped write and enforce the MLA
• Compliance expectations for lenders serving military families
• Broader implications for fintech and financial institutions

📎 Resources & Links

• 🔗 CFPB Press Release: FirstCash Settlement (July 11, 2025)
• 🎧 Original Service Member Panel Episode
• 📄 Military Lending Act Overview – CFPB

💬 Join the Conversation

Are you a servicemember with a financial story to share? A compliance officer with questions about the MLA? Reach out to us at Jim@McCarthy-Hatch.com or connect with us on LinkedIn.

🎧 Listen & Subscribe

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Recorded: Tuesday, July 1 | 1:00 PM CT
Presented by: McCarthy Hatch

🎯 Episode Overview:

As the Consumer Financial Protection Bureau (CFPB) sharpens its lens on how financial institutions serve military members and their families, this live panel explores the evolving regulatory landscape and the moral imperative to do better.

We go beyond compliance checklists to examine complaint data, identify institutional risks, and spotlight opportunities to lead with integrity.

👥 Featured Panelists:

• Jim McCarthy
  Chairman, McCarthy Hatch
  Founding member of the CFPB, regulation expert, and host of Financial Forward.
• Eric Goldberg
  Partner, Akerman LLP
  Nationally recognized regulatory attorney with deep experience advising banks and fintechs on CFPB rules and servicemember protections.
• Lezlie Hansen
  Executive, U.S. Bank
  Senior banking leader overseeing compliance and customer experience, with a strong focus on military financial services.
• Colonel Paul Kantwill (Ret.)
  Former Assistant Director, Office of Servicemember Affairs, CFPB
  Decorated U.S. Army veteran and one of the most respected voices in military consumer protection.

🔍 Topics Covered:

• The CFPB’s intensifying enforcement posture on military-related financial harm
• Common SCRA compliance failures—and their legal and reputational risks
• Trends emerging from complaint data and regulatory actions
• What military families are experiencing in the marketplace today
• Best practices for banks and servicers navigating scrutiny with integrity
• How to build an internal culture that respects, protects, and empowers those who serve

📌 Key Takeaways:

• Data is destiny: Complaint trends offer early signals of where regulators are headed next.
• Culture matters: Compliance with the SCRA isn’t just a legal issue—it’s a leadership one.
• Enforcement is rising: Expect increased scrutiny, particularly in lending, collections, and repossessions involving servicemembers.
• Institutions must lead: Those who proactively close gaps and invest in consumer fairness will be best positioned to thrive.

📚 Resources Mentioned:

• Servicemembers Civil Relief Act (SCRA) guidance
• CFPB enforcement updates
• McCarthy Hatch’s FSAi risk monitoring technology
• Akerman LLP legal insights hub
• U.S. Bank’s commitment to military families
• Kantwill Strategies: Veteran advocacy and training

📣 Stay Connected:

👉 Follow McCarthy Hatch on LinkedIn
💬 Reach out to Jim McCarthy for speaking engagements or media inquiries
🎧 Subscribe to Financial Forward for future episodes and webinars

More from Jim:
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“AI Governance & Change Management in Financial Services”
Guest: Parijat Banerjee, Global Head of Financial Services at LatentView Analytics

🔗 Episode Summary

In this episode of Financial Forward, host Jim McCarthy sits down with Parijat Banerjee, a leading expert in financial data analytics and the Global Head of Financial Services at LatentView Analytics. Together, they explore the challenges and opportunities financial institutions face in implementing AI-driven transformation, with a special focus on AI governance, data integrity, risk alignment, and change management.

Drawing from nearly two decades of experience in data-first consulting, Parijat shares how financial organizations can adapt to the rapidly evolving AI landscape while maintaining compliance, trust, and operational resilience. This is a must-listen for leaders navigating digital modernization, regulatory scrutiny, and cultural shifts inside banks and financial service providers.

💡 Topics Covered

• The current state and future trajectory of AI adoption in banking
• Governance models that support responsible AI use
• The importance of cross-functional collaboration between compliance, risk, and IT
• How to translate AI strategy into execution without disrupting core operations
• The cultural and organizational shifts needed for successful change management
• Lessons from working with global Fortune 500 clients

👤 About Our Guest

Parijat Banerjee is the Global Head of Financial Services at LatentView Analytics, a data-native consulting firm helping some of the world’s most respected organizations harness the power of data for decision-making. With over 20 years of experience, Parijat leads transformation initiatives across analytics, AI, and digital strategy.
🔗 Connect with Parijat on LinkedIn

☕ Sponsor Spotlight

This episode is proudly supported by BoulevardCoffee.co — a Women-Owned Small Business delivering handcrafted blends with heart. Support small business and grab your next cup of meaning at BoulevardCoffee.co.

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New episodes drop regularly featuring deep conversations at the intersection of finance, technology, and regulation.

👉 Know a guest we should feature or a topic you'd like us to explore? Reach out to Jim McCarthy or follow us on LinkedIn.

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Episode Title: Behind the Credit Curtain: Understanding Consumer Reporting with NCRA’s Eric Ellman
Guest: Eric Ellman, President of the National Consumer Reporting Association (NCRA)
Host: Jim McCarthy

🎙️ Episode Summary:

In this episode of Financial Forward, host Jim McCarthy sits down with Eric Ellman, the newly appointed president of the National Consumer Reporting Association (NCRA), to explore the often-overlooked yet critically important world of consumer reporting agencies.

With more than 25 years of experience at the forefront of data policy and financial services—most recently with the Consumer Data Industry Association (CDIA)—Eric brings a unique lens to the complex network of companies that help banks, lenders, and employers make informed decisions. Now at the helm of NCRA, Eric is working to amplify the role of smaller, specialized consumer reporting agencies, particularly in the mortgage and tenant screening sectors.

Whether you're a banker, a compliance executive, or a consumer navigating your financial journey, this episode demystifies how consumer data flows, what powers credit decisions, and how industry players are responding to growing regulatory scrutiny.

📌 Topics Covered:

• What is the NCRA and who are its members?
• The difference between the “Big Three” credit bureaus and resellers/specialty agencies
• How consumer reports are created and used in the mortgage and employment industries
• The role of trade associations in shaping data policy and consumer protection
• The impact of CFPB regulations and evolving expectations around data accuracy and consumer rights
• What bankers and consumer finance leaders need to understand about the data supply chain
• What consumers should know about how their credit and tenant reports are built and used

👤 About Our Guest:

Eric Ellman is the President of the National Consumer Reporting Association (NCRA). He previously served as Senior Vice President for Public Policy and Legal Affairs at the Consumer Data Industry Association (CDIA), where he led government affairs and served twice as Acting CEO. He is a veteran of the consumer reporting space and one of the country’s leading voices on data use, accuracy, and policy.

🧠 Who Should Listen:

• Bankers and mortgage professionals seeking a deeper understanding of the consumer data pipeline
• Compliance and risk executives monitoring third-party data use
• Fintech leaders building tools that rely on credit or background checks
• Consumers interested in understanding how their financial data is collected and used

🔗 Resources Mentioned:

• National Consumer Reporting Association (NCRA)
• Consumer Financial Protection Bureau (CFPB)
• Consumer Data Industry Association (CDIA)

📣 Subscribe & Follow:

If you enjoyed this episode, be sure to follow Financial Forward on your favorite podcast platform. Leave us a review and share this episode with colleagues and friends in the financial services industry.

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🔍 Episode Summary:

In this unforgettable episode of Financial Forward, host Jim McCarthy reconnects with Jacob, the breakout analyst from McCarthy Hatch whose debut podcast went viral. But Jacob's talents go far beyond financial risk modeling — turns out, he was hired as Luka Dončić’s body double in the buzzy new Jordan Brand ad, ‘The Trial of Luka Dončić’.

We dive into Jacob’s unexpected journey from spreadsheets to spotlights — how he landed the role, what it was like on set, and how he balances regulatory risk work with a little celebrity on the side. It’s a conversation that proves opportunity can strike anywhere — on a Zoom call or a sound stage.

☕ Sponsored by:

BoulevardCoffee.co
We’re proudly sponsored today by Boulevard Coffee, a woman-owned coffee shop committed to bold brews and strong communities. Whether you’re building financial models or building your dream, Boulevard Coffee is here to fuel your journey. Shop online or visit in person — and tell them Financial Forward sent you.

💡 Featured Topics:

• How Jacob's first Financial Forward episode went viral
• The story behind The Trial of Luka Dončić commercial
• Behind the scenes of working as a body double
• Balancing analyst life and unexpected fame
• What we can learn about opportunity — in finance and beyond

🎙️ About the Host:

Jim McCarthy is the Chairman of McCarthy Hatch and a founding executive of the Consumer Financial Protection Bureau. He brings 30+ years of regulatory and consumer finance experience — and a belief that the best stories in finance are often the ones you never see coming.

📢 Free Ad Space Campaign:

Financial Forward offers free ad space to women-owned and protected businesses. If that’s you — or someone you know — we’d love to feature your story on a future episode. Reach out at Jim@McCarthy-Hatch.com.

🔗 Episode Links:

• 🎥 Watch The Trial of Luka Dončić commercial
• ☕ Support today’s sponsor: Boulevard Coffee

📲 Follow Us:

• LinkedIn
• McCarthy-Hatch.com
• More Episodes of Financial Forward

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Guest: Ian Moloney, Head of Policy & Regulatory Affairs, American Fintech Council
Host: Jim McCarthy, Chairman of McCarthy Hatch and Founding Member of the CFPB
Podcast: Financial Forward

🔑 Key Topics:

• What the American Fintech Council Stands For
  Ian describes the AFC's role as a bridge between regulators and innovators, ensuring fintechs can grow while protecting consumers.
• Responsible Innovation in a Regulatory Vacuum
  With fragmented oversight across agencies, Ian explains how the AFC is driving the conversation around consistent, fair, and modern fintech regulation.
• Consumer Protection in the Digital Age
  Transparency, fairness, and inclusion are central to fintech’s success—and Ian shares how AFC helps make that happen.
• Policy Trends to Watch in 2025
  From open banking to earned wage access, Ian outlines the issues on regulators' desks that every fintech should prepare for.
• Why Fintechs Must Get Engaged in Policy Conversations
  A call to action for industry leaders to lean into policy—not avoid it.

📌 Memorable Quotes:

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In this episode of Financial Forward, Jim McCarthy sits down with Steve Bishop, one of the leading voices in Banking-as-a-Service (BaaS) and founder of Ambassador. If you're in banking, fintech, or regulatory circles—you’ve heard Steve’s name. And if you haven’t yet, you will.

From humble beginnings on a gravel road in Missouri to becoming the go-to source for how BaaS should really work, Steve walks us through his unconventional career path, the transformation he led at OMB Bank, and what inspired him to launch Ambassador, a firm that’s quietly (and now loudly) reshaping the embedded finance ecosystem.

This episode is a deep dive into what BaaS is, what it isn’t, and where the industry must go to stay aligned with compliance, innovation, and customer needs.

🔍 What We Cover:

• Steve’s early roots and rise from Jack Henry to fintech founder
• The hard truths about BaaS, compliance, and regulatory expectations
• Why “infrastructure” is the real story behind successful embedded finance
• How Ambassador partners with banks to modernize without losing their core identity
• What’s coming next for community banks and fintech relationships
• Why compliance must be embedded from Day One

👤 About Steve Bishop

Steve is the founder and CEO of Ambassador, a financial technology platform purpose-built to help banks offer embedded financial services the right way. Prior to founding Ambassador, he was Chief Digital Officer at OMB Bank, where he led a full tech stack modernization and built their embedded finance division from the ground up. He’s a seasoned operator, programmer, and respected strategist in the rapidly evolving BaaS landscape.

Connect with Steve on LinkedIn.

🙌 Special Thanks

This episode features an ad from Mavin Communications, a woman-owned public relations firm led by Angela Nibbs. Mavin helps companies—from startups to industry giants—elevate their message and own their story. Learn more at maven-pr.com.

🔗 Resources Mentioned

• Ambassador – Banking-as-a-Service Infrastructure
• Mavin Communications – PR with Impact

🎧 Listen + Subscribe

Subscribe to Financial Forward wherever you get your podcasts and never miss a conversation at the intersection of regulation, innovation, and financial fairness.

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In this special Financial Forward rebroadcast, we’re sharing an essential panel discussion originally produced by The Bates Group, examining how the return of the Trump administration may reshape consumer financial protection, fintech regulation, and compliance strategies across the industry.

Recorded live, this expert panel dives into the shifting regulatory landscape and what financial institutions, money services businesses, fintech firms, and crypto players should expect in the months ahead.

🗣️ Featured Panelists:

• Eric Goldberg, Partner, Akerman LLP
• Kathryn Tomasofsky, Executive Director, MSBA
• Brandi Reynolds, CAMS-Audit, CCAS, Senior Managing Director, The Bates Group (Moderator)
• Jim McCarthy, Founder & Chair, McCarthy Hatch

🔍 Key Topics:

• The future of the Consumer Financial Protection Bureau (CFPB) under new political leadership
• Likely regulatory rollbacks, changes to enforcement posture, and funding implications
• Compliance challenges for money transmitters, MSBs, and fintech platforms
• The evolving framework for cryptocurrency and stablecoin oversight
• Best practices to remain compliant amid uncertainty

🧁 Sponsored by:

This episode is brought to you by The Blue Eyed Bakery, a woman-owned small business crafting handmade baked goods with heart. Support women-owned businesses.

💡 About Financial Forward:

Financial Forward is the podcast where consumer finance meets the marketplace, hosted by Jim McCarthy, Founder and Chair of McCarthy Hatch and a former founding member of the CFPB. Each episode features leading voices, real-time insights, and a shared commitment to fairness, transparency, and innovation in financial services.

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