9/10/2023 0 Comments Chris cuomo twitter barefoot![]() And so we at AIR will be working with DFS and CSBS to do so early next year. ![]() How can this best be done? The perfect way to explore that question is to hold a TechSprint - a regulatory hackathon. Regulators increasingly are finding ways to gather additional information digitally, in real-time, and through low-cost digital channels. There is a promising solution to this dilemma. Even for bank regulation, agencies receive the primary update reports just quarterly.Īt the same time, however, a pandemic and economic contraction is not the time to load new regulatory requirements onto COVID-stressed companies, and especially on small ones. This challenge is especially acute for state regulators, since they oversee both banks and nonbanks like mortgage and small business lenders, money transmitters, and cryptocurrency firms, which typically submit reports to their regulators at long intervals, often annually. In an environment where massive shifts can occur in just days - for companies, consumers and whole sectors - regulators find themselves unable to count on old, analog, periodic reports to stay on top of their work. The need for more, better, faster regulatory information has been increasingly clear for years, but this year’s pandemic has made it truly urgent. The sprint will take on one of the most daunting challenges facing regulators today, namely, how to get more information, faster, about the companies they oversee, without escalating the burdens of regulatory reporting on the industry, in the midst of a crisis. My guest is Linda Lacewell, the New York State Superintendent of the Department of Financial Services, and she will not only share her program for innovating in the midst of a pandemic, but will also announce an exciting initiative: that DFS is working with us at AIR to host New York’s first-ever regulatory tech sprint, in partnership with the Conference of State Bank Supervisors (CSBS). Today’s show is a special one because it includes breaking news.
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