In the fourth episode of the Regtech Report, sponsored by ComplianceEase, Editor-in-Chief Jacob Gaffney speaks with Chuck Cross, SVP at Conference of State Bank Supervisors.
Cross explains how state regulators are building a tech-based system for compliance in the financial services sector. One threat that Cross identifies is the act of putting one's company marketing ahead of staying compliance. He warns against adopting fintech to increase digital sales without keeping regulatory compliance in mind.
Instead, companies can being to think about leveraging fintech with regtech to battle the notion that regulators are the friend of the consumer and, therefore, the enemy of the company.
"This world is in our grasp," he explains.
Mortgage lenders right now tend to "embrace tech except when it comes to supervision." Listen to learn how this doesn't need to be the case and the implementation of tech across the board is a win-win for everybody. Enjoy!
Tune in next week for our final episode in this five-part series, featuring LoanLogics CEO Brian Fitzpatrick.
