1/ Am listening to the CFPB's consumer advisory committee meeting discussion on the Section 1033 consumer info sharing rule making and current market trends. Some notes and thoughts here.
2/ All the long-time Bureau folks seem to be here. Will Wade-Grey presented. Gary Stein is talking now. David Erich, an operator/founder/thought leader on the advisory committee is dialed in. 36 panelists in total. Other attendees listening in are hidden.
3/ For context, Section 1033 of the Dodd Frank Act lets the CFPB write rules to create an open banking regime. There's an open comment period right now. I plan on doing a deep dive in the next week or so and will likely write a comment letter in my capacity as a private citizen.
1/ Lots of interesting nuggets on the PayPal earnings call. And Dan Shulman saying "regulators" four times in his opening remarks. Thread following here later tonight (Pacific time).
2/ pre-thread nugget -- after-hours trading going lower the more Dan Schulman and John Rainey talk about Q4 and dodge on 2021 forecasting. Was -$10 a share a few minutes ago. Rainey continues to take Q4 and 2021 forecast questions, and stock going lower (down $12 a share).
3/ @PolicyPitts - you doom scrolling late on the East Coast? Cause I'm back and a tweeting about the @PayPal earnings call.
I agree 100%, but this means Democrats will have to take on their own in New York State and push them to change rules that make voting easier. I doubt they’ll do this in a cycle where increased voter pool will likely lead to a Schumer primary loss.
Folks are angry due to the horrible incident with Jacob Blake. Regardless of how you feel about BLM or democrats, I bet you do have feelings about people.
I bet we can all agree keeping people alive is good, and US people should have the same rights.
3/ Almost done -- if you typically dismiss things like BLM, or raise what-about-isms to confirm your views, why not think differently for a few days? Maybe ask how you’d feel if your neighbors and and people that look like you kept getting shot just for doing normal things.
I respectfully disagree with Tom. Square will remain the leader for next gen POS and SMB services. But Fiserv, and Visa and MC may have a new threat. Thread below.
First a story. I saw a demo two years ago where a large online acquirer (think Adyen-like) had someone take a tap payment via their cell phone. No extra hardware.
As a Square shareholder, I almost shit my pants.
I texted a few other folks in payments about what I saw (they had the chance, but missed the demo). We agreed Square would be toast.
Two years later, and Square is still chugging along and growing. So what gives?
Glad @mengxilu flagged this. Affirm's rated securitization is a great spring board to chat (type?) about FinTech capital markets, valid-when-made and true lender issues.
Lots of recent developments in this space. Anyone else up for a thread? Then let's read on!
As a baby lawyer, I worked on MSB, CDO and eventually ABS card and auto deals. I was both law firm and in-house counsel. And I dealt with Reg AB, SEC Form ABS-15G reporting and also how to deal with risk retention.
ABS or asset-backed securitization has long been a critical funding tool for non-bank lenders, and even fledgling bank lenders.