CFPB Begins 1033 Rulemaking to Set Standards for the Use of Consumer Financial Data

The CFPB rulemaking intends to provide consumers greater control over personal data to help accelerate the shift toward open banking and more decentralized markets. The proposed rule would move U.S. privacy regulations closer to Europe's…

Keith Noreika Featured on the Consumer Finance Monitor Podcast: Innovation, True Lender, and Issues Facing Banks Today

I recently sat down with Alan Kaplinsky of Ballard Spahr to discuss innovation, “true lender,” and other issues facing financial institutions today for the Consumer Finance Monitor podcast. While the conversation covered a lot of ground,…

Marshall Lux Featured in CNBC Article on “Buy Now, Pay Later”

Marshall Lux, Senior Advisor at Patomak Global Partners, was featured in a CNBC article entitled "Buy now, pay later is not a boom, it’s a bubble, Harvard researcher says." Lux commented: "When people start buying household goods on credit,…

Patomak Senior Advisor Marshall Lux’s New Harvard Kennedy School Paper on “Buy Now, Pay Later” Companies Examines Risks and Regulatory Options

Patomak Global Partners Senior Advisor Marshall Lux co-authored a new working paper with Bryan Epps of the Harvard Kennedy School that takes a close look at the “Buy Now, Pay Later” sector. Despite the significant growth in recent years…

A New Approach for the CFPB: Mortgage Servicers and Enforcement Actions

The Consumer Financial Protection Bureau (CFPB) has increased its focus on mortgage servicers. Mortgage servicing intersects two CFPB priority areas: COVID-19 relief and discrimination enforcement. Mortgage servicers should be prepared for a significant increase in the CFPB’s regulatory activity.

RealClearMarkets: Consumer Data Access: A Bipartisan Plan to Boost Financial Innovation

The Consumer Financial Protection Bureau is now sifting through dozens of comments on a rulemaking on open banking that presents a rare opportunity for bi-partisan agreement, and may determine the pace of innovation for the financial services industry. Patomak’s Paul Watkins and op/ed co-author Jonah Crane write that consumers need a clear right to share all of their up-to-date data viewable today in an online account.

WSJ opinion: Borrower Beware: Cares Loans Carry a Steep Cost

Patomak CEO Paul Atkins writes in a Wall Street Journal opinion piece, “Borrower Beware!”

"Businesses with flexibility should seriously consider to what extent accepting the terms of federal loans or other support may be a Faustian bargain for their long-term business operations and strategy. The ultimate cost may dramatically outweigh the temporary gain."

Atkins draws on his experience on the Congressional Oversight Panel for TARP, which oversaw emergency spending in response to the 2008-09 financial crisis and discusses considerations businesses should make now before filing for federal assistance.