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Jo Ann Barefoot explores how to create fair and inclusive consumer financial services through innovative ideas for industry and regulators

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Publications & Media

Featured Publications

 


Disrupting Consumer Financial Services

Forbes Opinion - September 10, 2014

I recently asked a gathering of financial leaders two questions:  Is consumer finance facing profound disruption of the kind that has remade industries from retail stores to publishing?  And if so, is our financial regulatory system prepared to address it?  The group — representing industry, advocates, government, academia, and think tanks — answered yes on disruption, and a resounding no on regulatory readiness.


Compliance Tsunami Survival

ABA Banking Journal - August 18, 2013

The crucial steps banks must take to survive the flood of new regulatory challenges on consumer issues, especially from the new Consumer Financial Protection Bureau. The key is to broaden from traditional "rules-based compliance" to a new principles-based focus on "fairness." Special advice for CEO's and chief compliance officers

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Compliance as a Dream Instead of a Nightmare

ABA Banking Journal - December 6, 2013

Fanciful exploration of how industry and regulators could do better in protecting financial consumers. Part 2 of two-part series. See also Part 1, "Finding a Plan for Workable Consumer Compliance.

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Finding a Plan for Workable Consumer Compliance

ABA Banking Journal - November 22, 2013

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Part 1 of two part exploration on how to improve consumer financial protection. See also Part 2, "Compliance As A Dream Instead of a Nightmare."


Alerting banks to the profound regulatory shift from narrow rules-based consumer financial protection to the new focus on broad, subjective principles, especially preventing unfair, deceptive, and abusive acts and practices (UDAAP). Suddenly, bank activities can be fully "compliant" with all technical regulations, but still found to be unfair or deceptive -- and therefore illegal. This shift is the biggest change the industry has ever faced regarding consumer businesses

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The hidden risks of "UDAP" will transform compliance.

This article highlighted how UDAAP was likely to become one of the most significant risks in the regulatory landscape well before the shift actually occurred.


Articles & Publications

Regulatory Innovation

FinTech Law Report - May/June 2016


Disruption Everywhere: How will life Change?

Banking Exchange - July 2015

Banking Exchange magazine is young but growing fast. I'm especially enjoying their articles on navigating today's tumultuous financial marketplace, and so was delighted when my long-time friends Steve Cocheo and Bill Streeter asked me to join their advisory board and write for them on disruption. 

My article, here, surveys the forces driving disruptive innovation in retail banking and pinpoints practical steps to take, now, to weather what's coming.



Finance, Fairness, and Facebook: Use Complaints to Protect Your Bank

ABA Banking Journal - April 4, 2012

This article looks at the convergence of two of the hottest topics in financial consumer protection -- managing customer complaints and using information from social media. Banks need to be actively finding and learning from complaints online.


Podcast: Fee Income - Beware UDAAP Traps

ABA Banking Journal - March 8, 2012

Podcast based on Lyn's and my ABA Banking Journal cover story, "Don't Get Lost in UDAAP," focused on risks that fee income will be deemed unfair or deceptive by regulators.


Red Alert on Redlining

Cowritten with Andy Sandler - ABA Banking Journal - March 2011


Photo courtesy of Matthew Van Buskirk - www.mattvb.com

Media Coverage
 

Interviewed by Hub Culture at the Innovate Finance Global Summit in London on April 11, 2017.


Heard on NPR's Morning Addition on March 31, 2017, "Will Using Artificial Intelligence To Make Loans Trade One Kind Of Bias For Another?"


Quoted in the American Banker on August 19th, 2016 in the article titled "State Regulators Balk at OCC Fintech Charter" by Lalita Clozel.


Quoted in the American Banker on June 10, 2016 in the article title "Fintech Firms Press OCC for Specialized Charter" by Lalita Clozel.


Quoted in the Wall Street Journal on June 9, 2016 in the article titled "Fintech Startup Craves More Regulation" by Rachel Witkowski and Telis Demos.


Quoted in the American Banker on May 9, 2016 in the article titled "OCC Weighs New Charter for Fintech Firms" by Lalita Clozel.


Quoted in the American Banker on May 29, 2014 in the article titled "CFPB Faces Hard Choice on Regulating Auto Title Loans" by Kevin Wack


Quoted in the American Banker on May 23, 2014 in the article titled "What GSE Impasse Means for Other Bank Rules" by Joe Adler.