Paradigm Shock welcomes Jesse Silverman, a fintech lawyer, who walks us through his career, detailing roles from a budding lawyer in Connecticut to serving at state and national regulatory bodies. Jesse shares firsthand experiences as a financial regulator during the 2008 crisis, exposing widespread fraud and systemic issues, to his experience standing up the Consumer Financial Protection Agency's Enforcement Division. He candidly discusses the challenges faced by regulators and those in industry. The conversation also touches on the transformation of financial regulation and innovations like open banking and AI, emphasizing the importance of ongoing vigilance and privacy for consumers in this evolving landscape.

Summary of topics covered: 

• Experience standing up the Consumer Financial Protection Bureau's Enforcement team and some life lessons.
• How actors in various fields such as state government regulators, federal regulators, tech, and finance firms differ in perspectives, incentives, and priorities.
• Thoughts on Open Banking and the revocation of Rule 1033, and its impacts on citizens regarding privacy, user sovereignty, and data rights.
• Final thoughts on AI and consumer finance.

Some of Jesse’s favorite sources:

Fintech Takes: https://fintechtakes.com

Fintech Brainfood: https://www.fintechbrainfood.com

Fintech Business Weekly: https://fintechbusinessweekly.substack.com/

Other items discussed or referenced: 

CFPB Rule 1033 is finalized 

CFPB Kills rule 1033

Open Finance is Hanging by a thread

Boiler Room Movie Trailer

Jesse’s Contact: https://www.linkedin.com/in/jessebsilverman/

Contact Paradigm Shock: 

[email protected]