Attendees at Camp Kotok, a gathering of market participants every August in Maine, were focused on recent Federal Reserve actions, how U.S.-China relations will influence future decisions and the potential for modern monetary theory to become a regular part U.S. policy. In the episode, Katie Darden, director of FIG research at S&P Global Market Intelligence, discusses the event and shares interviews with veteran practitioners like Jim Bianco, Danielle DiMartino Booth and David Kotok.

Bank stocks have fallen over the last 12 months as fears of a global economic slowdown and a flat-to-inverted yield curve weighed on the group. The selloff caused bank M&A activity to slow early in 2019 but transactions have rebounded. In the episode, KBW President and CEO Tom Michaud discusses investor sentiment toward banks, whether their fears are overblown as well as his thoughts on recent deal activity, including the sales of some FIG-focused investment banks.

Bank branches are much less likely to be located in majority-black communities — even high-income ones — than other parts of the U.S, according to an investigation by S&P Global Market Intelligence. In the episode, Zach Fox, a senior reporter and author of the analysis, discusses how the disparity between majority-black neighborhoods and other areas has grown in recent years, what has driven the change, which institutions have closed the most branches in those markets, what happens to communities when banks leave and whether current regulations such as the Community Reinvestment Act encourage institutions to serve those markets.

FASB has proposed delaying implementation of a new reserve methodology, dubbed the current expected credit loss model, or CECL, for the vast majority of banks. The delay likely will prevent the new model from working as intended and allow institutions to build reserves well ahead of a downturn. In the episode, we highlight the number of banks impacted by the delay and include commentary from FASB board members on the aim of CECL and bankers and strategists weighing in on the prospect of a recession.

Financial institutions might be wise to prepare for lower interest rates and potentially for a fairly long time. In the episode, Tony Crescenzi, market strategist at PIMCO, discusses the recent yield curve inversion and his expectation for rates to remain low for a long period of time and possibly even decline notably from current levels.

A few years ago, blockchain technology caught fire across the Street, with some market participants arguing that it would displace many traditional financial services. Those lofty expectations have come back to earth, but practical applications are beginning to surface, including from the nation’s largest banks. In the episode, Tom Mason, fintech analyst at S&P Global Market Intelligence, discusses whether blockchain is a disruptor of traditional financial services or another arrow in the quiver for incumbent players.

As the equity research business continues to face revenue headwinds, more firms could look to merge with pure play advisory shops. In the episode, George Kuznetsov, head of research and analytics at Coalition, which is owned by CRISIL under the S&P Global umbrella, discussed changes in i-banking league tables as well as the evolution of the equity research business and how it is only profitable for a few but essentially necessary for the vast majority of firms.

Fintech companies and digital-only players have become a threat to traditional banks' retail deposit bases and they could soon turn their focus toward commercial customers. In the episode, experts from Promontory Interfinancial Network and Sandler O'Neill and executives from Goldman Sachs, Heritage Bank and Republic Bank discuss the growth of digital-only deposit platforms, how they have changed the competitive landscape and what community banks can do to combat the threat.

Investment banking firm Hovde recently unveiled a new practice that will work with community and regional banks on asset/liability strategies and ways to utilize technology, including through fintech partnerships, to improve efficiency. Ray Chandonnet, a banking industry veteran and head of the new group, discussed his return to investment banking, different funding strategies banks can employ to win business in a competitive environment and how institutions can work with and emulate fintech startups to attract new customers and become more efficient.

Some fintech companies are making hay with digital platforms that tout their differences with banks, even though they are often offering virtually the same products. In the episode, we discuss with colleagues Rachel Stone and Kiah Haslett the deposit strategies employed by the likes of Chime, Aspiration and other incumbent players such as Ally Financial, Discover and Capital One. Those efforts conjure up memories of a Don Draper pitch in Mad Men and likely will enjoy continued success.