Jesse Silverman
@jbsilverman
Followers
587
Following
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9
Statuses
1,479
Fintech and stuff. Lawyer at Troutman Pepper. No legal advice here, just idle chit chat based on lots of years in the biz.
Connecticut, USA
Joined February 2011
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@CREdebtlawyer
Sadly, I’ve had an almost identical situation with a guy who was run over by a car. The officers came and watched me as I wrapped my shirt around his compound fractures. The cops just wait for the EMTs to show. If you asked them, they’d say it was legal liability.
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@GuyTalksFinance
@TomBeckerle
Now do farm subsidies! And rural internet subsidies! And carried interest income tax treatment! And hydroelectric energy company subsidies! And oil and gas subsidies! And transportation subsidies!!
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@JoshReynolds24
Sorry, she has to win a championship to even be in the conversation. There’s no bonus point for going to a program that can’t recruit. Nor can the “best ever” be the runner up.
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@GuyTalksFinance
@TomBeckerle
I support it. Think it’s smart for the country. But, more importantly, if you’re worried about subsidies, you picked a rounding error in the federal government.
Didn’t school teach how to prioritize and focus on the important matter first?
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@ferpinheiro
@bensmithlive
@Arrival117PL
Cape Town is amazing AND unsafe. And that’s without looking at the issues facing the larger country. Cape Town is increasingly a shrinking island of relative beauty in a larger nation that’s simply falling apart. Cape Town can only be spared from the incompetence for so long
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@StopAntisemites
Wow, Jews killing Jesus. She’s gone old school anti-semitism. Don’t see the classics that often anymore.
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@KingFazir
@unusual_whales
Seems smart to make private companies pay for their costs rather than passing them on to the general public
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@SMB_Attorney
You should take a look at the marginal tax rates during the golden age of American growth from the mid-40’s to the mid 70’s. Top tax rates ranged from 70-90%. GDP rose 169%, employment increased by 75%.
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@AoDespair
Love the rebranding here! It’s not “antisemitism” when they target Jews. It’s “anti-Zionism”. Have to give them a tip of the hat for the rebranding.
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Looks like the major $$$ gap has been confirmed by bankruptcy trustee for Synapse. Bad, bad news. If I’m finding a bright side here, it’s at least the first step to some resolution
$85 million gap between what Synapse partner banks hold vs. what end users are owed, former FDIC Chair Jelena McWilliams says in first status report.
McWilliams lays out 4 possible paths forward on FBO $
Full break down in advance of today's hearing - you know where to find it.
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@SlaterKinnick_
Nobody said that. Everybody knew that the NCAA was going do whatever it took to get Clark to the finals. Literally everybody.
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Narrative violation alert!! CA growing its share of millionaires while Texas and Florida shrinks, is not the prevailing wisdom here on Twitter
Where the most millionaires are in the US, per Bloomberg:
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@Jamesashields
@CREdebtlawyer
It is, of course, an absurd explanation, given the level of qualified immunity they enjoy, so I’ve never given it much credence. But that’s what they would say.
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Headless banking turns banks into utility providers, like the water company or the electric company. Which is great for some banks.
I still love the inverse, where the small banks of America will be the top of the funnel, owning the customer, with a myriad of fintechs behind it
Headless banking is the talk of the town among analysts. This bank-without-apps model separates banking services from front-end user interfaces. Amid regulatory pressures and falling profit margins, this approach offers small financial institutions a survival strategy.
Despite
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@GuyTalksFinance
@TomBeckerle
That’s such a comically simplistic perspective on the economy and how it runs. As the “Finance Guy” I hope you know micro finance better than you do macro.
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FDIC watches bankruptcy court too, it seems. New consumer “guidance” on using Neo-Banks
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The best part of the news about the NAR settlement is reading all the bad takes from Realtors about how buyers will be screwed. Everyone really does talk their book. As if the home buying experience won’t finally be modernized, as every other financial market was years ago
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@rafaelshimunov
@MarkGoldfeder
@RepRashida
I see you’re not a fan of history. Or facts. Noted. Keep up the battle armchair warrior!
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@MilesWard1990
As UConn fan, it was nothing less than a crime that St John’s didn’t make it. They’d beat more than half the teams in that tourney without breaking a sweat. Could make a similar argument for Seton Hall. Providence as well (but a little weaker).
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This may be consumer finance public policy in a nutshell
@mlevchin
"We want more financial inclusion for low-income borrowers" and "Alert! BNPL is giving loans to low-income borrowers that they wouldn't otherwise get" is a helluva rock and hard-place.
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@LPWhisperer
@Quantec
Feel like he’s been pretty clear about the size and scale of his deals. In fact, just the other day, he mentioned that his deals were too small for institutions and he couldn’t understand why any institutions would enter his space. Just not worth the money.
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He’s never written me a check for anything, but I can strongly vouch for his helpfulness. Imagine how strongly I’d support him if he’d actually written me a check (ahem,
@mikulaja
)
Couldn’t wish for a more helpful early stage investor than
@mikulaja
He *proactively*: intros us to relevant & incredible folks, gives product feedback, and pushes us to think ahead of market
He’s writing a few more fintech checks this year - who wants to meet him?
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This may be the best description of Fintech I’ve ever seen. 99 ways to die, and the only 1 path to survival is long and hard.
weeks like these make me question my career choices. feels like there's 99 ways to screw up in FinTech, and the one that doesn't takes years and years of perseverance to achieve
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Can boil this whole article down to one choice FDIC quote: “You can’t let any fintech run the show”
🚨NEWS🚨
I take us deep inside the regulatory stumbles of Mercury, which became Silicon Valley's favorite banking startup when SVB imploded. The fintech has drawn the ire of the FDIC for a long list of questionable behaviors. Dive into this story.
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@izquieterzzz
@mikulaja
Sorry to hear that. This has been an eye opening experience for many of us, but nothing like those, like you, who have funds stuck in there. Today should at least be another good step in reaching a resolution
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@seattle_tax
If we’re talking inherent racism in the code, can we add in a dose of explicit racism in historical FHFA lending when the federal government refused to lend money in any neighborhood which had blacks, Hispanic and Jews, so only whites got federally subsidized mortgages?
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@mikulaja
@tphillips
@robblackwellAB
The issue isn’t with the FDIC stating what the law requires. It’s with the them doing it now, after they (and other regulators) allowed institutions to partner with third parties that haven’t always represented these risks accurately.
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@ThatTylerPopp
@AvivaKlompas
Tyler - if I “charge” you with being a fraud who lies to his audience, is that factually accurate?
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Interesting question inherent in this weeks piece; is it the market causing this sale or is it the regulator
Fintech Biz Weekly exclusive just dropped:
Early BaaS pioneer CBW Bank is up for sale
CBW partnered w/early fintechs, like
@shamir_k
's Simple &
@BrettKing
's Moven and, more recently, middlewares like Bond & Solid.
Now, it's looking for a buyer.
You know where to find it!
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@GayBearRes
@ControGorilla
The buyer is right to be angry about that, but the wildly wrong in where to place that anger. I’m quite certain that buyer had multiple agents (realtor, closing agent/attorney, etc) that all got paid and didn’t do the work they should have done.
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@AlexH_Johnson
America dropped a nuclear bomb on Japan, so let me tell you why you shouldn’t eat American beef …
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@shahidrazzaq007
@AvivaKlompas
So, basically no part of the analysis is whether they’re actually engaged in terrorist activities? Which, of course, they are.
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Dept of Treasury seeking input on the use of AI in financial services. If this is your space, this is a good time to make your voices heard
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Great insights from a guy who knows 1033
What will 1033 mean for banks? For forward-thinking institutions, open banking regulations can drive opportunities to better serve consumers and meet growing expectations for digital finance. My recent
@AmerBanker
oped:
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If you’re a fintech wondering what you need to have prepared to master due diligence with a potential bank partner, or just maintain the partnerships you’ve already got, give this podcast a listen. Not too long. Or too short. It’s just right.
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Co-sign
@mikulaja
and
@AlexH_Johnson
are single-handedly shifting media coverage of FinTech. Too many voices coasting on legacy brands, too few who actually think through the models and implications choosing instead to focus on pithy clickbait headlines. grateful for these two hard work
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Saying whether what you’re doing will help or hurt the consumer’s “credit scores” rather than their “credit history” is an absolute fools errand when you have no idea how creditors will really use that data. Just asking for an aggregated consumer when it happens
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KYC/Fraud monitoring is one of the most innovative (and complicated) areas in financial services these days. Fraudsters have gotten better by orders of magnitudes, but so have the tools to spot them. This is a good listen if your work brings you down in the weeds
Our co-founder and CTO
@AlexGrinman
was on the
@software_daily
podcast last week.
We try to keep
@Footprint_HQ
simple for our end users, but it is an incredibly complicated product.
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CFPB lives, with the added twist of a Thomas decision. Expect the fun to start soon
Here's the CFPB opinion. 7-2 with Thomas writing for the majority. Agency funding IS constitutional:
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@SMB_Attorney
@jhobfoll
Investment in R&D was MUCH higher when tax rates were MUCH higher. Turns out both individuals and companies would rather invest that money than give it to the government. So they invested in R&D and America was the most prosperous country on earth.
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@dionlisle
@SMB_Attorney
I also find it a little odd when you just look at the states. 15-20 years ago, this wasn’t nearly as clear. But now, the correlation between higher taxes and better test scores, lower crime, longer life expectancy, etc are pretty clear
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Must read for in-house. All I can say is, WOW. This is as good an analysis as you will find on Twitter on the always surprisingly complicated question of SSN for CIP. If you’ve been in-house, I’m sure you’ve had this exact discussion too many times
1/ The FDIC released a bulletin today reminding FDIC-supervised institutions that they need to collect the FULL NINE digits of a customers SSN before they open an account.
There's a reason for this, and separately I have bones to pick.
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On a more tactical level, the easiest place to see this is in the definition of “MVP”. I guarantee that product/engineers with financial services experience have a VERY different definition of MVP than engineers that don’t. Getting on the same page should be the first thing done
One aspect that far too many fintech founders get wrong; building a fintech is NOT the same as a traditional tech company. Your tech and product teams NEED financial services experience. SF clearly has amazing builders but NYC simply has more of that particular experience!
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@ItsMattsLaw
@MatveyTR
Seems pretty unlikely that the security peacefully escorted them throughout the bar and then, at some later point on an unseen video, just decided to manhandle them. Certainly have a hard time convincing a jury of that absent video.
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@bradford_hardin
@ItsMattsLaw
I can’t wait to see how he provides evidence that his performance hasn’t improved
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@iamjebbailey
@sam_d_1995
@realEstateTrent
Sure. I must have forgotten all those songs about Des Moines and Bismarck
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John still the 1033 go-to info source. This is no different. A good read for those still looking to understand.
Is your company getting ready for the post-regulatory open banking landscape in the US? Does your company use consumer financial data and you don't know if you need to get ready for regulation? Your questions, answered here:
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@samrosentweets
@wlamberson
@mikulaja
You all knew already that non-profits working to prevent sex trafficking have found that Cash App was the payment method of choice? And that employees allege the have inadequate AML? Massively duplicated user numbers?
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@Jake_Szetela
@BarstoolUIowa
Ah, yes, why ascribe an opinion to experience and expertise when you can just claim it as some form of sexism to avoid the substance. Genius level work
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@AvivaKlompas
Israel made its point by showing how ineffective Iran was. This will do nothing more and is likely to continue to weaken American support for Israel. In Biden’s words, they should have just “taken the win”. This was another in a long line of strategic errors
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Interestingly, the CA AG is pushing the NHTSA to institute a recall on Kia’s because their catalytic converters are too easy to steal. I suppose you want a true belts and suspenders approach to the problem of converter theft, but that feels like an odd choice.
Having read about this it is heartbreaking.
But we have been sliding this way for a while in the US and California.
The victim of this violent crime is a good looking actor, so maybe this brings attention to this issue.
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@Pdugas2000
@khaslett
@tphillips
@GrantAndrew
@regulatorynerd
@DanAwrey
To that point, I stumbled across this site from the OCC called “Help With My Bank . gov”. Among other things, it “helps” consumers figure out who their banks regulator is. And it’s the absolutely least useful site I’ve ever seen. Seriously, check it out
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One of the more interesting new players in the BaaS space, with their scale and relationships
Meet your newest BaaS platform, Atelio by FIS (previously known as Bond):
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Definitively NOT fraud advice is definitely great stuff. Really enjoying these dives into the fraud world. Have to say, I’m developing some begrudging respect for the fraudsters.
Edition two of our series This is Absolutely NOT Fraud Advice: Chargebacks
One of the largest buckets of fraud out there. How does it happen? Read below 👇
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This is fantastic little fraud explainer for anyone who cares about fraud m. Hope this is a weekly (or at least regular) thing for you all at
@Footprint_HQ
Inspired by
@AlexH_Johnson
and
@sytaylor
This is not investment advice, we
@Footprint_HQ
are launching This is absolutely NOT fraud advice.
Sharing the first link here on how bad actors may commit wire fraud
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@AlexH_Johnson
@waltrcox
Do you mean out of the employers operating account? Calculating EWA (properly, at least) involves a lot more than that. Need to know hours worked, actual earnings, taxes, etc. to know what has actually been “earned”.
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@GayBearRes
When it becomes a pattern and practice of discrimination. There are no facts about that here.
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Pretty wild that the CFPB effectively amended Reg Z to include BNPL through basic “guidance”. And by wild, I mean rather questionable. And that guidance really has some big open questions as to who, exactly, is covered, and what the responsibilities are.
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@Jamesashields
@mi_legal_eagle
@CREdebtlawyer
I assume he means that the officers would face no liability if they provided assistance and something went wrong. Which is, of course, correct. They simply don’t want to provide it. Well, at least many don’t.
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@izquieterzzz
@mikulaja
It is just a worst case scenario. There are still a number of possible (relatively) positive outcomes, so don’t think all hope is lost yet, in any way. But all of those most positive outcomes will certainly need time.
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Crypto joke of the year
It wouldn't have been a real roast of Tom Brady without mentioning FTX
Hilarious moment from last night's Netflix special
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@AlexH_Johnson
I second that. I’d also love to see that fleshed out in more than 240 characters too. There is a serious amount of info packed in there.
@waltrcox
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Economics of Cash App Pay are fascinating. Great analysis if you want to understand more
In today’s
@PopularFintech
essay I wrote about Cash App Pay and why it is a big deal for Block $SQ. I believe Cash App Pay can fuel the next phase of Cash App’s growth 👇🏻
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@visegrad24
Who could have predicted that. Well, besides everyone. But other than everyone, no one saw this coming.
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@dionlisle
@trevizo_gabe
Strong disagree on that comment about there being more land mines now. Strong, strong disagree. At 10 PM, the local news had to ask parents, every night, that “it’s 10 pm, do you know where your kids are?” No seat belts. No indoors. There was nominal supervision, at best.
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@LPWhisperer
@Quantec
I guess I can see that disconnect. And real estate isn’t my space at all, so I don’t have a ton to compare him to, but strip mall guy seems pretty open about how “unsexy” his little corner of real estate is. FWIW, that’s actually why I enjoy his tweets.
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@moseskagan
@WernerVonBurner
When one landlord controls a material amount of the inventory of a product people need (rather than want) there’s material pricing power
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@tphillips
@Pdugas2000
@khaslett
@GrantAndrew
@regulatorynerd
@DanAwrey
My god, your cynicism is both unparalleled and right. And I’m here for it.
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@bensmithlive
@Arrival117PL
Ben, either your friends are lying to themselves or lying to you. Cape Town absolutely IS all those things you wrote. Stunningly beautiful. Amazing wine and food. Amazing beaches. It’s also located in a country that’s openly hemorrhaging its best and brightest due to security
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@ThaaJoKeRR
@KingFazir
@unusual_whales
Federal government has provided material support to SpaceX, both in terms of grants and contracts. As far as the CHIPS Act and 40 years ago, not sure what the relevance is. Let’s assume you’re correct. Should they decide not to do something today because they didn’t 40 years ago?
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The wonders of modern finance
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@tdawghawkeye
@JoshReynolds24
Maybe that’s how you guys do it where you are. But here in the rest of the world, you need to actually win to be the *best ever*. It’s pretty much the entire point of the game. I don’t make the rules.
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@GazaHealth
@TheMossadIL
@Reuters
“The main aid provider in Gaza is the United Nations Relief and Works Agency for Palestinian Refugees in the Near East (UNRWA). Its reports do not say how much of the $4 billion it has dedicated to Gaza was spent on health, but they do show this was at least $75 million.”
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Too notch breakdown of some of the nuts and bolts in the Visa/Mastercard settlement
***Longer post, feel free to skip***
Notable Stuff from the Visa-Mastercard Settlement Agreement
Here are a few items of note in the Visa and Mastercard Settlement Agreement filed today (yet to be approved by the court).
Main Takeaway. I think the equilibrium of costs and
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@JBRBracketology
@pleyden92
Do you think it was just dumb luck that virtually every fan pointed out that UVA was grossly under qualified for the tournament, especially compared to the likes of St John’s, and then UVa went out and got absolutely smashed?
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@tphillips
@regulatorynerd
@GrantAndrew
@khaslett
@DanAwrey
There are some core issues floating around beyond all those tweets. Having been both a state and a fed regulator, I can say the examination staff are … different. Similar to how local police and the FBI are both in law enforcement, but different.
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@regulatorynerd
Only two kinds of companies; those who know they have compliance challenges and those who don’t know. Compliance challenges never kill companies. Not fixing them does.
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@Fongistan
@dionlisle
@SMB_Attorney
Think the only learnings would be that a majority of your state need to become practicing Mormons
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@AndrewTCosgrove
@NotThatTimD
@khaslett
@FDICgov
@mikulaja
But requiring banks and fintechs to disclose that to end users feels like a far more material step forward and entirely achievable. Doesn’t solve everything, but it’s a big step forward
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@artstop
@AvivaKlompas
At this point, we’re trending towards a world of watching Israel try and go it alone. Which is exactly what Iran wants. Iran is just trying to erode their international support. And Bibi can’t stop himself.
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@NotThatTimD
@AlexH_Johnson
But that seems to be an important point that gets missed with SVB. Small businesses actually weren’t SVB’s customers. SVB’s actual customers were the Valley VCs. The small business deposits were just an after-effect. It changes your whole model
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