Press
For press inquiries, please contact mccarthyhatch@maven-pr.com
Whitepapers/Reports
October 31, 2024
In 2023, the auto finance industry received significant warnings from regulators concerning rising consumer complaints and harmful practices. The enforcement action against Credit Acceptance Corporation (CAC) underscored predatory lending and deceptive practices. In a recent report published by McCarthy Hatch, we used the power of our FSAi engine to reveal that the issues identified in the 2023 enforcement action remain prevalent and, in some cases, have intensified. This could increase the chances of consumer harm.
Link: https://drive.google.com/file/d/1gSsnfVawllaLTQeNJJvMXsqGN88pQFXK/view?usp=sharing
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McCarthy Hatch
Press Releases
October 31, 2024
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McCarthy Hatch announces the official launch of their Risk Engine FSAi. A cutting-edge AI-driven solution designed to help financial institutions stay ahead of regulatory risks. Additionally, McCarthy Hatch has published a new industry risk report, highlighting the automobile finance market.
Quartz
October 24, 2024
Banks are finally going to have to compete for your money
Rocio Fabbro
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McCarthy Hatch's Chairman, Jim McCarthy, was recently interviewed by Quartz about the CFPB's new open banking rule (1033). The Rule requires financial institutions to allow individuals to transfer their personal financial data to another provider for free.
Wall Street Journal
September 18, 2024
Why a Fed Rate Cut Might Not Offer Much Relief on Credit-Card Bills”
Angel Au-Yeung
Jim McCarthy was recently interviewed by the Wall Street Journal for their article “Why a Fed Rate Cut Might Not Offer Much Relief on Credit-Card Bills”. Jim's extensive background in consumer financial protection provides him with a unique view of how national events can impact consumers.​
Business Insider
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Jim McCarthy was recently interviewed by Business Insider for their article: "Will Lower Interest Rates Help You Escape Credit Card Debt? Experts Say No, Bu You Sill Have Options." With Jim's years of experience at the CFPB, FDIC, and financial institutions, he has a deep understanding of how interest federal rates impact consumers.
American Banker
August 23, 2024
Banks want liability risk clarified in CFPB open banking rule
Kate Berry
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The Consumer Financial Protection Bureau's proposed open banking rule is raising concerns within the financial services industry. The concern surrounds third-party risk management, and the parties that will be responsible for data breaches and fraudulent transactions. McCarthy Hatch Chairman Jim McCarthy lends his expertise in explaining why this may be a larger lift for the banks then they originally thought.
Bank Automation
July 25, 2024
Fifth Third Must Invest in Tech to Manage Regulatory Risk
Vaidik Trivedi
On July 9, 2024, Fifth Third Bank was fined $15 million for account opening and sales accusations stemming from a 2020 CFPB lawsuit. McCarthy Hatch Chairman, Jim McCarthy weighs in on what he believes went awry in the Fifth Third processes, highlighting that automated, technical account activities should