In conclusion, let me share the screen. How to interact with regulators? Much of this may seem obvious, but it is so important. It really requires and deserves an explicit statement. I'm talking as the former representative of a regulated entity working with a number of regulators, but in my case, most specifically the CFTC, the SEC, and then especially the Federal Reserve. There's a bunch of things that I learned worked and didn't work. Here are the things that work. Build credibility at the background of relatedness with regulators. After the financial crisis and the ensuing reputational crisis, let's just say that we had a lot of work to do, starting over from scratch, actually starting from a negative place to establish credibility when meeting one discussion at a time. Regulators are smart, committed and they are crucial stakeholders in the financial system that all of us are operating in. Therefore treat them that way. The regulators also in doing their jobs, need trusted sources of deep expertise. They want to work with those trusted sources they want to trust. But trust is meeting expectations over time, one day at a time. It takes great swaths of time to build trust, and you can destroy that trust in an instant. Talking your own book, a Wall Street expression. I'll tell you something and again, this may be obvious. Nobody cares. Everybody is going to expect that. At any talk that even remotely occurs that way is going to generate suspicion, and it's going to be greatly at odds with building trust. If you keep the focus in every case on what's good for systemic safety and soundness, then you can over time establish credibility. Also speak in standard sentences in plain English, avoiding all jargon. I've discovered this again and again. When people are using complicated words and complicated terminology, I conclude that they don't actually understand what they're talking about and I stop listening. Speaking straightforwardly is a huge part of building trust and relationship with the regulators who are the stakeholders. I have a few more insights. It's Marty's axiom of regulation: If it's interesting, it will be regulated. If it's not interesting, it won't be regulated, and any other situation, is a transient state. When I say somewhat provocatively the future of Fintech is banks, I don't mean that everybody who participates in the financial ecosystem needs to be a bank. But I do mean that banks are there to have stable regulated pools of capital and deposits and to be reliable inter-mediation and trends mutation partners. It's important for them to be regulated. Any end run around that, a regulatory arbitrage is a guarantee, at best, a waste of time, more likely dangerous and ill adviced. I cannot recommend it. Doing something that banks do, but calling yourself a Fintech isn't actually going to get the job done, and the regulators are appropriately looking out for that. Here's some other counsel that I would offer to everybody. If you're a major tech firm, many of the major tech firms they didn't seem to be having a public debate or maybe not having the debate internally, but others are having the debate about them. Should Big Company X be a bank, become a bank, have a bank, back and forth, back and forth. I can shortcut all of that for you. Let me say the answer is definitively no in 100 percent cases. Barring some great transition from the current political and regulatory regime to some other regime, which is going to take multiple decades on the order of 25-50 years. Barring that, the answer is no, you shouldn't be a bank. The answer is simple. The regulators being extremely sophisticated, have closed that arc. If you have a bank anywhere in your entity subsidiary tree, then go all the way up to the top to the ultimate parent. That ultimate parent will be regulated as a bank holding company with all the capitalist compliance and liquidity and other requirements of the BHC. We've talked about many of them and I can assure that the answer is in every case, no, we don't actually want to do that. But if you are a major tech firm or small tech firm or startup, consume APIs provided by the regulated entities. Indeed, you might wish to be a challenger bank and start off inside that regulatory mode. There will be very high compliance costs and it's difficult to break into that mode, but you could make that choice as well, in which case you will be producing APIs from within the regulated mode for others outside of it to consume. But you're going to be in one of those sides of the boundary of the API or the other, you're not going to straddle it. There is no arbitrage. As you can see, I'm noticeably happier when we talk about Fintech and I'll end there. Thank you.
