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August Featured Business Partner | Flagstar Bank

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August’s Featured Business Partner is Flagstar Bank. We asked them a few questions about the value of AFSA membership and some of the opportunities or challenges they face in 2021. Learn more at flagstar.com.

What are your financial services clients telling you are their biggest challenges and opportunities for 2021?

I think the biggest challenge and opportunity may simply be adjusting to a post-pandemic economy where we’ve seen significant federal stimulus money, and also, some real supply chain challenges. Stimulus money has improved the health of consumers in some segments of the economy, but has dampened demand in other segments—so it’s been a mixed bag. As to supply chain issues, I think that we will just have to work through that process, potentially through the end of the year, and see what the overall impact is to the auto industry and other sectors of the economy.

What have you heard are some key initiatives for your clients in 2021 that you are planning to support?

Our clients are optimistic about the future. A lot of the initiatives I hear involve growth, which is great. As a lender, my job is to provide financial support, and the best way I can do that is to know my customers. That means understanding their business top to bottom, knowing their balance sheet inside out, being attuned to their industry niche and the factors affecting it, consulting with them on future projects, succession planning or anything else that could affect their business.

What are some of the lessons you learned throughout 2020 that have helped your company be more productive, more efficient, more sustainable, more profitable this year? (They can choose which one they want to answer) 

There are several things that I could mention here, but I’m going with the old adage, “Take care of your employees and they will take care of your customers.” When the pandemic hit in March 2020, our CEO and executive management team were quick to move employees to a work-from-home status, and management made it clear early on that we would not be returning to the office for some time. That was super helpful to employees trying to figure out childcare and/or care for elderly or ill relatives.

The other message from management was not surprising given Flagstar’s customer-centric culture: Do everything you can to support our customers in this challenging time. So when the Paycheck Protection Program rolled out, it was all hands on deck, and it was around the clock to ensure our customers filled out their applications correctly and submitted them on time. It also was leadership by example, as our CEO and management team were in the trenches with the rest of us every step of the way.

What changes have you made to your business model or solutions’ road maps in response to evolving mobility and digital retailing trends?

The biggest change—which I know we’re not alone in—is the move from in-person to virtual meetings. Flagstar had deployed Webex to our employee base not long before the pandemic, so we were in a good position to make the change to virtual. Is virtual ideal? No. I don’t think there’s anything better than face-to-face meetings where it’s easier to read expressions and pick up on nuances. But neither do I think we would have fared as well throughout all this if we only had phones to rely on.

August Featured Business Partner | Flagstar Bank
Aug 02, 2021

August’s Featured Business Partner is Flagstar Bank. We asked them a few questions about the value of AFSA membership and some of the opportunities or challenges they face in 2021. Learn more at flagstar.com.

What are your financialRead the rest

RELEASE | Rate Caps Lead to Civil Rights Losses, Not Consumer Protection Victories
Jul 29, 2021

AFSA President: Rate Caps Lead to Civil Rights Losses, Not Consumer Protection Victories

WASHIINGTON, JULY 29, 2021 (View release in PDF) — Bill Himpler, President & CEO of the American Financial Services Association (AFSA) … Read the rest

AFSA Testimony in Senate Hearing on Rate Caps
Jul 29, 2021

On Thursday, July 29 2021, AFSA President & CEO Bill Himpler testified before the Senate Committee on Banking, Housing & Urban Affairs in a hearing entitled “Protecting Americans from Debt by Extending the Military’s 36% InterestRead the rest

Make Your Voice Heard This Fall in Washington
Jul 28, 2021

The 2021 AFSA Annual Meeting is bringing attendees to our nation’s capital to highlight how consumer credit is creating opportunities for our customers.

  • Explore the evolving landscape of consumer credit – from global to local – and learn
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New Data: Why Consumers Struggle Paying Bills
Jul 27, 2021

Join us on August 5 at 2:00 p.m. ET for New Data: Why Consumers Struggle Paying Bills, presented by PayNearMe.

What makes paying bills so hard? While other payment experiences (such as ecommerce, P2P and subscriptions) are simplifying the … Read the rest

Correcting Consumer Reports 
Jul 23, 2021

On July 22, Consumer Reports published an article focusing on the new anti-consumer, all-in rate cap that Illinois imposed on its consumers earlier this year. 

The author reached out to AFSA, asking some common questions on rateRead the rest

House Committee Explores Way to Expand Banking Services
Jul 23, 2021

The House Financial Services Committee (FSC) held a hearing earlier this week entitled, “Banking the Unbanked: Exploring Private and Public Efforts to Expand Access to the Financial System,” to discuss trends in unbanked and underbanked… Read the rest

House Votes to Expand FTC Enforcement Authorities
Jul 23, 2021

This week, the House of Representatives passed the “Consumer Protection and Recovery Act” (H.R.2668) to give the Federal Trade Commission (FTC) enhanced ability to bring enforcement actions against fraudsters and scammers and collect… Read the rest

DoD is Misinformed on Rate Caps
Jul 22, 2021

The recent 2021 “Report on the Military Lending Act and the Effects of High Interest Rates on Readiness” is public and makes the following statement:

“The [Military Lending Act and Military Annual Percentage Rate] support Service membersRead the rest

LISTEN | State of Credit #3 – Will Lund, Maine
Jul 21, 2021

This episode of the AFSA Extra Credit Podcast is the third edition of our 50-state series, where we’ll be asking questions of financial services regulators around the country. We’ll make our way through all 50 states getting to know the regulators… Read the rest

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