State of the System

CSBS
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For more than a century, state financial regulation has been a cornerstone of economic stability. So how do we balance innovation with stability? How can we navigate uncertainty with confidence? On this show, we’re talking to regulators, policymakers, and financial leaders who understand that stability and progress go hand in hand. Each episode, we’ll break down what’s happening behind the headlines, why it matters, and how we can make informed decisions that drive economic growth and resilience in our community. Let’s navigate it together.

Episodes

  1. FEB 4

    Stablecoins, Tokenized Deposits, and Bank Strategy with Yevgeny Shrago of CSBS

    Stablecoins are moving from hype to real policy decisions that matter for banks and regulators. In this episode of State of the System, host Kyle Thomas sits down with Yevgeny Shrago of the Conference of State Bank Supervisors (CSBS) to unpack how stablecoins actually work and why they are drawing so much attention.  Drawing on his experience across federal agencies, Shrago explains the difference between stablecoins and tokenized deposits, who is using these products today, and what community banks should realistically understand about the current market. The discussion also highlights the new regulatory framework for payment stablecoins established by the GENIUS Act. Shrago offers a look at where banks may face risks, opportunities that may emerge, and how regulators are working to keep innovation focused, responsible, and grounded. In this episode, you’ll learn: Where stablecoins are being used today and why most activity is business-focusedHow the GENIUS Act changes expectations for oversight, reserves, and consumer protectionWhat practical paths community banks have to engage with stablecoins while managing risk Timestamps: 00:00) Introduction (01:10) Why stablecoins are driving regulatory attention (03:15) The promise and reality of stablecoin payments (04:46) Stablecoin market size and major issuers (06:29) Reserve backing and transparency concerns (07:27) What stablecoins mean for community banks (08:14) Why stablecoins remain limited for retail use (10:06) Fraud, consumer risk, and irreversible payments (12:00) Overview of the GENIUS Act (13:57) The role of state regulators under GENIUS (16:12) Payments unbundling and nonbank issuers (19:42) Consumer protections built into the GENIUS Act (22:02) How banks can participate in stablecoins (24:06) Deposit risk and interest restrictions (27:54) Consortium models and tokenized deposits (31:49) What comes next for stablecoin regulation

    34 min

  2. 11/19/2025

    CSBS and the Next Chapter of Supervisory Innovation with Brandon Milhorn

    Supervisory innovation is shaping the future of financial regulation. In this episode, host Kyle Thomas speaks with Brandon Milhorn, President and CEO of the Conference of State Bank Supervisors (CSBS), about how the Catalyst Initiative is helping state regulators use technology to make financial supervision more efficient, effective, and coordinated. Brandon Milhorn explains how the Catalyst Initiative leverages CSBS programs (NMLS, SES) and new data tools to benefit banks, improve regulation, and foster supervisor-institution relationships. The discussion covers bank data modernization and mortgage compliance innovation, showcasing technology's role in creating a shared understanding of financial risk. In this episode, you’ll learn: Why technology is key to the future of financial supervisionHow the Catalyst initiative helps regulators and industry solve shared challengesWhat new tools can do to improve risk identification and compliance efficiency Timestamps: (00:00) Introduction (01:27) What the Catalyst initiative is and why it matters (03:41) How CSBS helps states work together on supervision (05:14) Why modernizing bank data is a top priority (07:17) How real-time data can transform risk management (09:35) The cost of outdated supervision systems (11:22) Benefits of technology for regulators and institutions (16:06) How Catalyst differs from traditional procurement (20:01) Improving consistency and coordination in nonbank supervision (22:35) How AI and automation can improve loan review (24:18) The partnership with MISMO and its industry impact (27:09) Building a shared understanding of risk (28:18) What’s next for Catalyst and supervisory technology

    30 min

  3. 11/05/2025

    Inside the Debate on Capital Standards and Community Bank Competitiveness with the Federal Reserve Board

    Mergers, de novo formations, and regulatory modernization are reshaping how community banks plan for the future. In this episode, host Kyle Thomas moderates a panel featuring Leslie Andersen of i3 Bank, Ilaria Rawlins of Fortuna Bank, David Coxon of Georgia Banking Company, and Randall Guynn of the Federal Reserve Board. Together, they share perspectives from across the banking landscape on what it takes to buy, sell, create, or redefine in today’s market.  The conversation explores how supervision, technology, and market conditions influence each path, and what community institutions need from regulators as they chart their next moves. Drawing on insights from both practitioners and policy leaders, the panel highlights how collaboration and clarity can strengthen and adapt a banking system. In this episode, you’ll learn: How market conditions influence bank growth and strategic directionWhat recent regulatory experiences reveal about efficiency and oversightWhere innovation and supervision can align to strengthen community banking Timestamps: (00:00) Introduction (02:49) How panelists chose their paths to buy, sell, or create (05:14) What redefining a century-old community bank looks like (06:44) Building a women-owned de novo bank in a competitive market (08:07) What regulators can learn from mergers and acquisitions (14:16) Launching a new bank after SVB and Signature failures (18:54) Why M&A approvals take too long for community banks (24:26) Redefining a century-old bank for modern customers and growth (31:50) Technology barriers every new and growing bank must overcome (36:55) Can AI and new cores transform small bank operations? (41:28) How to streamline regulation without sacrificing safety and trust (45:00) Why regulators and banks need shared sandboxes for innovation (51:34) Lessons every banker can learn from innovation and change

    55 min

  4. 10/15/2025

    What Community Bankers Are Saying About Risk and Growth with Dr. Tom Siems and Nathan Ross

    Uncertainty in the economy, deposit insurance reform, and the future of community banking are top of mind for policymakers. In this episode, CSBS Chief Economist Tom Siems and Vice President of Policy Nathan Ross join host Kyle Thomas to unpack findings from the 2025 CSBS Annual Survey of Community Banks. They discuss how net interest margins and core deposit growth have emerged as pressing concerns, why inflation continues to shape costs across the industry, and how fraud and cybersecurity challenges are demanding new responses. The conversation also explores where community bankers stand on deposit insurance reform and what potential changes in coverage could mean for local institutions. With perspectives from both economics and policy, Siems and Ross outline how the survey informs decisions in Washington and across the states. In this episode, you’ll learn: How community bankers are navigating margin pressures and funding challengesWhat survey results reveal about inflation, fraud, and cybersecurity risksWhy is deposit insurance reform gaining momentum in policy discussions Timestamps: (00:00) Introduction (02:28) Why the annual survey matters to community banks (05:55) Uncertainty shaping bankers' outlooks on the economy and regulation (08:10) Net interest margins emerge as the top concern (09:07) Core deposit growth challenges after SVB and Signature failures (13:53) How inflation pressures affect deposits, costs, and operations (17:17) Cybersecurity and technology risks are straining smaller institutions (25:16) What bankers want from deposit insurance reform

    30 min

  5. 06/03/2025

    Stability, Progress, and the State of the System

    Everyone talks about the economy. Few understand how it’s actually kept stable. For over a century, state financial regulation has been a cornerstone of America’s economic resilience. But in a time of rapid technological change and evolving market dynamics, how do we balance innovation with stability? State of the System is your front-row seat to that conversation. Hosted by Kyle Thomas, this show brings together regulators, policymakers, and financial leaders to unpack what’s happening behind the headlines, and why it matters. From fintech to supervision, from community banking to consumer protection, we explore the unique power of the state-based regulatory system in shaping a more resilient and dynamic financial future. Welcome to State of the System. Where insight meets impact.

    1 min

Trailer

About

For more than a century, state financial regulation has been a cornerstone of economic stability. So how do we balance innovation with stability? How can we navigate uncertainty with confidence? On this show, we’re talking to regulators, policymakers, and financial leaders who understand that stability and progress go hand in hand. Each episode, we’ll break down what’s happening behind the headlines, why it matters, and how we can make informed decisions that drive economic growth and resilience in our community. Let’s navigate it together.

Information

  • Creator
    CSBS
  • Years Active
    2025 - 2026
  • Episodes
    5
  • Rating
    Clean
  • Copyright
    © 2026 CSBS