'Extremely Innovation Oriented.' A Tech Bank CEO on Regulatory Change in Washington

Friday Q and A: During the last four years, backers of nascent financial technologies have grown increasingly frustrated with the policies emanating from Washington. Often in the name of protecting consumers, regulatory agencies in the Biden era took a fairly heavy-handed, enforcement-first approach. That is true not only in the crypto industry but also in the banking sector, where traditional lenders’ relationships with fintech firms have been the subject of a slew of consent orders.

These days, however, finance executives are feeling pretty optimistic. That includes Gilles Gade, CEO of Cross River Bank. The New Jersey firm’s balance sheet may be small – $8.4 billion in assets – but it does a brisk business helping some of the largest fintech players move money, originate loans and more. After helping found Cross River in 2008, Gade jumped into the burgeoning area.

In our interview this week, Gade lays out what he hopes will be a whole new approach to innovation. And he argues it will appeal to everyone, even (some) bank examiners. Read on for his criticisms of the FDIC, his take on Donald Trump’s appointees and his idea for a “grassroots” change at the banking agencies. As a bonus, we discuss his other job – as a paramedic.

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