Politics & Policy

Consumer Financial Health and Policy Agenda for November

Nov. 10, 2025

Guests: Moshe Orenbuch, Managing Director, Specialty Finance, TD Securities and Scott Smith, Managing Director and Head of Financial Services Specialty Sales, TD Securities

Host: Jaret Seiberg, Managing Director, Washington Research Group - Financial Services Policy Analyst, TD Cowen

TD Cowen financial services policy analyst Jaret Seiberg hosts TD Cowen's Two Cents Podcast, which includes a discussion about consumer finance and credit quality with TD Cowen equity analyst Moshe Orenbuch, who follows the consumer finance sector. We also get a market update from Scott Smith, the TD Cowen specialty salesperson for financials. And we recap financial policy developments from October and preview what we expect for November.

This podcast was originally recorded on November 4, 2025

Full transcript

Full transcript to come.

Disclaimer

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this recording was obtained from publicly available sources, has not been independently verified by TD Securities, may not be current, and TD Securities has no obligation to provide any updates or changes. All price references and market forecasts are as of the date of recording. The views and opinions expressed in this podcast are not necessarily those of TD Securities and may differ from the views and opinions of other departments or divisions of TD Securities and its affiliates. TD Securities is not providing any financial, economic, legal, accounting, or tax advice or recommendations in this podcast. The information contained in this podcast does not constitute investment advice or an offer to buy or sell securities or any other product and should not be relied upon to evaluate any potential transaction. Neither TD Securities nor any of its affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed.

Moshe Orenbuch

Managing Director, Specialty Finance, TD Securities

Moshe Orenbuch
Managing Director, Specialty Finance, TD Securities

Biography

Moshe Orenbuch is responsible for equity research coverage in the Specialty Finance sector including fintech related lending businesses. He has over 35 years of experience covering Specialty Finance and Banks. Moshe joined TD Cowen in September 2023 from Credit Suisse, which he joined in October of 2000 when Credit Suisse acquired Donaldson Lufkin and Jenrette. Prior to DLJ, Moshe was a Senior Research Analyst at Sanford C. Bernstein and Co, LLC where he covered credit card issuers and regional banks. He authored two editions of "The Future of the Credit Card Industry" while at Bernstein. In every year since 1993 Moshe has been a ranked analyst on Institutional Investor's All-America Research Team, including a #1 ranking from 2018-2022. Moshe holds a BS in accounting from Yeshiva University, Summa Cum Laude.

Scott Smith

Managing Director and Head of Financial Services Specialty Sales, TD Securities

Scott Smith
Managing Director and Head of Financial Services Specialty Sales, TD Securities

Biography

Scott Smith is a Managing Director and Head of Financial Services Specialty Sales at TD Securities in New York. He has over 30 years of institutional sales experience, having led FIG Specialty Sales at Credit Suisse and BofA for 17 years. Scott has also worked in financials specialty sales at JPM and at Lehman Brothers. He began his career in equity research at Lehman Brothers covering the business services sector with a focus on payments companies. Scott graduated from Columbia University with a BA in Psychology.

Jaret Seiberg

Managing Director, Washington Research Group - Financial Services Policy Analyst, TD Cowen

Jaret Seiberg
Managing Director, Washington Research Group - Financial Services Policy Analyst, TD Cowen

Biography

Jaret Seiberg is the financial services and housing policy analyst for TD Cowen Washington Research Group, which was recently named #1 in the Institutional Investor Washington Strategy category. The team has been consistently ranked among the top macro policy teams for the past decade. Before joining TD Cowen in August 2016, he served in similar roles at Guggenheim Securities, MF Global, Concept Capital and Stanford Financial Group. He began following financial policy in the early 1990s as a journalist covering efforts in Congress to complete the last of the laws from the savings and loan crisis. He tracked the merger wave of the 1990s and Glass-Steagall repeal in 1999 as the deputy Washington bureau chief for American Banker and as the Washington bureau chief for The Daily Deal. His bailiwick at TD Cowen includes issues related to commercial banks, housing, payments, investment banking, M&A, taxes, the CFPB, crypto currency, cannabis and Capitol Hill.

Mr. Seiberg has a BA from The American University and an MBA from the University of Maryland at College Park. He speaks regularly at industry events, is often quoted in the media, and appears on CNBC and Bloomberg TV.

Material prepared by the TD Cowen Washington Research Group is intended as commentary on political, economic, or market conditions and is not intended as a research report as defined by applicable regulation.