STORY: Mayfield recalled that leading into the recession of 2008, things like consumer debt - especially in the housing market - were "big factors in the crisis, and it's why it kind of compounded on itself and spiraled."

But today, as the Federal Reserve raises rates to slow the economy, potentially leading it into a recession, Mayfield said he doesn't "see the sort of systemic issues in the consumer sector that could lead a slowdown to spiral into a kind of a hard-landing recession."