Richard' Rapid Fire - March 9, 2018

Your Guide to a Great CBA LIVE Journey — We are ready for CBA LIVE 2018: Beyond the Bank. Returning for our ninth year — yes, CBA LIVE has been running for nine years straight — nearly 1,500 senior banking leaders, including more than 650 bankers and 200 speakers, will join us in Orlando for a conference they will not soon forget. Each year, the conference continues to grow and members of Team CBA are already in Orlando preparing to kick off the fun come Monday.
 
General Session Speakers — Expect to catch this star-studded lineup in the general sessions:
  • Leadership & Banking Insights: Bank of the West CEO Nandita Bakhshi and Citizens Financial Group CEO Bruce Van Saun;
  • CybersecurityGeneral Michael Hayden, former Director of the CIA and NSA;
  • A Futurist's Take on BankingScott Klososky, Founding Partner at Future Point of View;
  • Innovation & IBM WatsonAlistair Rennie, General Manager of IBM Watson Financial Services; and,
  • Washington InsightsKeith Noreika, Former Acting Comptroller of the Currency.
Super Sessions are Back! — Back by popular demand, this year's two Super Sessions will explore the regulatory and financial management challenges facing banking and the legalized marijuana industry as well as banks' efforts to combat financial crimes and best protect consumers. They kick off the Wednesday morning lineup.
 
90 Hours of Forum Programming — Our forums, planned and executed by our dedicated CBA committee members, pack quite a punch this year and we are proud to introduce two new forum tracks: Internal Audit and Talent Management! These are in addition to our existing forums, which include Auto Finance, CFPB, Community Reinvestment, Default Management, Deposits and Payments, Digital Channels, Fair and Responsible Banking, Home Equity Lending, Risk, Student Lending, and Small Business Banking. View the full program here.
 
Access CBA LIVE Stream — CBA will live stream several keynote remarks and award ceremonies, as well as select general sessions. You may view the LIVE stream here.
 

D.C. DOWNLOAD

Dodd-Frank Reform on the Docket — As I write this, a bipartisan bill reforming aspects of Dodd-Frank is under consideration in the U.S. Senate. Overall, the bill is a good first step and brings together lawmakers from both sides of the aisle to right-size federal banking regulations. I am glad bipartisanship is making headway in Washington, D.C., however, the bill falls short in addressing reforms to the CFPB and other aspects of the Dodd-Frank Act. First and foremost, it does not establish a commission-based leadership structure at the CFPB. Second, Congress should also establish an activities-based approach for measuring the risk posed by systemically important financial institutions, or "SIFIs." CBA will continue to push for these reforms.
 
Calls for a CFPB Commission Grow — There have been growing calls from a host of key players for establishing a commission at the CFPB, including:
  • Treasury Secretary Steven Mnuchin: "I do support the concept of a board to oversee [the CFPB]." 3/6/2018
  • Acting CFPB Director Mick Mulvaney: "If nothing else comes from my tenure, if Congress sees fit to change the structure of the bureau, that's great." 3/1/2018
  • Sen. Deb Fischer (R-NE): "For the past three Congresses, I have introduced legislation to change the leadership structure of the Consumer Financial Protection Bureau from a single director to a multi-member, bipartisan board or commission." 3/7/2018
  • Wall Street Journal Editorial Board: "One idea is to make the CFPB a bipartisan commission, which should elate Democrats who say Mick Mulvaney has defanged the agency." 3/5/2018
Making the Media Rounds — I had the pleasure of joining Charles Payne on Fox Business' Varney & Co and Kevin Cirilli of Bloomberg to discuss the Senate's bipartisan banking bill. 
 
Lucky Number Seven: CFPB Issues RFI on Rulemaking Processes — Next up in a series of requests for public feedback from the CFPB: the agency's rulemaking processes. The comment period will remain open for 90 days and CBA will be submitting comment on this RFI as well as all seven outstanding RFIs.
 
CBA Supports Bipartisan Data Security Bill — We strongly support legislation by Representatives Blaine Luetkemeyer (R-MO) and Carolyn Maloney (D-NY) to bring about a national data security and breach notification standard to better protect consumers. Bankers place a premium on protecting their customers' financial and personal data and this bipartisan bill will ensure all companies adhere to the same standards. Passing this bill would be a win for consumers.
 
 

TRENDING IN RETAIL BANKING

Amazon Bank? Well, Not Quite – Reports are flying surrounding Amazon's interest in partnering with a bank to launch checking accounts for consumers. The jury is still out on what might transpire here, but this is a story worth watching.
 
 

LAGNIAPPE

CBA Board Member John Owen's New Role — A big congratulations to CBA Board Member John Owen on being named head of enterprise services and consumer banking at Regions Bank. This is a well-deserved opportunity.
 
Renee Newman — Renee has been named Chief Banking Officer at First Interstate Bank.