Richard's Rapid Fire - February 3, 2017

February 3, 2017

Trump Vows to “Do a Big Number” on Dodd-Frank

Planting a stake in the ground on regulatory reform, President Trump promised on Monday to “do a big number” to Dodd-Frank. Outlining his core financial principles, the President signaled to the marketplace and consumers that more regulation is not always a good thing and it is time to bring balance back to the industry. Furthering this notion, the President announced a “regulatory freeze,” signed an Executive Order requiring two existing regulations be eliminated for every new regulation issued, and requested the Department of Labor revisit the Fiduciary Duty Rule’s impact on consumers’ retirement. Banks are better capitalized today than in history. President Trump’s Executive Order may in fact help us get the economy moving forward in a way beneficial to consumers and the retail banking industry.


CBA’s Board Comes to Washington

Welcome to Washington! CBA’s Board of Directors will visit Capitol Hill next week to discuss with various federal lawmakers the consumer benefits of CFPB reform, balanced regulation, and the next generation of banking. In addition, we also will hold an in-person meeting at CBA HQ. We can’t wait to see all those who are able to make the trip. As a special treat, we’re having Five Guys for lunch: some of the best burgers and fries you’ll ever find.

CBA Board member Rich Gold of M&T Bank tries out a Virtual Reality headset during CBA's September Board Meeting.


Is SoFi Turning Tail on its “Don’t Bank” Motto?

Look who is starting to act more like a bank. Just a year ago online lender SoFi ran a Super Bowl ad telling consumers “don’t bank.” Well times have changed, and SoFi recently agreed to purchase Zenbanx, a FinTech firm offering checking accounts and credit cards. This acquisition adds to SoFi’s product offerings, which already include mortgage and personal loans, wealth management, and insurance. This is just the latest move by the online lender as it seeks to go toe-to-toe with banks. One thing is for sure: sparks will fly at CBA LIVE as SoFi CEO Mike Cagney will be joining us on stage in a special FinTech vs. Bank debate.


Bank Consolidation its Happening. Accept it.

As we know, bank consolidation is happening on a large scale, and this phenomena became even more apparent during my attendance at Bank Director’s “Acquire or be Acquired” conference in Phoenix, Arizona. Just look at the chart below: Massive consolidation is going on in banking! Touching on this theme, I moderated a panel at the conference which included Tom Brown, CEO of Second Curve Capital, John Eggemeyer, Founder & Managing Partner of Castle Creek Capital LLC, and Joshua Siegel, Chairman and CEO of StoneCastle Partners, LLC. All in all, I thank Al Dominick and the entire Bank Director crew for the opportunity.


CBA LIVE’s Exhibit Hall is Sold Out, Get Your Ticket Today

CBA LIVE 2017’s Exhibit hall is officially sold out! With just eight weeks to go, this year’s conference is shaping up to be our best ever. Why are you waiting? Register today and catch our star-studded lineup of speakers. On Monday, hear entrepreneur, Navy veteran, and former Super Bowl MVP Roger Staubach provide the game plan for legendary leadership. On Wednesday, join U.S. Bank Chairman and CEO Richard Davis for a no-holds barred town hall style session. Join us April 3-5 at the Gaylord Texan in Dallas, Texas.


Attention Washington: Consumers Need TCPA Reform

The FCC’s TCPA order threatens consumers’ access to low bank balance alerts, due-date reminders and other useful communications by limiting the free flow of information between consumers and their banks. This week, CBA’s Kate Larson, Vice President and Regulatory Counsel, spoke about CBA’s efforts to reform the TCPA before the Coalition of Higher Education Assistance Organizations. With CBA’s lawsuit challenging the FCC’s 2015 TCPA Order pending, CBA is optimistic the court’s decision will favorably impact consumers. However, CBA will remain engaged with federal legislators and the FCC, including new Commissioner Ajit Pai, to advocate for positive, consumer-oriented revisions to the TCPA.

CBA’s Kate Larson, Vice President and Regulatory Counsel, speaking before the Coalition of Higher Education Assistance Organizations.


Only Five Days Left to Nominate Your Bank

We’re just five days away from CBA’s 2017 Joe Belew Award deadline. Each year, CBA recognizes banks’ commitment to community development by awarding one exemplary CBA member bank with our annual Joe Belew Award. This year, the applicant with the most innovative and impactful program supporting digital access to financial services will earn this prestigious award. To be considered, submit your application by Wednesday, February 8, 2017. The winner will be announced on stage at CBA LIVE 2017.

Have questions? CBA's Maren Colon is eager to help. You may call her at (202) 552-6394, or email her here:


Membership Spotlight: PNC Expands to Serve Minnesota Customers

Great news from PNC Bank this week. The bank announced the opening of a commercial lending office in Minneapolis, its first in the State of Minnesota. Best of luck to Kate Kelly, PNC's first regional vice president for the Minnesota market, and the rest of the PNC staff. I am confident consumers will be well-served by your dedication to customer satisfaction.


Keeping CBA’s Top Sponsors Informed

Always a pleasure to connect with CBA’s year round and top sponsors. Discussing recent developments on Capitol Hill and in the new administration, we took a deep dive into Washington, D.C.’s most pressing issues. I look forward to catching up with them again on our next call.


NeuStar and Econocheck Join the CBA Family

Welcome to CBA’s new Associate Members – Neustar and Econocheck! Be sure to catch Neustar in CBA LIVE’s sold-out Exhibit Hall!


Three Things to Know to Be In the Know 

Why Your Business Should Ditch Cash

Four ways the connected car will change banking

Fed Leaves Policy Rate Unchanged, Offers No Hint on When It Might Next Move



Jennifer Piepszak was named chief executive of JPMorgan Chase’s card service division. Jennifer will succeed Kevin Watters, who is retiring.

Christina Mohr was named vice chairman of Citi to “develop C-suite relationships.”

Renee Murdock was named corporate responsibility officer for the Hudson Valley/Metro NY market by Key Bank. Renee previously served in a similar role for First Niagara Bank in the Eastern Pennsylvania market.


Team CBA discussing our members earnings reports for Q4 of 2016.


Team CBA celebrated our new mom and mom-to-be this week.  Congratulations to Kris Fallon (left) on the birth of her son, Liam (pictured), and to Tiffany Haas (right) on the impending arrival of her daughter.