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Richard's Rapid Fire - January 20, 2017
Inauguration Day: What you Need to Know
At this time last year, who would have thought Donald Trump would be elected to serve as the 45th President of the United States of America? Well, today is his inauguration, and I wish President Trump all the best. Confirmation hearings for Trump’s appointees are already underway, and it is expected most will be confirmed by the Senate. Additionally, reports have surfaced indicating President Trump may “fire” current CFPB Director Richard Cordray upon taking office. Regardless of any leadership change at the CFPB, we will continue to advocate for a balanced approach to regulation by way of a five-person, bipartisan commission at the Bureau.
Good luck finding parking for the Inauguration. Washington, D.C. is filled to capacity as we welcome in the 45th President of the United States.
CBA Thanks Richard Davis for His Contributions to Consumers and the Banking Industry
From bank teller to president and CEO of U.S. Bank, Richard Davis’ career path is the epitome of the American dream. His dedication to serving consumers is evident to everyone who has served alongside him. As a former Chairman of CBA’s Board of Directors, CBA has witnessed Richard thrive over the years, and I am certain Richard will continue to serve countless Americans well during the next chapter in his life. I thank him for his indefatigable contributions to the banking industry and for the positive impacts his leadership has provided consumers across the nation. CBA wishes Richard well as he retires as CEO of U.S. Bank, and we look forward to working alongside his successor Andy Cecere.
Preparing for a World with FinTech
With Amazon making its first delivery via drone and driverless cars expected to be on the road by 2020, the conveniences technology provides is astounding. It is becoming apparent the dreams of the past decades are now becoming a reality. And in many ways this is a great thing, but when it comes to American consumers’ personal finances, we need to make sure our ducks are in a row. This is why I penned an op-ed in The Hill calling on the OCC to proceed with caution before expanding eligibility for national bank charters to FinTech companies. While a national standard may provide benefit, it is imperative the OCC take into consideration feedback from the industry, as FinTech is still new and developing.
For more information, you may also read CBA’s comment letter on the topic here.
Here Comes Earnings for Q4 2016
Earnings reports have been rolling in over the past week. Bank of America, JPMorgan Chase and Wells Fargo led the charge late last week, posting earnings of 40 cents, $1.71 and 96 cents per share, respectively. Jumpstarting this week, Citi posted earnings of $1.14 per share. We look forward to seeing all of our members’ earnings reports as they are announced. As 2017 gets underway, many of our nation’s top bank executives are voicing optimism about the outlook for banking as well as the economy as a whole.
Calling All Banks: Share your Achievements with CBA
There are just two weeks left to submit your application for CBA’s Joe Belew Award. Each year, CBA highlights our member banks’ commitment to community development by awarding one exemplary member bank with our annual Joe Belew Award. This year, the award will be presented to the applicant with the most innovative and impactful program supporting digital access to financial services. The industry-leading applicant will receive this prestigious award on the big stage at CBA LIVE 2017. Share your bank’s good work with us and submit your application by Wednesday, February 8, 2017.
If you have questions or would like more information, contact CBA's Maren Colon at email@example.com
CBA Board Chair Ross Carey of U.S. Bank presenting CBA Board Member Todd Barnhart and Deborah Benberry Williams of PNC with the 2016 Joe Belew Award.
Member Spotlight: CBA Members Receive Accolade
When CBA members go above and beyond in their quest to serve consumers, it is only right to commend them on their achievements and initiative. This week, Business Insider highlighted our members as some of the best banks for 2017. Congratulations to Synchrony Bank on being named “Best for Savings,” TD Bank on being named “Best National,” Ally for being named “Best Online,” and EverBank for being named “Best for CDs.” The best is yet to come for our members, and I am confident they will continue to serve consumers well in the years ahead.
Three Things to Know to Be In the Know
Sue Fitton was named business to business marketing manager by Rockland Trust.