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Richard's Rapid Fire - June 16, 2017
CBA Board of Directors Takes The White House
We always appreciate the opportunity to host our Board of Directors at CBA World Headquarters. As Washington debates Dodd-Frank reform, we were glad to visit with senior officials at the White House and OCC Acting Comptroller Keith Noreika to discuss pressing issues facing the banking industry and consumers.
Additionally, two new members were elected to CBA’s Board of Directors: Andy Harmening of Huntington (formerly on CBA’s Board with Bank of the West), and Phil McHugh of Fifth Third Bancorp. We also are wishing CBA Board Member Mary Navarro of Huntington well in her retirement.
A big thank you to Second Curve Capital CEO Tom Brown, and Harland Clarke CEO Dan Singleton, Harland Clarke Holdings Victor Nicoles, and Intelligent Solutions President Jana Schmidt for meeting with our Board.
This week’s attendees included CBA’s Board Chairman Ross Carey of U.S. Bank, Mike Aust of Comerica, Todd Barnhart of PNC, Rafael Bustillo of BBVA, Michael Cleary of Santander, Brad Conner of Citizens, Sol Gindi of Chase, Will Howle of Citi, Ellen Koebler of SunTrust, Bob Kottler of IBERIABANK, Michelle Lee of Wells Fargo, Carl Liebert of USAA, Nitin Mhatre of Webster Bank, Cathy Nash of WoodForest National Bank, Mary Navarro of Huntington, John Owen of Regions, Michael Rhodes of TD Bank, and Clarke Starnes of BB&T.
CBA's Board of Directors outside the White House prior to their visit with senior officials this week.
Treasury Department Lays Out New Financial Roadmap
The Treasury Department’s long awaited blueprint of proposed changes to Dodd-Frank is an important first step in recognizing how a duplicative and onerous regulatory environment harms banks, the economy, and more importantly, consumers. It is imperative to right-size regulation to better promote the strengths of the banking industry, which contribute to economic growth, access to credit, and consumer choice. We especially applaud Secretary Mnuchin and the Department for suggesting reforms to the CFPB’s governing structure, as a bipartisan commission at the Bureau is paramount to creating long-term stability and certainty for the industry. In addition, we are also encouraged by the Department’s recommendation to provide a process over federal regulators to streamline regulatory efforts.
Overall, we appreciate the Department’s report, as it offers pragmatic solutions in line with today’s economic needs.
Consumer Protection and Banking: Yes, They Can Coexist
This spring, I sat down with The Associated Press’s Ken Sweet to discuss politics, banking, and Fintech. As I mentioned to Ken, consumer protection and the profession of banking are not mutually exclusive; you do not need to be opposed to one to be in favor of the other. The fact is consumers need a regulatory agency, such as the CFPB, to govern consumer protection. They also need a balanced, deliberative, and thoughtful approach to financial regulation which keeps banking healthy. Without question, the two can coexist. You may read excerpts from my interview here.
If You Can’t Beat ‘Em, Join Em’. SoFi.
Signed, sealed, and delivered, online lender SoFi officially submitted an application for a bank charter in the state of Utah, according to the FDIC’s website. If you caught SoFi’s 2016 Super Bowl Commercial, you may remember an ominous message from the online lender: “Don’t Bank. SoFi.” Well, nearly two years later, and the firm is looking to join the ranks of an industry it once told consumers to avoid.
Fed Raises Rates, Sets Out To Reduce Balance Sheet
For the second time this year, the Federal Reserve raised interest rates by .25 basis points to the 1 percent to 1.25 percent range. On top of the rate hike, the Central bank announced its intentions to begin reducing its balance sheet. Looks like the Fed is glowing with optimism regarding our economic outlook.
Membership Spotlight: CBA Welcomes Nuance Communications to CBA
We welcome Burlington, MA-based Nuance Communications (a computer software company) as our newest associate member.
Three Things to Know
Emilio Cooper was named Head of Sales and Distribution, U.S. Retail Banking at BMO Harris Bank.
CBA Board Members met this week with the OCC Acting Comptroller Keith Noreika.
CBA thanks Huntington's Mary Navarro for her service to our Board and the industry and wishes her all the best in retirement.