View from CBA - July 2, 2015

Honoring our Men and Women of the Armed Services
As we fire up the grills and reunite with family this weekend, remember to take a moment to reflect on the true meaning of this Independence Day and thank those who have so honorably served our nation. Thank you to all our banks who provide transition services to our veterans. Happy Fourth to all of you!
 
Branch Buzz
At last week's board meeting, the topic of branches generated a lot of buzz. Given the rapidly changing customer demands and technological innovations, the need for branch expansion has greatly lessened over the years. Now two-thirds of Americans own smartphones and many handle their everyday banking needs exclusively on their phones. We encourage regulators not to be the buzz-kill that impedes innovation and industry-wide transformation.
 
CFPB Nears Possible Landmark Victory Against Three Large Auto Lenders
Rachel Witkowski of the American Banker wrote this week three of the nation's largest indirect auto lenders are preparing to settle with the CFPB over unintentional discrimination charges. If a settlement is reached, Witkowski writes, the three firms would be required to pay remuneration to affected consumers—though, civil penalties could be avoided if the firms change "how much flexibility they give dealer partners to mark up the cost of an auto loan."
 
What We're Reading:
The Supreme Court's Disastrous Misreading of the Fair Housing Act
Where Broke Millennials Go to Learn About Money
Why Parents Aren't Getting Released from Private Student Loan Responsibility
 
Not Just a "Bill" on Capitol Hill
Bill Hulse, Policy Aide at CBA, announced he is ending his tenure with us to head to Capitol Hill. This will be an exciting time for Bill as Congress centers in on promoting reasonable regulation for Financial Services. Bill has been with CBA for more than three years, and we are excited to see him jump into the thick of things on Capitol Hill. For once, we can rest assured that this Bill will do great things on Capitol Hill. As is custom, Bill will always remain a CBA family member.
 
Lagniappe
Gary Poth, Head of Family Wealth, at KeyCorp in Cleveland has been named Leader of the Wealth-Management Division.