Richard's Rapid Fire

  • May 10, 2013
    Last Chance to Apply for Retail Banking School The “best in class” banks will be in class at GSRBM this July 21-31, 2013. Less than one week remains until the application deadline: Wednesday, May 15, 2013. Check out our new curriculum and read why students, faculty and decision-makers choose GSRBM . Student Loans - CBA and CFPB Action The CFPB on Wednesday issued its report on student debt and...
  • May 3, 2013
    CFPB's Remittances Rule Commendable CBA applauds the CFPB on the final rule on remittances issued this week. We are encouraged by the Bureau's willingness to work with banks to ensure customers' needs are met when sending money abroad. A full analysis of the rule may be found in our GR Update below. Regulatory Radar - What's Next? Next Wednesday, May 8, 2013, the CFPB will hold a hearing on...
  • April 26, 2013
    Busy Week for the CFPB The CFPB has been in a frenzy of activity. In addition to their outstanding financial literacy outreach to consumers this week they: Issued a white paper on payday and deposit advance loans; Issued a statement on deposit advance product announcements by banking regulators; Issued Preemption Determination; Issued Second Round of Clarifications to Mortgage Rules; and...
  • April 19, 2013
    CBA Testimony on Regulatory Relief CBA Government Relations Council Member Chuck Kim of Commerce Bancshares testified on Tuesday, April 16, 2013, before the U.S. House Subcommittee on Financial Institutions and Consumer Credit on “Examining Community Bank Regulatory Burdens.” Chuck fielded questions from Committee members about bank definitions by size and business model. Please see the GR...
  • April 12, 2013
    Letter to Cordray CBA sent a joint-trades letter to Director Cordray this week requesting more time and guidance from the CFPB on the mortgage rules. The industry’s most urgent concern right now is the incredibly short period of time allowed to comply with the new mortgage rules. We urge the CFPB to clarify the rules and extend compliance deadlines. See our CFPB report below for more information...
  • April 5, 2013
    Administration Urges "Subjective Judgment" in Lending This article from the Washington Post says it all: "(Obama Administration) Officials are also encouraging lenders to use more subjective judgment in determining whether to offer a loan and are seeking to make it easier for people who owe more than their properties are worth to refinance at today’s low interest rates, among other steps." This...
  • March 29, 2013
    CFPB's "Not Verified" Data The CFPB today released their expanded consumer complaint database showing more than 90,000 complaints - with half coming from affluent and elderly zip codes. While I applaud the intent of the CFPB to inform consumers on specific types of complaints, their methodology is flawed and actually performs a disservice to consumers. The CFPB in their own press release states...
  • March 22, 2013
    CBA LIVE 2013 Takeaways I left Phoenix smarter, more inspired and more connected to our industry. Many of our sessions were standing-room only – next year, we’ll have more chairs! Among my top takeaways: Millennials are the largest living generation; bankers are fascinating; branches may only need pruning to encourage new growth – but they are not dead at all; and we are more focused than ever on...
  • March 8, 2013
    Packing for Phoenix - CBA LIVE My shoes are shined. My shirts are folded. But there is no tie in my bag for Phoenix. Remember we are business casual, and as a result, ties are banned from CBA LIVE and will be confiscated. Team CBA looks forward to welcoming you and more than 1,000 attendees from 71 national and regional banks to “The Future of Money.” The United States banking system is the...
  • March 1, 2013
    Overdraft “Reform” Forecast It now appears the CFPB will not be “reforming” overdraft protection at least until the end of the year – if at all. Small institutions – credit unions and banks alike – have been carved out to some degree of the first CFPB rules – remittances and QM. These groups also have advocated for a halt to any overdraft action since, it would be extremely difficult for the CFPB...

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