Richard's Rapid Fire

  • October 25, 2013
    Roundtable Meetings CBA hosted 2 ½ days of exclusive Executive Roundtable sessions this week. We had an impressive and diverse group representing 16 of our member banks and 1 prospective member. Thank you to our guest speakers: Reps. Blaine Luetkemeyer (R-MO), and Patrick Murphy (D-FL); Jaret Seiberg, Guggenheim Partners; and Bart Shapiro, Offit Kurman Law Firm. None of this could have been...
  • October 18, 2013
    Shutdown Ends, Debt Default Averted This week, Congress finally came to its senses and funded the government and raised the debt ceiling. This has done untold damage to consumer borrowing and confidence. October’s numbers will tell the whole story. This all may be a repeat come January when government funding runs out again, and February when the debt limit is reached. Banks Step Up During the...
  • October 11, 2013
    CFPB to Leave Lawyers behind During Examinations On October 9, 2013, CFPB Director Richard Cordray announced to the Bureau that it would stop bringing enforcement lawyers to regular examinations of financial institutions. First reported by the Wall Street Journal , this is an issue which CBA has been adamant in trying to change. We applaud this decision as this should lead to a better dialogue...
  • October 4, 2013
    We are thankful that yesterday’s incident at the Capitol was isolated, and that our first responders reacted quickly to ensure the safety of bystanders. Government Student Lending Default Rate Increases As the federal government's share in the marketplace has grown to 93% of all new originations, the Department of Education revealed this week federal loans now have a 14.7% three year default rate...
  • September 27, 2013
    Andy Harmening Chairs CBA’s 2014 Leadership Andy Harmening, Senior Executive Vice President and Regional Banking Group Head of Bank of the West, was officially inducted as Chairman of CBA’s Board of Directors on Wednesday, September 25, 2013. Andy succeeds Bob Kottler, Executive Vice President and Director of Retail and Small Business for IBERIABANK. Bob Kottler remains on the Board as Immediate...
  • September 20, 2013
    Navy Yard Tragedy Our thoughts and prayers are with the loved ones who were injured or lost in the tragedy at the Navy Yard in Washington, D.C. this week. We thank our first responders for their bravery in the face of danger and for their life-saving efforts. Fifth Anniversary of the Financial Crisis This month marks the fifth anniversary of the financial crisis and the retail banking industry is...
  • September 13, 2013
    The Cordray and Warren Shows House Financial Services Committee Chairman Jeb Hensarling (R-TX) finally allowed CFPB Director Richard Cordray to testify before the committee on CFPB’s actions over the last 6 months of 2012. While Director Cordray wanted to focus on the positive, but both Hensarling and the top Democrat on the Committee, Maxine Waters (D-CA), steered the discussion towards CFPB’s...
  • September 6, 2013
    Another Private Lender Vacates Student Loan Market Yesterday's news that another retail lender was leaving the student loan business is exactly the result the Administration and those Members of Congress desired when they orchestrated a federal government takeover of the student lending market. Like many government programs, the result has been disastrous. College costs have continued to rise and...
  • August 23, 2013
    Fed to Appeal Interchange Excellent News: Wednesday, the Federal Reserve announced it is filing an appeal of the district court’s ruling overturning its debit interchange rate regulation under the Durbin amendment. Both the Fed and the retailers will seek a stay of the district court ruling while the appeal is pending. The Fed does not plan to issue an interim rule during the appeal process and...
  • August 16, 2013
    This Week's Court Hearing on Interchange Fees U.S. District Court Judge Richard Leon held a hearing Wednesday to discuss moving forward in the matter of NACS v. Board of Governors of the Federal Reserve System. As noted here before, on July 31, 2013, Judge Leon struck down the Board's current rules on interchange fees for debit card transactions, in place since late 2011. Leon ordered the Board...

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