Richard's Rapid Fire

  • 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...
  • August 9, 2013
    Letters to Cordray: Student Lending Compliance and Non-QM CBA sent a letter yesterday afternoon to CFPB Director Cordray regarding non-QM loans and the industry’s concerns. Based on our meetings with the Bureau, it is very clear we need to address our differing views on the viability of non-QM lending post January 10, 2014... Our joint letter regarding student loans to Director Cordray on Monday...
  • August 2, 2013
    Interchange Developments News came on Wednesday that a U.S. district court judge struck down the Federal Reserve rule capping interchange fees for debit card transactions, saying the Fed overstepped its authority and set the caps too high. CBA issued the following statement in reaction: "This new ruling will create even more chaos for consumers and small banks. Congress ought to save families...
  • July 26, 2013
    Senate Hearing on DAP The Senate Special Committee on Aging held a hearing this week on short-term liquidity products with a focus on senior citizen customers. I served as a witness, along with representatives from consumer groups and the CFPB, and fielded questions on the difference between the deposit advance products (DAP) our banks offer and the more expensive payday loans available from...
  • July 19, 2013
    CFPB Director Confirmed Congratulations to Richard Cordray on being confirmed Director of the CFPB. CBA has enjoyed a close working relationship with Director Cordray over the past two years, and while we have ongoing concerns regarding the Bureau's structure, I look forward to a continued productive relationship with the CFPB. With this confirmation, the Director should now move full steam ahead...
  • July 12, 2013
    CFPB Radar Tuesday's House hearing on data collection, with testimony from CFPB Acting Deputy Director Steve Antonakes, raised privacy concerns among lawmakers. There has not been any clarity from the Bureau regarding the need for or use of the data, how many individuals' data are being collected or any assurances of security. News came out Wednesday morning at 12:01 a.m. the CFPB was issuing...
  • June 28, 2013
    The US Supreme Court's decision to hear the Noel Canning v. NLRB case to determine the constitutionality of President Obama's "recess/non-recess" appointments reminds us the CFPB operates under a continuing cloud of uncertainty for consumers and the industry. Don't expect any clarity until winter at the earliest. Director Cordray's tenure is expected to end on January 4, 2014 -- unless he is...
  • June 21, 2013
    CFPB Radar Following CBA's Board meeting with CFPB Director Cordray last week, we are working with Bureau staff to continue our dialogue on QM issues. The CFPB’s mortgage implementation team will continue to issue clarifications and resolve questions as lenders work to implement the new rules by the January 10 effective date. Director Cordray delivered remarks to the Exchequer Club on Wednesday...
  • June 14, 2013
    CFPB Overdraft Report The CFPB released their overdraft report just after midnight, Tuesday morning. This is the first of two reports with a follow-up expected in late 2013/early 2014, and we expect the agency to consider regulatory action at that time. As a result of the overdraft report, this was a busy news week for CBA. I appeared on NBC Nightly News and CNBC Closing Bell on Tuesday, talking...
  • June 7, 2013
    Want a Job? From CFPB Posting: " Chief of Staff position : We seek executives with experience in small to mid-sized organizations who understand the unique disquiet of moving rapidly towards a steady-state." Unique disquiet? As a reminder, the CFPB's exam team is about 70% staffed up at the moment so there are opportunities there, as well. Coming Up: We expect a proposal from the CFPB under its...

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