Richard's Rapid Fire

  • June 3, 2016
    Thanks to CFPB, Pawn Star’s Rick Harrison Is the Happiest Man In America At 12:01 a.m. Thursday morning, the CFPB released its highly anticipated small-dollar lending proposal . The CFPB has indicated it would like to see banks provide small-dollar loans to consumers in need, like the nearly half of the country who cannot afford a $400 emergency expense . But judging from its highly restrictive...
  • May 27, 2016
    West Coast visits with FinTech and Banks On Monday, Tuesday, and Wednesday of this week, I escaped D.C.’s recent onslaught of rain to spend time visiting the Golden State. First, I kicked things off in San Francisco, where I met with former CBA Board Member Ryan McInerney , now President at Visa Inc., a CBA Diamond sponsor. We discussed the latest in payments and innovation and how banks can...
  • May 20, 2016
    CFPB’s Proposed Small-Dollar Rule Slated for June 2, 2016 The date is set! The CFPB will hold a field hearing on June 2, 2016 in Kansas City, Missouri to discuss small-dollar lending. The Bureau is widely expected to release their proposed small-dollar rule at the hearing. Let’s not forget, low- and moderate-income American families often need access to short-term liquidity. But here is the...
  • May 13, 2016
    Last Call for Applications to the 65 th Session of CBA’s Executive Banking School Applications for the upcoming session of CBA’s Executive Banking School are due this Monday, May 16 . We are looking for your best and brightest to join us this summer in Greenville, South Carolina! CBA Executive Banking School Class of 2015 Banks face three tough headwinds: changing regulation, evolving technology...
  • May 6, 2016
    CFPB Sides with Plaintiff’s Attorneys Over Consumers On Thursday, the CFPB released a proposal limiting consumers’ use of arbitration agreements. The real winners of the proposal were trial attorneys, not consumers. Arbitration has long provided a faster, better, and more cost-effective means of addressing consumer disputes than litigation or class action lawsuits. The CFPB’s own study shows...
  • April 29, 2016
    C FPB’s Arbitration Proposal Appears Set On Thursday , May 5, 2016, the CFPB will hold a field hearing on arbitration in Albuquerque, New Mexico. Per reports , the CFPB is expected to release a proposal that is likely to limit consumers’ use of arbitration. Arbitration has long provided a faster, better and cheaper option for consumers in addressing disputes when compared to class action lawsuits...
  • April 22, 2016
    Judge Dings CFPB for Stepping “Well-Outside” Its Authority The CFPB was dealt another blow this week when a D.C. District Court Judge ruled the Bureau had stepped “well-outside” its authority. Judge Richard Leon put a stop to the Bureau’s investigation into a for-profit accreditation organization and dismissed the related enforcement action. The court found the CFPB acted outside its jurisdiction...
  • April 15, 2016
    Dodd Frank Act and CFPB Come Under Fire On Thursday, the WSJ Editorial Board recounted the rough couple of weeks the Dodd-Frank Act has had of late. It all started when a federal judge knocked down a major decision from the Financial Stability Oversight Council in the MetLife case two weeks ago. And it continued on Tuesday when a federal appeals court panel questioned the constitutionality of the...
  • April 8, 2016
    CFPB Director Cordray Testifies Before Senate Banking Committee This week, the Senate Banking Committee held a hearing on the Consumer Financial Protection Bureau’s Semi-Annual Report to Congress featuring testimony from Director Richard Corday. Top Three Takeaways From the Hearing: Director Cordray doubled down on his defense of the Bureau’s practice of regulation by enforcement, first mentioned...
  • April 1, 2016
    GAO Report is a Must Read When regulators fail to be efficient and effective, consumers are hurt the most. This week’s GAO report on financial regulation validated this point and concerns CBA has echoed for years; the Dodd-Frank Act was not a panacea. We must rethink our financial regulatory structure—this time, putting consumers first. Report Highlights: “While changes made by the Dodd-Frank Act...

Pages