Richard's Rapid Fire

  • June 24, 2016
    Taking Our Message to Capitol Hill It is always great to have our members visit us at CBA HQ in Washington, D.C. This week, our Board of Directors and Mid-Tier Retail Executives came to town for their respective meetings and to visit the Hill. Our teams met with more than 20 lawmakers and their staffs, including House Speaker Paul Ryan, to share all the great work our members are doing on behalf...
  • June 17, 2016
    Interest Rate Increase, Anyone? Last November, most economists were predicting the Fed would increase interest rates several times in 2016. Yet, we are witnessing a complete shutout with no certainty of an increase in July. Last month’s anemic jobs numbers, BREXIT, and a weak oil market have dimmed prospects. I know you all remember Gallup’s Jim Clifton at CBA LIVE a few years ago when he said...
  • June 10, 2016
    CFPB Commission Advances & Is Included in Dodd-Frank Overhaul On Thursday afternoon, House appropriators took steps to make needed improvements to the CFPB on behalf of consumers. Chief among the reforms is a CFPB commission. CBA also appreciates the Committee requiring the Bureau to take a second look at its arbitration and small-dollar lending proposals before consumers are potentially...
  • 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...

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