Richard's Rapid Fire

  • November 20, 2015
    Happy Thanksgiving! We are truly blessed to live in such a wonderful and free country and work in an industry helping people with their financial needs in a responsible manner. The entire CBA Team wishes you and your family a wonderful Thanksgiving. Report: Errors Abound in CFPB's Complaint Portal This week, American Banker published a very disturbing story outlining a host of problems with the...
  • November 13, 2015
    Keep it Going... Thank a Vet Thanking a veteran should not be a one-day thing. As we approach the holiday season, take a moment to thank our military personnel—retired and present—and their families for their service and commitment to our great Nation. Marketplace Lending As marketplace lending continues to expand, regulators have begun to turn their attention to this fast growing industry. Late...
  • November 6, 2015
    House Kills Fed Dividend Cut in Highway Bill This week, with newly elected Speaker Paul Ryan at the helm, the U.S. House of Representatives passed a six-year transportation funding bill . In July, the Senate passed its version of this bill, but with one key difference: a controversial funding measure which would reduce the dividend banks receive from the Federal Reserve (from 6 percent to 1.5...
  • October 30, 2015
    M&A Activity Hits Highest Level Since Financial Crisis M&A activity picked up this week with the announcement of two mergers. This morning, news broke pertaining to the merging of CBA member banks KeyCorp and First Niagara. This deal is valued at approximately $4.1 billion. Yesterday, New York Community Bancorp, Inc. announced it was acquiring Astoria Financial Corp. for $2.0 billion. As...
  • October 23, 2015
    Dodd-Frank Again Forces Big Banks to Subsidize Smaller Banks As anticipated, on Thursday, the Federal Deposit Insurance Corporation (FDIC) outlined a plan to implement Dodd-Frank's requirement to raise the agency's fund from 1.15% to 1.35%. For banks with at least $10 billion in assets, the proposal consists of a two year, 4.5 basis point surcharge on their assessment base (beginning in 2016)...
  • October 16, 2015
    CFPB Finalizes HMDA Rule On Thursday afternoon, the Bureau finalized its rule and reporting requirements for the Home Mortgage Disclosure Act (HMDA). Though I haven't yet made it through the nearly 800-page rule , here are some key points—both good and bad—to note. The good : It seems the CFPB learned from the TILA-RESPA Integrated Disclosure (TRID) fiasco by permitting generous implementation...
  • October 9, 2015
    Nandita Bakhski, Mary Navarro and Maria Tedesco stand with Richard Hunt at the Most Powerful Women in Banking event on Thursday, October 8, 2015. New York City, NY American Banker Names Three CBA Board Members to Most Powerful Women In Banking List In New York City, three members of CBA's Board of Directors were honored at American Banker's Most Powerful Women in Banking (MPWIB) dinner on...
  • October 2, 2015
    Bipartisan Support Lifts CFPB Commission Bill Out of House Financial Services Committee I am happy to share the House Financial Services Committee passed the Financial Product Safety Commission Act of 2015 (H.R. 1266), a chief CBA priority, which establishes a bipartisan, five-member commission at the CFPB. For the first time, thanks in part to outstanding trade coordination efforts, the...
  • September 25, 2015
    Three CBA Board Members Named Most Powerful Women In Banking On Tuesday, three members of CBA's Board of Directors were named to American Banker's Most Powerful Women in Banking (MPWIB) lists. Mary Navarro , Senior EVP and Retail and Business Banking Director at Huntington Bancshares, again has been named one of "The 25 Most Powerful Women in Banking." Maria Tedesco , Managing Director of Retail...
  • September 18, 2015
    To Raise the Rates or Not to Raise the Rates On Thursday, the Federal Reserve balked again. For those of you keeping track at home, this means the Fed will continue its nine-year stretch without an increase. Full wrap-up of the discussion is here , and a great editorial explaining why the Fed keeps the rates at zero may be found here . Obama and Duncan Visit Iowa On Monday afternoon , President...

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