Richard's Rapid Fire

  • May 29, 2015
    TRID: 295 Members of Congress Join Our Call A bipartisan, bicameral group of legislators (dozens of Democrats, including Maxine Waters of California, a long-standing supporter of the CFPB) sent letters to CFPB Director Richard Cordray late last week urging him to offer a hold-harmless period for those making a good faith effort to comply with the CFPB’s TILA/RESPA Integrated Disclosures (TRID)...
  • May 22, 2015
    Senate Banking Committee Passes Regulatory Relief Bill In the five years since Congress passed Dodd-Frank, CBA member banks have undergone significant transformation in response to this legislation, while still meeting the needs of the American consumer and small business. As you all know, however, Dodd-Frank is not perfect. Now is the time for Congress to address the unintended consequences of...
  • May 15, 2015
    REMINDER : Today is the deadline to apply to CBA Executive Banking School. Learn more... Discussion Draft Released for Senate Regulatory Relief Bill Last week, we noted the Senate Banking Committee could vote this week on legislation aimed at providing regulatory relief for small and regional banks (among other things). The vote has been postponed until next week, but Senate Banking Chairman...
  • May 8, 2015
    TRID Update CFPB Director Richard Cordray sent this letter to Reps. Neugebauer and Luetkemeyer in response to their request to extend the TRID deadline. As we have said, though our members are working very hard to meet the August deadline, it is a colossal undertaking dependent on timely deliverables from outside vendors and significant testing and training. We will continue to urge the Director...
  • May 1, 2015
    CFPB to Host Student Debt Field Hearing in Milwaukee Earlier this week, the CFPB announced next month in Milwaukee, WI it will hold a field hearing on student debt. The hearing will take place on Thursday, May 14 at 11 a.m. EST and will feature remarks from Director Richard Cordray, industry representatives, consumer groups, and members of the public. The Dodd-Frank Act required the creation of a...
  • April 24, 2015
    CFPB Struggles to Keep Up with Its Work Many of you may recall CFPB Deputy Director Antonakes' CBA LIVE speech in which he requested bankers consider joining the Bureau. Well, this week we received some interesting context to this plea. In a featured piece on Thursday, a reporter at the American Banker detailed the CFPB's struggle to keep up with its work. Citing an overly ambitious investigatory...
  • April 17, 2015
    MasterCard Reaches Tentative Agreement with Target for $19 million On Wednesday, an agreement was reached between MasterCard and Target to resolve claims related to Target's 2013 data breach. I am glad to see forward movement in the resolution of costs incurred as a result of the retailer's breach. Going forward, our chief mission should be to achieve a fair, reasonable and uniform data security...
  • April 10, 2015
    CFPB's TRID Rule Fast Approaching With the TILA-RESPA Integrated Disclosure (TRID) rule just around the corner, our member banks are concerned about the impact of a short turnaround time, especially given the small window for testing and training. I have spoken with some members whose vendors have had to push back their delivery dates, making the matter more difficult. CBA is encouraging the CFPB...
  • April 3, 2015
    CFPB to Bankers: We Want You I have listened to and read most of the speeches and statements the CFPB has put out since its inception. None have taken me by surprise quite like the last two paragraphs of CFPB Dep. Director Steve Antonakes' CBA LIVE keynote address . In case you missed it, Dep. Director Antonakes spent the closing moments of his speech pitching the Bureau's employment...
  • March 27, 2015
    Thanks for helping to make it another record-breaking year. We were thrilled to host more than 1,300 attendees at CBA LIVE 2015, our biggest and best year yet. Here's a wrap-up of our time in Orlando, with our top moments, quotes, tweets and photos. Save the date and join us for CBA LIVE 2016, March 7-9 in Phoenix. TOP QUOTES "Financial health isn't us versus them. It's about all of us." -...

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