Richard's Rapid Fire

  • December 8, 2017
    CBA LIVE Speakers Announced: CEOs of Citizens Bank and Bank of the West CBA LIVE is proud to announce two powerhouse additions to our speaker lineup. Former CBA Board member and current Bank of the West President and CEO Nandita Bakhshi will team up with Citizens Financial Group, Inc. Chairman and CEO Bruce Van Saun to discuss disruption, innovation, moving beyond conventional thinking and their...
  • December 1, 2017
    Commission Would Have Prevented CFPB Leadership Turmoil Former CFPB Director Richard Cordray first assumed his position under a legal cloud and he left the same way. From his resignation to the appointment of two separate acting CFPB directors to legal battles and protests, this week has been a circus for the CFPB. To recap, here is an abbreviated version of what took place: On Black Friday:...
  • November 22, 2017
    Happy Thanksgiving From CBA From the entire CBA Team to you and your family, have a wonderful Thanksgiving. This year, we are thankful for our membership, which works night and day to deliver needed financials services to millions of consumers and small business across the country. A Post Cordray CFPB: Who Will Head the CFPB Next? By the end of November, CFPB Director Richard Cordray is expected...
  • November 17, 2017
    Cordray Era Comes to An End, Mulvaney Expected to Take Over After months of rumors, CFPB Director Richard Cordray on Wednesday announced he will step down as head of the agency. As many of you are aware, I had my share of “conversations” with Director Cordray over the years. We have had our disagreements, especially when it came to the Bureau’s use of its Yelp-like complaint portal and its...
  • November 9, 2017
    Senate to Drop Tax Bill, Expect House Bill on Floor Next Week Tax reform continues to occupy a ton a bandwidth in Washington. The Senate is expected to drop its bill this afternoon and the House version is expected to pass out of the Ways and Means Committee. Following Committee passage, the House bill is expected to proceed to the floor for a vote next week. Should both the House and Senate pass...
  • November 3, 2017
    Signed, Sealed and Delivered: President Trump Signs Arbitration Rule Repeal! A big win for consumers occurred this past Tuesday when President Trump signed a resolution repealing the CFPB’s arbitration rule. If this rule had gone into effect, it would have harmed consumers. From the beginning the rule was never about protecting American consumers and the CFPB’s own study backs that up. The only...
  • October 27, 2017
    Thoughts on Senate Vote Repealing CFPB’s Arbitration Rule With a deciding vote by Vice President Mike Pence, the Senate passed a resolution overturning the CFPB’s arbitration rule by a vote of 51 to 50. Overturning the CFPB’s arbitration rule ensures consumers retain the tools they need to receive relief without going through long, drawn-out, costly court proceedings – where no one benefits...
  • October 20, 2017
    ​Cordray, Noreika Arbitration Spat Heats Up CFPB Director Richard Cordray and Acting OCC Comptroller Keith Noreika continue to publicly air their disagreements over the merits of the CFPB’s arbitration rule. Recently, both agency heads published dueling op-eds in The Hill challenging each other’s views of the rule. This week, the debate continued to escalate as both challenged the validity of the...
  • October 13, 2017
    House Committee Moves on Regulatory Reform, SIFI Designation Bill During a markup session this week, the House Financial Services Committee moved a host of regulatory reforms, including Congressman Blaine Luetkemeyer’s SIFI designation bill. As CBA noted in its letter to the committee, designating risk strictly based on the size of a financial institution does not make sense and it harms...
  • October 6, 2017
    CFPB Final Small-Dollar Rule Falls Short For Consumers The CFPB’s long-awaited small-dollar rule is finally here, and you guessed it! The Bureau whiffed at an opportunity to provide assistance to the millions of Americans experiencing financial hardship. It is hard to believe just days after the CFPB reported more than four in ten Americans were struggling to pay monthly bills – often because of...

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