Richard's Rapid Fire - April 12, 2018

April 13, 2018

Mulvaney Backs CFPB Commission – In his first appearance before Congress, Acting CFPB Director Mick Mulvaney supported a CBA-backed plan to establish a commission at the CFPB. This is in addition to vocal support from both Republican and Democrat Members of Congress.


Hearing Tidbits – Here are a few key takeaways from Acting Director Muvlaney’s Testimonies:

  • Expect an end to the practice of “regulation through enforcement;”
  • The CFPB's cost benefit analysis will be more quantitative than qualitative; and
  • Overdraft will not be included in the CFPB's next regulatory agenda.


CBA Leads 20+ Trade Effort in Commission Push – CBA sent a letter to Congress, alongside 22 other trades, in support of bringing balance and stability to the CFPB by creating a commission atop the agency. The letter was written in support of a legislative effort led by Representatives Dennis Ross (R-Fla.), Kyrsten Sinema (D-Ariz.), Ann Wagner (R-Mo.) and David Scott (D-Ga.). Representative Vicente Gonzalez (D-Va.) signed onto the bill as well.


CBA Provided Summaries – CBA’s staff has prepared detailed hearing summaries of Acting Director Mulvaney’s testimony before the House Financial Services Committee and the Senate Banking Committee.


Mulvaney’s Tenure – Acting CFPB Director Mulvaney has stated he expects to remain as head of the agency through the end of the year.  Under the law, Mulvaney is allowed to serve as Acting Director until the end of June. However, if the President nominates a permanent director before then, the law allows Mulvaney to serve until the individual is confirmed. 




Fintech Charter – Comptroller Joseph Otting has stated the OCC will publish its position on a proposed banking charter for online lenders within the next three months.


Community Reinvestment Act – With the Department of Treasury’s recommendations already out, the OCC is hoping to release an advance notice of proposed rulemaking this month. According to Comptroller Joseph Otting, it may be an inter-agency proposal with the Federal Reserve and FDIC.


Small-Dollar Lending – Comptroller Joseph Otting has spoken out on the need to “clarify” the OCC’s support for bank offered small-dollar loans. The CFPB is also reviewing its small-dollar rule, which was released just prior to former CFPB Director Richard Cordray’s exit from the agency to run for Ohio Governor. It is important all the banking agencies work together to examine the use of safe and affordable bank offered small-dollar loans.


ICYMI – I penned an op-ed in the American Banker calling for greater regulatory coordination in the small-dollar space, and for the key banking regulatory agencies to allow banks to once again serve consumers in need.



Speaker Ryan Announces Retirement – House Speaker Paul Ryan is a visionary leader for not just his party but also for the entire Congress. He has spent his entire career - both as a Member of Congress and staffer before that - doing his homework, tackling the tough issues and producing results. His success has stemmed directly from his direct, honest approach. When Paul Ryan gives you his word; he means it. I have known him since his first day in office and the dedication to serving the people of Wisconsin he brought on day one has never waned. I wish him, his wife Janna and children all the best as I know they look forward to spending more time together in Janesville.


55 House Members Set to Retire – So far, 55 members of the House — 38 Republicans and 17 Democrats — are not expected to seek re-election.

DC Download


Senate Regulatory Relief Bill Still Idle – The Senate’s Regulatory Relief bill, which passed with bipartisan support, has yet to be acted upon by the House of Representatives. House Financial Services Committee Chairman Jeb Hensarling has indicated a desire offer additions to the bill, but nothing official has emerged yet. According to reports, however, there are talks taking place between some Senate Democrats and House Financial Services Committee Jeb Hensarling.


Former Speaker Boehner “Evolves” on Marijuana – Former Speaker of the House John Boehner recently announced via Twitter his decision to join the Board of Advisors of Acreage Holdings, a company which operates cannabis cultivation, processing and dispensing across 11 states. After years of opposition to the drug’s use, he says his thinking has “evolved” on the subject. This is an issue on the top of bankers’ minds as they attempt to figure out how to properly provide banking services to companies in the marijuana industry.


All Eyes on TCPA – The Senate Commerce and House Energy and Commerce committees will both hold hearings next week, which will focus in part of the Telephone Consumer Protection Act (TCPA). CBA has led the charge on efforts to ensure federal law, such as the TCPA, allows banks, as well as other businesses, to communicate with their customers through 21st Century communication channels. CBA will be monitoring these hearings, and will keep our membership informed on key developments.



Thank you! – For the ninth year in a row, CBA LIVE 2018 in Orlando, Florida reached record attendance. Needless to say, this year was a tremendous success. Please take a moment to watch a video recap of this year’s conference and be sure to check out our photo gallery, too.


Save the Date – We hope to see you next year in Washington, D.C., April 1-3, 2019 as we celebrate 100 years of the Consumer Bankers Association.



Senator Richard Shelby – Former Senate Banking Committee Chair Richard Shelby will serve as Chairman of the Appropriations Committee.


Senator James Lankford – Senator James Lankford will now chair the Financial Services and General Government Appropriations Subcommittee.


Mississippi's First Female Senator Cindy Hyde-Smith – We are proud to welcome Senator Cindy Hyde Smith to the Senate Chamber, and we look forward to working with her and her office on behalf of American consumers and small businesses.


Harland Clarke’s Rick Ebrey – Great to see Rick Ebrey in Washington this week at the Senate Banking Committee hearing.