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Richard's Rapid Fire - August 28, 2015
The Latest in the Complaint Saga: More Irresponsible Info from the CFPB
On Tuesday, the Bureau released its monthly consumer complaints snapshot. According to the report, as of August 1, 2015, the CFPB has "handled" 677, 200 complaints nationally. This may seem like a lot... unfortunately, this number is absolutely worthless. The CFPB cites this 677,000 number but fails to reveal it includes duplicates, complaints routed to different agencies, and complaints about another company directed at the bank. For example, if Target mischarges a customers' Bank of America credit card and then the customer subsequently complains to the CFPB, even though the bank has no role in the error, the complaint gets added to the bank's complaint numbers and counted in with the 677,000. Unlike other government agencies, such as the FCC, which promotes collaboration on its complaint website stating: "You should always first try to resolve any problem directly with the company causing the problem or sending you a bill for service," the CFPB once again has decided to shame banks rather than simply report facts.
Market Roller Coaster
On the heels of BB&T's merger last week, American Banker's Chris Cumming, Jackie Stewart and Kevin Wack surmised the market route we took on Monday—should it be sustained—will impact banks' M&A activity. Full story here.
Things That Make You Go Hmm...
After a Saturday afternoon visit with Sen. Elizabeth Warren, Vice President Joe Biden is probably running for president. President Obama has given Biden his "blessing." And now there is growing speculation Biden will immediately name Warren his VP pick. What a wild August recess.
Associate Member News
CBA welcomes Kronos, located in Chelmsford, MA, as our newest Associate Member.
Three Things to Know to Be in the Know
School-Loan Reckoning: 7 Million Are in Default
Sorry — liberals aren't stymied because 'the system is rigged'
Banks hope cardless ATMs will get millennials to open accounts
Regions Financial has hired Julz Burgess, formerly with Bank of New York Mellon, to succeed Kevin Kirby as head of its corporate trust group.
Eric Li, Ron Short and Jeremy Wilson have been hired by Bank of the West to serve as Development Officers for Small Business Administration loans.
Members of Team CBA meet with our partners at 360 Live Media to continue plans for CBA LIVE 2016.