Richard's Rapid Fire - July 21, 2017

CBA Executive Banking School Starts Monday

Nearly 300 students representing 43 banks and credit unions from across the country will meet at Furman University in Greenville, S.C. for CBA’s 66th year of Banking School this weekend.  At the end of our summer program, we expect to graduate 98 bankers, including this year’s Tem Wooldridge Award winner. Each year, this award recognizes the top Executive Banking School student who demonstrates outstanding academic performance, high integrity and a strong work ethic. 

Additionally, we will feature three distinguished guest speakers from the retail banking Industry:

  • Dennis Devine, CBA Board Member and Co-President of Key Community Bank;
  • Cathy Nash, CBA Board Member and President and CEO of Woodforest National Bank; 
  • Kelly King, President and CEO of BB&T Bank; and
  • Mike Price, President and CEO at First Commonwealth Financial Corporation.

Remember: On Thursday, July 27, 2017, we will hold our popular bank dinner night, where executives from all over the country host dinner for their “students.” It is a great way for our students to connect with the industry's top leaders. 

Be sure to keep up with us on Twitter to catch photos from behind the scenes. 



Congress Moves to Overturn CFPB’s Arbitration Rule

This week, Senator Mike Crapo and Congressman Keith Rothfus introduced resolutions overturning the CFPB’s arbitration rule. Simply put, the CFPB’s arbitration rule is a disaster for consumers (see chart below), and we encourage Congress to move swiftly to ax this terrible rule. You may read my press statement here.



CFPB’s Cordray, OCC’s Noreika Spar Over Arbitration Rule

This week, Acting OCC Comptroller Keith Norieka and CFPB Director Richard Cordray found themselves at odds over the Bureau’s arbitration rule. Norieka requested the CFPB delay the rule’s publication in the federal register (it did not happen) until the OCC could study its impact on safety and soundness. In response, Cordray shot back calling the request “plainly frivolous.” As I told the American Banker, the inconsistencies of Dodd-Frank laid the groundwork for this inevitable sparring match among the regulators. The 2010 financial law shifted oversight of consumer protection to the CFPB while leaving oversight of safety and soundness under the jurisdiction of the OCC. This is just another reason why we must reform Dodd-Frank, and continue to work to refine and improve our regulatory structure.


Fresh Faces Atop Key Regulatory Agencies Could Emerge Sooner Rather Than Later

Will CFPB Director Richard Cordray step down to run for Governor of Ohio? Speaking out based upon a tip from a “mutual friend,” Ohio Supreme Court Justice Bill O'Neill thinks so. If Cordray steps down, this would allow President Trump to nominate a new director.


This news comes on the heels of an expected Senate Banking Committee testimony from President Trump’s nominee to head to the OCC, Joseph Otting, next Thursday, July 27. The hearing will set up a Senate confirmation vote in the months ahead. Keith Norieka will continue to serve as Acting Comptroller until the Senate confirms an official replacement for former Comptroller Tom Curry.


Membership Spotlight: CBA Deposits and Payments Committee Meets in Boston

I was glad to spent time with CBA’s Deposits and Payments Committee in Boston, Massachusetts this week. We discussed fraud prevention and EMV technology, the performance of safe accounts, and sales practices.  


It was good to see attending committee members Kevin Condon of Bank of America, Mark Erhardt of Fifth Third Bank, Scott Heckman of Huntington, Bill Hippensteel of Commerce Bank, Tom Hoscheidt of BAI, Lee Jones, Hancock Whitney, Joe Lombardoof M&T Bank, Adrian Martinez of IBC, Karen Moore of Wells Fargo, Kent Osborn of Synovus, Brian Pridgen of BB&T, Francisco Robelo of USAA, Patrick Scotto Di Luzio of Charles Schwab, Donnie Sheller of WesBanco, Matt Wind of Comerica, Desiree Wolfeof Webster and Mike Young of EverBank.


Thank you to Andrew FrisbieAdam Stockton and Gordon Goetzmann of Novantas, and David Cramer and Tom Schmitt of VISA for speaking with the committee.

Members of CBA's Deposits and Payments Committee gathered in Boston this week for an in-person meeting.



You Know What They Say: When in Boston….

I always cherish the opportunity to visit with CBA members, and spending a few days in Boston afforded me the opportunity to visit with Eastern Bank, Bank of America, and Rockland Trust. Throughout my trip, topics of discussion included, millennials, blockchain, artificial intelligence, and Fintech. I also enjoyed presenting to Rockland Trust’s Board of Directors on the state of the banking industry and recent developments in Washington.


Good to see CBA Board Member David Tyrie of Bank of America, Former CBA Board Chris Oddleifson of Rockland Trust, Eastern Bank President Quincy Miller, and CBA Committee Members Julie ColarussoPat KraussKris PuskarKarl Renney, and Sujata Yadav of Eastern Bank and Pam Frey of Rockland Trust.


See you all next time I am in Boston.


This week, CBA President & CEO Richard Hunt offered a briefing on key issues to the Rockland Trust Board of Directors in Boston.


Three Things To Know To Be In The Know

Inside PNC's retail banking overhaul

We've made a mess of the mortgage market: BB&T CEO

Market odds of third Fed rate rise in 2017 fall below 50%



Welcome to the CBA Family Karen Neeley, who joined the team as regulatory manager. Karen was born in the Philippines and grew up in Hawaii. She also enjoys traveling.


This week, CBA OnSite Education was in Columbus, OH teaching MarketSim to students from Huntington Bank.