Richard's Rapid Fire - July 29, 2016

#CBAExecutiveBankingSchool Welcomes Over 300 Students

CBA Executive Banking School is in full swing!  This week, more than 300 students joined us at Furman University in Greenville, S.C. to perfect their retail banking skills.  I have to say, with dedicated students like these, the future of the industry is bright.  Once again, bank dinner night was a tremendous success!  Many of our students took full advantage of the opportunity to connect with some of the industry’s top leaders.  A big thanks to Will Howle, CBA Chairman of the Board and President of U.S. Retail Banking at Citi, for taking an hour of his time to address our freshmen class about his 25 years in banking and at Citi.  Be sure to keep up with us on Twitter to catch photos from behind the scenes. 

Students took time to greet friends and network ahead of the CBA Executive Banking School opening reception on Monday.

 

Dr. Tom Smythe teaches second year students about bank financial statements at CBA Executive Banking School this week.

 

CBA Executive Banking School's Bank Dinner Night included a U.S. Bank dinner with (left to right) Richard Hunt, and U.S. Bank's Cathy Myers; Faculty member, Ross Carey; incoming CBA Chair, John Elmore Vice Chairman, Community Banking and Branch Delivery

 

CBA Executive Banking School Faculty

 

CFPB UPDATE:

CFPB Unveils SBREFA Outline on Debt Collection

At 12:01 A.M. Thursday morning, the CFPB released its SBREFA outline on debt collection.  Despite the dead of night release, we appreciate the Bureau’s efforts to tailor these rules and set clear expectations for consumers and industry.  The Bureau recognized the importance of distinguishing between first-party creditors and third-party collectors in their rulemaking process.  This is important because the facts are clear: Consumers have very different experiences when dealing with banks as opposed to debt collectors.  Over the next few weeks, our team will do a deep dive into the study and the outline to better gauge the impact on our customers.  We look forward to further dialogue with the Bureau to make sure all of us get this right.

 

CFPB Ombusman’s Mid-year Update

On Wednesday, July 27, 2016, the CFPB Ombudsman’s Office issued its mid-year update for FY 2016.  The report included a brief snapshot of some of its work including:

  • Received 541 individual inquiries from consumers, financial entities, consumer and trade groups, and others;
  • Recommended the CFPB standardize its ex parte policy and current process for memorializing communications; and
  • Will continue to review concerns surrounding the CFPB’s Consumer Complaint Database.

 

Wendy Kamenshine, the Ombudsman, reached out to CBA to follow up on these issues, and we will continue frequent contact with her office on issues of importance to our members.  For a full summary of the report, click here

 

Rate Increase in September?

Per a policy statement released Wednesday, the Federal Reserve finally appears to be open to raising interest rates at its September meeting.  The Fed noted, “Near-term risks to the economic outlook have diminished.” Providing an analogy to the long-term impact of low rates, last year U.S.’s Bank’s Richard Davis likened waiting for rates to rise as similar with the last few grueling moments of a gym-class test, hanging on a pull-up bar for 90 seconds.  At this point, the industry’s arms are tired of holding on.

 

Exclusive Webinar for CBA Members

CBA members will have the opportunity to participate in an exclusive webinar about the latest legislative action pertaining to the Durbin Amendment, among other things.  The webinar will be jointly hosted by Visa, MasterCard and the Electronic Payments Coalition and will take place on Wednesday, August 3, 2016, at 2:00pm.  The following speakers will be featured:

  • Robert Thomson, Head of US Government Relations, Visa;
  • Tucker Foote, SVP, Head of North America Public Policy & Global Trade, MasterCard; and
  • Molly Wilkinson, Executive Director, Electronic Payments Coalition.

 

You may register for the webinar here.

 

Three Things to Know to Be In the Know

Most Americans foresee death of cash in their lifetimes

Payday Loan Limits May Cut Abuse but Leave Some Borrowers Looking

Why US Credit Card Fraud Complaints Are On The Rise

 

Lagniappe

Alan Register was named Executive Vice President, Commercial Banking Group by Regions Bank. Previously, Alan served as CEO of BBVA Compass' Birmingham market.