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Richard's Rapid Fire - June 10, 2016
CFPB Commission Advances & Is Included in Dodd-Frank Overhaul
On Thursday afternoon, House appropriators took steps to make needed improvements to the CFPB on behalf of consumers. Chief among the reforms is a CFPB commission. CBA also appreciates the Committee requiring the Bureau to take a second look at its arbitration and small-dollar lending proposals before consumers are potentially harmed. We are grateful the Committee sees the wisdom in these commonsense improvements and call on the full House and Senate to follow their lead in protecting consumers.
Earlier in the week, House Financial Services Committee Chairman Jeb Hensarling (TX-5) previewed his long-anticipated alternative to the Dodd-Frank Act (DFA) during a speech before the Economic Club of New York. Like any 2,300 page bill, the DFA is imperfect. We applaud Chairman Hensarling for his persistent commitment to seeking needed changes to the DFA that will bring balance and consistency to an industry serving millions of consumers. Most especially, we thank the Chairman for his inclusion of a CFPB commission as well. For a full analysis of the speech, click here.
Bad News Keeps on Coming for Fintech
More bad news rolled in this week for Fintech. As regular Rapid Fire readers will note, Fintech companies have had their share of struggles lately, and this week was no different. Per reports, investor funding has dried up for online lender Vouch Financial and it will be shutting down; Prosper Marketplace Inc. has temporarily ended its relationships with two loan-referral websites; and Lending Club’s second-largest investor sold off its stake in the company prompting an immediate postponement of their annual meeting.
Meeting Our Bankers
Earlier this week, I spoke at Synovus Bank’s Second Annual Retail Conference in Atlanta, Georgia about the real world regulatory impact vs. D.C.’s perception. Many thanks to Wayne Akins, Executive Vice President & Chief Retail Banking Officer, and Jennifer Upshaw, Director of the Retail Banking Group, for hosting such an impressive event and for allowing CBA to a part of it!
Synovus Bank's Wayne Akins (left) with CBA's Richard Hunt (right) at the bank's Second Annual Retail Conference in Atlanta.
From Atlanta, I headed to Jackson and then Gulfport, Mississippi to meet with top executives at Hancock Whitney Bank. Many thanks to Mike Dickerson, Executive Vice President, Subsidiary Business Lines Executive; John Keilholz, Senior Vice President, Consumer Lending Executive; Cindy Collins, Senior Vice President, Chief Compliance Officer; and Jamie Lipham, Senior Vice President, Regional President, Retail Administration for your time and candid remarks. I enjoyed discussing the unique challenges posed by UDAAP and the necessity of tailoring products to meet consumers’ evolving needs. We look forward to seeing Jamie in D.C. in a few weeks for the Mid-Tier Retail Executive Forum!
Three Things to Know to Be In the Know
CBA premier sponsor, Novantas, has acquired Treasury Strategies, Inc., a Chicago-based consultancy in bank and corporate treasury functions.
CBA alum, US Bank's Jeff Bloch (center left), met with Team CBA on Thursday, June 9, 2016, to discuss block chain issues.
At Huntington Bank in Columbus, OH, 20 students learned MarketSim this week during CBA OnSite Education.