- CBA on
- CBA Media
Richard's Rapid Fire - June 23, 2017
Calling for Coordination and a Commission: CBA Takes the Hill
Several prominent regulators joined the Senate Banking Committee this week to discuss economic growth and the regulatory environment. Ahead of the hearing, our legislative experts sent a letter to the committee’s Democratic and Republican leadership calling for several reforms, including improving coordination between the regulatory agencies. We also took additional steps towards calling for structural reforms at the CFPB by signing on to a letter with 21 other trades, asking the Senate and House Financial Services and General Government Subcommittees to establish a bipartisan commission to lead the agency. This letter is significant because it is the first time all the financial trade groups AND business coalitions joined together in calling for changes to one of Washington’s most powerful agencies. Now that is saying something.
Batter Up: Who is on Deck to Head Regulatory Agencies?
More news came out this week of potential changes to the head of the FDIC. The White House has named James Clinger, a former aide to House Financial Services Committee Chairman Jeb Hensarling (R-TX), as President Trump’s nominee for Chairman. Clinger’s nomination is just the beginning of what we think will be a slew of appointments to the banking industry’s regulatory agencies. This much we know for certain:
- The OCC is awaiting the confirmation of Joseph Otting as Comptroller;
- CFPB Director Richard Cordray’s term expires in 2018;
- The role of Vice Chairman of Supervision at the Federal Reserve has yet to be filled; and
- Federal Reserve Chair Janet Yellen’s term expires in 2018.
Over the next year, we may see more turnover within the federal government as the new administration continues to settle in.
Digital is Key, But Branches Still Have a Role Too
Amazon has upended traditional retail, ride-sharing platforms have left the taxi industry in ruins, and mobile capabilities are disrupting the banking industry. However as long as the banking industry meets the demands of consumers, the industry will continue to serve consumers well into the future. In a recent op-ed, I noted how online and mobile banking are great compliments to the bank branch. Many customers still value the face-to-face interactions a branch provides, and banks are working their tails off to provide multifaceted solutions to their customers. Until technology can provide for every need, branches will continue to be valued as an essential channel.
Membership Spotlight: CBA Mid-Tier Retail Executive Forum Heads to D.C.
We are looking forward to kicking off CBA’s Mid-Tier Retail Executives Forum Meeting next week, and we cannot wait to for our members to arrive. We have a jammed packed schedule and are excited to get down to business. We will see everyone bright and early Monday morning.
Three Things to Know To Be in The Know
- How Bank Branches Are Innovating in the Digital Age
- 32% of Baby Boomers Have No Emergency Savings
- Poll: Indebted millennials view student loan debt as a greater threat than North Korea
For 20 years, Joanna Beaver and Melissa Cabocel have been a part of CBA. Melissa, who is senior vice president of education and director of CBA’s Executive Banking School, brought to life the vision and mission of our school which has helped advance retail banking leaders across the nation. Joanna, head of CBA events, has been an integral part of CBA LIVE’s successful production each and every year. I am glad to have both of them as members of the CBA Family.
CBA's Joanna Beaver, Richard Hunt and Melissa Cabocel.
CBA OnSite Education was in Chicago this week teaching MarketSim to U.S. Bank Students.