Richard's Rapid Fire - November 18, 2016

Trump’s Short List Includes Individuals with Banking Experience

A lot of names are being tossed around for top positions in the Trump Administration. As it relates to banking, here is what we know so far:

  • Steven Mnuchin, a former Goldman Sachs Banker, Jamie Dimon, CEO of JPMorgan, and Rep. Jeb Hensarling (R-TX), House Financial Services Committee Chair, are reportedly the leading candidates for Secretary of the Treasury;
  • SEC Chair Mary Jo White is stepping down;
  • Federal Reserve Chair Janet Yellen will head the central bank until her term expires in 2018; and
  • Rep. Randy Neugebauer (R-TX) is a rumored candidate for one day leading the CFPB.

As President-elect Donald Trump begins to appoint officials to his administration, there is one noticeable trend. Individuals with banking experience, who have spent years serving consumers, are being considered for top posts. It appears the anti-banking sentiment in Washington is changing, which is good news for consumers.


Democrats’ Congressional Leadership Shakeup

Change is a-comin’ to Capitol Hill. Following the 2016 Elections, Democrat leadership in the Senate is in for a shakeup. Incoming Senate Minority Leader Sen. Chuck Schumer (D-NY), who is replacing retiring Sen. Harry Reid (D-NV), announced the additions of Senators Bernie Sanders (I-VT), Tammy Baldwin (D-WI) and Joe Manchin (D-WV) to the party’s leadership team. On the other side of the Senate aisle, Republicans, led by Senate Majority Leader Mitch McConnell (R-KY), have retained virtually the same leadership team.

On the House side, Republicans unanimously re-elected Rep. Paul Ryan (R-WI) as speaker of the House, while House Democrats delayed their leadership election until November 30. House Democrats requested the delay as they evaluate their future within the chamber. Stay tuned. Rep. Tim Ryan (D-OH) will challenge Rep. Nancy Pelosi (D-CA) for the position of House minority leader.  


My Visit to the Steel City

I had a wonderful time visiting our membership at PNC Bank in Pittsburgh this week. With a member on each of CBA’s 11 standing committees, PNC’s active engagement and insights have served our membership well. It was good to see CBA Board Member Todd Barnhart, Alan Aldinger, Bill Demchak, Dawn Fabian, Rich Guerrini, Amy Howcroft, Mark Metz, Cathy Niederberger, Michelle Neidhardt, Mark Pregmon, Dawn Price, Denise Rossi-Henn, Randal Shields, Fred Solomon and Kim Wallace. We had a productive discussion exploring issues such as the CFPB’s 2017 agenda, student lending, Community Reinvestment Act, section 1071 of the Dodd-Frank Act and the impact the 2016 elections will have on retail banking.  

I’m excited to announce PNC will be hosting their first ever Fundamentals of Banking OnSite Education course next spring. Learn more about CBA Advanced Education opportunities for bank employees here.

CBA's Richard Hunt visits PNC Bank in Pittsburgh.


GAO to Fed: Improvements are Needed

Big news out of the Government Accountability Office this week as it released its long anticipated report on banks’ stress tests. While the agency credited the Federal Reserve for improving oversight of the financial system, it pointed out three key areas the central bank could change:

  1. Better evaluate the impact these tests have on credit in the economy;
  2. Increase transparency on why banks may have failed; and
  3. Improve oversight of its mathematical models.

Testifying on Capitol Hill Thursday, Fed Chair Janet Yellen noted the central bank is taking into account the GAO’s recommendations. 


Bank Customer Satisfaction Reaches New Heights

Bank customer satisfaction reached a 23 year high, according to a report by the American Customer Satisfaction Index. Reaching a score of 80 out of 100, banks saw their customer satisfaction score climb 5.3% compared to 2015. For those familiar with the dedication banks have to their customers, the results of this survey are heartening. Banks have worked hard to do well by their customers. After all, providing consumers with access to much needed credit to help finance a home to live in, a car to get to work, and an education to advance their future is why bank employees wake up each and every morning.


CBA LIVE 2017: Seats are Filling up Fast

Going, going, gone! Our exhibit hall for ‘CBA LIVE 2017: Where [ it ] Begins’ is selling out so fast, it would leave Olympic track stars in awe. If you’re an exhibitor, best get a wiggle to secure a spot. The clock is ticking to register for this year’s conference April 3-5 at the Gaylord Texan in Dallas. Take advantage of our Early Bird rates and save $300 through January 13, 2017. Not only are we jeans-optional again this year, but we encourage all attendees to grab their cowboy boots for three exciting days in the Lone Star State. I plan to buy my first pair soon.


CBA’s Deposits and Payments Committee Gets Down to Business

Keeping with the CBA LIVE fashion, I saw a ton of Deposit and Payments Committee member’s lose their suits and wear jeans at their semi-annual in-person meeting in Washington, D.C., this week. Congratulations to Mike Young on being named chair of the committee and Kevin Condon, Bank of America, on being selected vice-chair. Thank you Matt Wind for your service as chairman of the committee, and we look forward to your continued involvement as immediate past-chair.

Diving into hot topics, such as FinTech, real-time payments, the Labor Department’s fiduciary rule, and data scrapping, the committee took an in-depth look into top-of-mind issues facing deposits and payments. Good to see those who were able to attend, including Peter Boyer of Capital One, Bob Brown of Regions, James Capolongo of TD, Kevin Condon of Bank of America, Lisa Cotton of Woodforest, Matt Emerson of Bank of Hawaii, Jill Enabnit of US Bank, Mark Erhardt of Fifth Third Bank, Brent Farka of TCF Bank, Thomas Healy of Ally, Scott Heckman of Huntington, Bill Hippensteel of Commerce Bank, Lee Jones, Hancock Whitney, Angie Knoll of Sallie Mae, Ellen Mepham of MUFG Union, Ali Maher of SunTrust, Christy Merecka of Frost Bank, Randy Nicely of Bank of North Carolina, Shawn O’Brien of BBVA, Dawn Price of PNC, Brian Pridgen of BB&T, Francisco Robelo of USAA, Patrick Scotto Di Luzio of Charles Schwab, Donnie Sheller of WesBanco, Becky Spinnato of IBERIABANK, Chris Van Steenberg of First Tennessee, Gary Wagers of Banner Bank, Matt Wind of Comerica, Desiree Wolfe of Webster and Mike Young of EverBank.

Thank you to Fiserv for sponsoring our committee meeting, and Victoria Dougherty and Ken Patrick for presenting. The committee enjoyed your insights into how best to meet customer needs by providing real-time access to funds.

During its in-person meeting in Washington this week, our Deposits and Payments Committee went "around the horn" to discuss the top issues facing the industry.  


CBA Helps Develop Future Retail Banking Leaders

CBA Executive Banking School’s faculty is committed to inspiring students. This week, our faculty visited Washington, D.C., for a heads down planning session for the upcoming school year. Our team held breakout sessions to explore innovative teaching tactics and to adjust our curriculum to continue to meet the modern-day demands of banking. The planning session wraps up Saturday afternoon, and I am certain the school will return bigger and better than ever in 2017! Thank you to our dedicated faculty who were able to attend, including Danny Ayala, Missi Borst, Ted Braunch, Laurie Callahan, Lisa DePaschalis, Jill Enabnit, Cheryl Foilb, Jim Fugutte, Allison Gambucci, Donovan Gibson, Melissa Kelly, Paul Leventhal, Erica McCullough, Christy Merecka, Justin Morcelle, Cathy Myers, Pat Riley, Dale Roskom, Rebecca Rothenhoefer, Maureen Sullivan, Kurt Treu, Victoria Verhey and Seth Waller.

Learn more about how our Executive Banking School and our distinguished faculty work to develop the next generation of retail banking leaders here.

CBA's Advanced Education faculty explored innovative teaching tactics at their meeting in Washington, D.C. this week.


Three Things to Know to Be In the Know

Only Two In Five U.S. Shoppers Want More Mobile Pay Options

Jeb Hensarling Says GOP Wants to End Rules on Retirement Advice and Payday Loans

Senate Democrats draw lines in coming Dodd-Frank debate



Pure class from longtime Dallas Cowboy starting quarterback Tony Romo on accepting his role as a backup. If you missed it, Tony delivers an impassioned six-minute speech. A perfect example of a team-first mentality.