Richard's Rapid Fire - October 23, 2015

Dodd-Frank Again Forces Big Banks to Subsidize Smaller Banks
As anticipated, on Thursday, the Federal Deposit Insurance Corporation (FDIC) outlined a plan to implement Dodd-Frank's requirement to raise the agency's fund from 1.15% to 1.35%. For banks with at least $10 billion in assets, the proposal consists of a two year, 4.5 basis point surcharge on their assessment base (beginning in 2016). The surcharge exempts the first $10 billion assessment base, so banks with an $11 billion assessment would pay the surcharge on $1 billion dollars. Once again, big banks are doing their part.
Fiscal Cliffs for Speaker Ryan to Traverse
Despite having his dream job, it appears Ways and Means Chairman Paul Ryan will take one for his team and become Speaker of the U.S. House of Representatives next week. The conference vote for Speaker will be held on Wednesday, October 28, and the entire Congress will vote on Thursday, October 29. For those of you keeping track at home, here are the exact dates for the upcoming legislative "cliffs" Ryan is going to have to traverse in his first two months on the job:
Oct. 30 | Highways: The short-term highway funding authorization runs through Oct. 29.
Nov. 3 | Debt limit -  Extraordinary measures to extend the debt limit are expected to run out Nov. 3.
Dec. 12 | Federal funding: The CR runs through Dec. 11.
Board Members Past and Present
This week, I was up in Beantown meeting with one of CBA's newest Board Members, David Tyrie, Managing Director, Preferred & Retail Products Executive, Bank of America. We had a great conversation around security, the state of the economy, and building loyalty with consumers. While in town, I was also able to meet up with some longtime CBA family members at Santander, including past CBA Board Member, Scott Powell, Chief Executive Officer; and Michael Cleary, Head of Consumer and Business Banking. Liz Terry met with CBA Board Member, Brad Conner, Vice Chairman, Consumer Banking, Citizens Financial, to discuss the direction and growth of CBA's Corporate Membership. Thank you all for your time and dedication to the industry and CBA.
Visiting Our Partners
Last week, I attended a leadership summit hosted by Harland Clarke's team that included Chuck Dawson, CEO of Harland Clarke Holdings Corp; Dan Singleton, President and CEO; Rick Ebrey, President of the Payments Division; Mike Fay, President of the Marketing Services Division; Dan Dolan, President of the Retail Channels Division; Tom Triozzi, VP of Marketing, and Rick Lutz, VP of Major Accounts and Investment Services. Many thanks for the opportunity to participate in the open discussion about retail banking's future and how Harland Clarke and CBA can continue to work together. As a CBA diamond sponsor, Harland Clarke continues to offer great thought-leadership and expertise to our members.
I also had a great discussion with former CBA board chairman John Ward, President of First American Bank, while I was in town. It was great to catch up with him, as well.
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Jack Shipman, former CBA board member and a Louisville banker, passed away last week. Our thoughts and prayers are with his family and our friends.
John Thain is stepping down as CIT Chief Executive and Ellen Alemany, formerly with RBS Citizens, will succeed Thain as CEO. Thain will retain his position as chairman.
Cindy Rogers, Regions Financial's Head of Operations and Technology, announced she will retire at the end of the year.

CBA's Risk Working Group meeting in Washington, D.C. 
October, 20, 2015