- CBA on
- CBA Media
Richard's Rapid Fire - September 4, 2015
September: A Great Month at CBA Headquarters
With our board of directors, committee chairs and vice chairs, and most of our committee members coming to town, September is a great month at CBA headquarters. We love seeing our members in person and offering them an opportunity to interact and engage together on issues important to retail banking. We look forward to a great few weeks in Washington.
CFPB Normalizing Bad Data?
The CFPB is finally looking into normalizing the submissions coming into its complaint portal. While this is a good start, unfortunately the data are still unverified. The CFPB has a fundamental duty to publish accurate, reliable information. As we have stated repeatedly, publishing out of context, unverified data will only mislead consumers. As outlined in the letter CBA submitted earlier this week, normalizing will be helpful to put the data into context, but the CFPB first needs to verify the information - only then will consumers truly benefit from the 'complaints.'
Bowing Down Before Your Regulators
In an editorial entitled, "Bow Down Before Your Regulator," the Wall Street Journal team offered a blistering critique of Treasury Secretary Jack Lew's handling of MetLife's "systemically important" designation. Given the similar nature of the arguments against the Financial Stability Oversight Council (FSOC) to those we make against the CFPB, I recommend everyone take a few minutes this weekend to read this piece.
A few key highlights:
- [MetLife] was tagged by the federal FSOC, a board of regulatory poobahs chaired by Secretary Lew. Dodd-Frank created the council with the idea that the same bureaucracies that missed the last crisis would somehow anticipate and prevent future ones.
- "The alleged 'blending' of executive, legislative, and judicial functions of which MetLife complains is typical of administrative agencies," says the government.
- And, get this: In the same legal filing in which Secretary Lew's council states it "appropriately declined to conduct a cost-benefit analysis," it later asserts the "systemic" designation is cost-free for MetLife.
Team CBA Visits Memphis
This week, CBA's Liz Terry and Dave Pommerehn visited our members at Independent Bank and First Tennessee Bank in Memphis. Thanks to Mark David and Kevin Trainor at Independent Bank for your candid discussion on auto lending, collections and TCPA. First Tennessee bankers and committee members also joined our team for a lively discussion on overdraft, CFPB, and leadership. Thank you to Dave Miller, Amy Shreve, Chris Van Steenberg, Daniel Dent, Mike McWhortor, and Heather Tetleton for your time and feedback.
Three Things to Know to Be in the Know
Banking Ties Could Hurt Joe Biden in Race With Populist Overtone
Crackdown on Racial Bias Could Boost Drivers' Costs for Auto Loans
Consumers Share Views About CFPB Oversight, Structure
John C. Adams has been named Wells Fargo's Head of Commercial Banking, replacing Perry Pelos, who was promoted in July.
TD Bank hired Thomas Casey, formerly with RBC Capital Markets, as Managing Director in Corporate Banking.
CBA OnSite Education at Bank of the West in Omaha, NE.
September 1, 2015