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View from CBA April 12, 2013
Letter to Cordray
CBA sent a joint-trades letter to Director Cordray this week requesting more time and guidance from the CFPB on the mortgage rules. The industry’s most urgent concern right now is the incredibly short period of time allowed to comply with the new mortgage rules. We urge the CFPB to clarify the rules and extend compliance deadlines. See our CFPB report below for more information.
Small Business Summit
CBA participated in the Small Business Lending and Investment Summit on Wednesday on Capitol Hill. This event is a great opportunity for us to highlight the commitment of our members to increasing small business lending each year. Lynetta Steed of Regions, Chair of our Small Business Banking Committee, spoke on a panel about SBA’s 504 program and CBA Counsel Dave Pommerehn introduced a discussion about SBA’s 7a program. Our thanks to Beth Solomon, President & CEO of the National Association of Development Companies (NADCO), for organizing the event.
CBA to Testify at Regulatory Relief Hearing
Chuck Kim of Commerce Bancshares and member of our Government Relations Council will testify on behalf of CBA at the House Financial Services Hearing on Regulatory Relief on Tuesday, April 16, 2013. Our goal is to convey the importance of enacting appropriate regulations that do not result in added costs for consumers or impede our ability to provide quality products. We are calling for clarity from lawmakers and coordination among regulators.
San Francisco Membership Visits
I spoke at the Nomis Global Pricing Forum on Wednesday in Sausalito where I provided an update on where things stand with the CFPB and fielded questions on the Bureau's structure and auto lending bulletin. While in San Francisco I met with Paul Woolway at Charles Schwab, Wells Fargo's former CEO Dick Kovacevich and former CBA Board Member Carrie Tolstedt, as well as our Chair-Elect, Andy Harmening from Bank of the West. I attended CBA's In-Bank Training session with 26 members of the Wells Fargo team and was particularly impressed by the level of experience of the "students."
Another highlight of my trip was a visit to the newest Chase branch prototype in Union Square complete with iPads and next-generation ATM's. My favorite feature: they allow you to withdraw money in multiple denominations, including $1 bills.