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View from CBA April 19, 2013
CBA Testimony on Regulatory Relief
CBA Government Relations Council Member Chuck Kim of
Commerce Bancshares testified on Tuesday, April 16, 2013, before the U.S. House Subcommittee on Financial Institutions and Consumer Credit on “Examining Community Bank Regulatory Burdens.” Chuck fielded questions from Committee members about bank definitions by size and business model. Please see the GR section below for more information.
CFPB In the News: Collecting Data on 10 Million Consumers and Report on Senior Designations
An article from Bloomberg this week highlighted the vast extent of the CFPB's data collection effort. Although we certainly knew a great deal of data is being collected, the news about this broader scope raises several questions about how the Bureau plans to use the data and what privacy implications this may have. According to Director Cordray, the purpose of the data collection is to foster innovation and improve customer service.
We have asked the CFPB repeatedly for clarity regarding data collection and as you may remember from CBA LIVE, Acting Deputy Director Steve Antonakes encouraged banks to ask questions of the CFPB when intentions are not clear. CBA will continue to discuss this issue and we look forward to hearing more from Director Cordray at Tuesday's Senate Banking Hearing "The CFPB's Semi-Annual Report to Congress."
Also this week, the CFPB published their report "Senior Designations for Financial Advisers" and encouraged implementing rigorous training standards, setting strict standards of conduct for those using senior designations and increasing supervision and enforcement in this area. CBA applauds and supports the CFPB in this effort.
GSRBM - Start your Applications!
The application deadline for the CBA/BAI Graduate School of Retail Bank Management (GSRBM) is less than a month away - May 15, 2013. The school equips rising stars at your bank with the vital skills and perspective they need to successfully navigate the complexities of the retail banking industry. Read about our exclusive curriculum on our website and check out this video from CBA LIVE to learn more.
I had the pleasure of meeting with LPS this week where we had an extensive conversation regarding mortgage foreclosure reviews.
I also participated in Fiserv Forum 2013 - a great program with an entire content track devoted to the consumer-driven experience. I spoke on a panel "Delighting Consumers and Managing Risk: Friends or Foes?" and discussed how the developments out of the CFPB and fellow regulators are impacting the consumer experience.
This Week at CBA World Headquarters
We were pleased to welcome Dawn Price of PNC, Chair of CBA's Deposits and Payments Committee to our D.C. office this week. On Thursday, our Government Relations team participated in one of Georgetown's executive education programs and hosted a group of senior executives from China Resources Enterprise, Ltd. (CRE).