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View from CBA August 22, 2014
Helping the Under-banked by Repealing the Durbin Amendment An opinion piece recently penned by Todd Zywicki, Geoff Manne, and Julian Morris in Forbes, drills down on what many in our industry knew when we learned of the Durbin Amendment: it would be the death of the free checking account. One study by economist Richard J. Sullivan of the Kansas City Federal Reserve Bank cited in their piece found "while access to free checking plunged at banks subjected to the Durbin Amendment, free checking actually increased at smaller banks below the $10 billion threshold." The slashing of interchange fees has been a boon to retailers, but we have yet to see a cent of those fees passed onto the consumer as they had promised. The loss of free checking of course impacts consumers and families of lower income, those who many in the consumer advocacy space have termed "under-banked." The authors call for the repeal of the Durbin Amendment to give banks the ability to once again offer free checking. Sounds like commonsense to me.
Student Loan Bill Vote in September
Sen. Elizabeth Warren (D-MA) told Rolling Stone this past Wednesday the U.S. Senate will give her student loan bill a second vote this September. Democrats are looking to push the issue of students struggling to repay their educational debts ahead of November's midterm elections.
CBA Committee News
Steve Thompson, Vice President - Head of Consumer Lending at USAA Federal Savings Bank, has joined the CBA Auto Committee.
Accepting Speaker Proposals for CBA LIVE 2015
Speaker proposals for CBA LIVE 2015 in Orlando, FL are now being accepted. We are in search of dynamic speakers to offer fresh content and innovative ideas for the premier event for the retail banking industry. We are committed to providing the highest quality and most relevant programming, CBA LIVE features 10 forums, targeted to specific areas of banking, including Auto Finance, CFPB, Community Reinvestment, Default Management, Deposits & PaymentsDigital Channels, Fair & Responsible Banking, Home Equity Lending, Small Business Banking, and Student Lending. We are also asking proposals for pertaining to Risk and Wealth Management.
The deadline for speaker proposals is next Friday, August 29, 2014, so download the speaker proposal form today.
David Darnell of Bank of America has been named Vice Chairman and will continue to lead Global Wealth and Investment Management and Business Banking. Moving forward, Thomas Montag will be Chief Operating Officer. Additionally, Dean Athanasia, Head of Preferred and Small Business Banking, and Thong Nguyen, Head of Retail Banking, will now report to CEO Brian Moynihan as well as join the management team.
This August marks 31 years for past CBA Education Funding Committee chair Michael McFarlane at Citizens Bank and 13 years for Current CBA Deposit Management Committee Chair Larry Tewell at Wells Fargo.