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View from CBA August 23, 2013
Fed to Appeal Interchange
Excellent News: Wednesday, the Federal Reserve announced it is filing an appeal of the district court’s ruling overturning its debit interchange rate regulation under the Durbin amendment. Both the Fed and the retailers will seek a stay of the district court ruling while the appeal is pending. The Fed does not plan to issue an interim rule during the appeal process and we do not believe the court has the authority to require one. In my view, this attempt at price fixing by the retailers and Sen. Durbin ultimately will be shown as heavy-handed and out of touch with the proper role of government.
Government Misses 61.6% of Dodd-Frank Deadlines
By July 15, 2013 the government has missed 61.6% of Dodd-Frank’s 279 deadlines, according to a new report. Monday, President Obama called in the leaders of government’s financial regulators to prod them to work faster. This shows just how massive and cumbersome the mechanics of implementation have become, especially with so many cooks in the kitchen.
QRM Vote Coming Next Wednesday
Next Wednesday, the FDIC will vote on the new QRM proposal to set which mortgages would be subject to risk retention. Expect regulators to exempt single-family loans that meet the requirements of the qualified mortgage rule.
Looking for a Few Good Speakers
CBA LIVE 2014 is coming to DC, and we’re putting together another strong lineup of speakers for our general sessions and forums. Setting up attendees for success in our industry is the focus of this annual event. If you know of someone who would help fill that mission, have them apply to participate.
News and Notes
Congratulations to Alon Kupferman, Vice President of Online Banking Product Management at M&T Bank, and the founding Chairman of CBA’s Digital Channels Committee, on the new addition to his family - Adam Levi. He was born at 3:30 AM on August 21, 2013. Alon reports that Mom, big sister and baby brother are all doing well.