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View from CBA December 12, 2014
Government Funding Bill Offers Peak into Future Dodd-Frank Tweaks
One of the last must-do items for the 113th Congress is to pass a bill to fund the Federal Government before they adjourn. Many in Washington see this as the last train leaving the station and have taken the opportunity to attach riders to the bill covering issues as varied as increased donation limits to national political parties to a halt of the District of Columbia's decriminalization of marijuana. Of interest to our industry is a small provision repealing a Dodd-Frank prohibition on the use of taxpayer-insured depositor funds for the trading of derivatives by financial institutions. The inclusion of this provision has incensed Sen. Elizabeth Warren (D-MA) who has called for the overall funding bill to be blocked. As we look to the 114th Congress on what may be possible in improving Dodd-Frank, it will be very telling to see who in Congress raises objections to this change.
Mobile Banking Overtakes Online Banking
New research from Business Insider Intelligence reveals mobile banking has for the first time overtaken desktop-only digital banking at the three largest banks in the U.S. – Wells Fargo, Bank of America and JPMorgan Chase. Fifty-three percent of customers banked via their mobile phone, while 47 percent accessed account information via their personal computer. This trend is likely to continue as 61 percent of Americans own a smartphone and 91 percent of adult Americans have some type of mobile phone according to Pew Research Center's Internet & American Life Project.
Board of Directors Winter Meeting
This week I was in California to huddle with CBA Board Chairman Tim Wennes of MUFG Union Bank, and to prepare for our quarterly Board Meeting. Board Members met by phone on Wednesday, December 11, 2014 where we discussed the 2014 elections and our agenda for the coming year. In addition, Board members heard from Rich Thau of Presentation Testing, who we have tasked with researching the issue of overdraft use by consumers.
2015 Joe Belew Award Applications Being Accepted
Applications now are being accepted for the 2015 Joe Belew Award, which will recognize the CBA member bank with the most innovative program supporting financial education. Apply today and share your bank's achievements in transforming the financial health of America's consumers.
The winner will be announced and all applicants will be showcased at CBA LIVE 2015, to take place March 23 - 25, 2015 in Orlando, FL. The winning bank will receive $5,000 to donate to a non-profit program of its choice, and will be featured in a CBA press release and on the CBA website through the following year. The deadline for applications is January 14, 2015. For more information please visit our website, email Maren Colon or call (202) 552-6394.
CBA Team News
Kristen Fallon has joined Team CBA as Vice President of Congressional Affairs. She was previously a Legislative Aide to Sen. Mike Johanns (R-NE) as well as Sen. Jeff Flake (R-AZ).
Bianca Sabrkhani, Exhibits and Sponsorship Coordinator, has departed CBA to return to her alma mater, University of Central Florida, as Assistant Director – External Relations at the UCF Alumni Association. We certainly wish her well!
IBERIABANK will purchase Atlanta-based Georgia Commerce Bank for $195 million, its fifth acquisition this year.