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View from CBA December 6, 2013
CFPB Rulemaking Agenda
The CFPB posted a semi-annual update to its rulemaking agenda on December 4, 2013. They continue to work on rulemaking as mandated by Dodd-Frank and are looking to expand their focus on consumer financial products and services. In 2014, the CFPB expects to begin work on mortgage issues, including preservation of credit in “rural or underserved” areas, and implementing changes to the Home Mortgage Disclosure Act. In addition, they plan to move ahead with rules affecting prepaid cards, debt collection, payday loans and other deposit advance products and overdraft programs. They will also be seeking comment on ways to streamline and modernize regulations the CFPB inherited from other agencies.
Private Student Loan Servicers
On December 3, 2013, The CFPB issued a finalized rule, “Defining Larger Participants of the Student Loan Servicing Market.” This is an appropriate step to ensure all major participants in the student loan servicing market are subject to the same oversight and regulation. We also strongly believe students who borrow federal loans should receive the benefit of CFPB oversight which will come as a result of this rule. Moving forward, the CFPB and the Department of Education should focus on college affordability and the $1 trillion in outstanding federal student loan debt.
Visiting our Bankers on the West Coast
I had a great meeting with the Union Bank team on December 4, 2013. Thank you to CBA Board Member Tim Wennes, who serves as Union’s Vice Chairman and Chief Retail Banking Officer, and External Affairs Executive Randal Hernandez for setting it up. We discussed data collection and interchange. I also had a prospective membership meeting at East West Bank with Doug Krause who serves as their EVP, Chief Risk Officer, and General Counsel. We talked about QM rules and the CFPB’s exam process.
We are excited to announce that Rabobank, N.A. will become the newest CBA member! The news came from Mark Borrecco, EVP, Head of Community Banking on December 2, 2013 during a visit in Roseville, California (outside Sacramento). While our Membership Director Liz Terry and I believe we may have done a little persuading, the fact is Andy Harmening, CBA Board Chairman, had been doing the heavy lifting. Thank you, Andy!
Rabobank, N.A. is the primary U.S. subsidiary of Netherlands-based Rabobank Group. It operates about 120 bank branches, agricultural field offices, and financial service centers in Central and Southern California. Rabobank Group entered the U.S. in 2005 when it bought Valley Independent Bank.
Reagan Anderson will be joining the team as Head of Congressional Affairs effective January 13, 2014. In that capacity she will also serve as a member of the management team. Most recently, she served as Vice President, Government Affairs for NYSE Euronext and brings extensive Capitol Hill, association and corporate experience that will serve CBA well as we enter our next phase of growth.
CBA is pleased to welcome Maren Colon as our newest team member, who began on December 2, 2013 as our Government Relations Coordinator. She takes over for Angie Berkey, who has been promoted in-house to Marketing and Communications Manager.
News and Notes
The New York Times’ Deal Book profiled Citigroup’s CEO Michael Corbat.
BBVA Compass’ Francisco Gonzalez penned an OpEd in the Fiscal Times on how banks should harness data and technology to meet consumer demands.