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View from CBA February 1, 2013
Recess Appointments and the CFPB - Acting Deputy Director?
CBA held a conference call with 125 members on Monday regarding the CFPB implications of last week’s court ruling that President Obama’s NLRB recess/ non-recess appointments were unconstitutional. The White House took a gamble when they made these appointments last year and now banks and our customers are paying the price.
Markets can handle bad news, but struggle with uncertainty. We have talked to 10 different lawyers this week and received 15 different opinions on the implications for the Bureau and the industry. Raj Date’s departure and the announcement of Steve Antonakes as Acting Deputy Director raise further questions about leadership and rulemaking by Director Cordray.
CBA continues to call for a CFPB structure that can stand the test of time – a Commission. As long as our nation’s leaders continue to play politics with the CFPB, the consumer will lose.
CBA looks forward to hosting members of our Board of Directors and Government Relations Council for our annual D.C. day on February 6, 2013. We have a full slate of meetings planned and look forward to talking with legislators about the strength of banking in our nation and our priorities for the year, which include, “perfecting the CFPB,” and strengthening small business lending.
CBA welcomes our newest Government Relations Council member Sarah Long, Senior Vice President, PNC.
GSRBM – Back to Class
The CBA/BAI Graduate School of Retail Banking, celebrating more than 60 years of excellence in education, is now accepting applications for the July 21 - 31, 2013 session. The new catalog with course descriptions and application may be found on our website. The size of the freshman class is limited and enrollment is very competitive. Students affirm GSRBM helps them go from working at the bank, to being able to run the bank. We are committed to helping our members build their bank’s potential. Contact Holly Braly if you have any questions.
This week the CBA team traveled to Vienna, VA to meet with CBA member United Bank. I enjoyed the opportunity to discuss their recent acquisition of Virginia Commerce Bank and to catch up with their team on the CFPB and the state of the industry. Their combined assets will surpass the magical $10 billion threshold, making them subject to CFPB enforcement ... well, maybe pending court cases.
Meanwhile, Pace Bradshaw – CBA’s VP of Congressional Affairs – traveled to Rome, GA for a meeting with Regions’ Michelle Walters, SVP Community Banking (GA/SC), Jim Halverson, President NW Georgia Market, Cyndi Westmoreland, VP Community Banker, and Congressman Tom Graves who is a member of the House Appropriations Committee and its financial services subcommittee. The group discussed the local economy and the stiff competition to attract small business customers. The Congressman has a strong interest in understanding how his local banks are working with these small businesses, and what challenges business owners and bankers face during this slow economic recovery. CBA values the opportunity to connect members with their elected representatives to help ensure Members of Congress are hearing from the industry and how it is impacting their constituents and their district or state.
Earlier in January, the CBA team traveled to Chicago to meet with President of First American Bank John Ward - Former CBA Chair and Current GRC member - as well as Congressman Peter Roskam, member of the House Ways & Means Committee and Chief Deputy Whip.