View from CBA February 7, 2014

February 7, 2014

CFPB Director Cordray to Appear at CBA LIVE

Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB), will provide insight into upcoming CFPB actions on Wednesday, April 2, 2014, at CBA LIVE 2014: Red, White, + Banking. This addition to our line-up of speakers, which includes former Homeland Security Secretary Tom Ridge, and Chris Gardner, inspiration for The Pursuit of Happyness, demonstrates once again this will be a must attend event for the leaders in retail banking.

Retailer Data Breach Hearings Dominate Congress

The recent retailer data breaches dominated the narrative in Washington this week. While we at CBA first set out to find out exactly what transpired and why, the retailers instead looked to shift the blame. When retailers state this data breach comes at no cost or liability to consumers, they are right - because its banks and card issuers who step up to do the right thing at little or no cost to retailers. Retailers should recognize the costs of data breaches snowball with time and should take responsibility when they are at fault. We have learned our banks have now reissued over 17.2 million debit and credit cards to date. This is an increase from the initial round of 15.3 million card replacements by CBA’s members.

Visiting Our Bankers

I was in San Francisco, CA this week and met with our Board of Directors Chairman Andy Harmening of Bank of the West. We discussed CBA’s initiatives and the cascading impact of the recent string of retail data breaches on consumers, cyber security, and the financial industry as a whole. We look forward to hosting Andy at CBA’s world headquarters in Washington, D.C. on February 10, 2014. He will be discussing the state of retail banking as well as our priorities for 2014 with reporters at our annual press conference and meeting with regulators.
While in San Francisco, I was glad to also meet with John Stumpf, Chairman, president and CEO of Wells Fargo & Company. He had tremendous insight into the impact of mobile and digital banking on the future of our industry.

Committee Updates

We would like to welcome the bankers who recently joined our standing committees. We look forward to seeing you at CBA LIVE in March:

  • Community Reinvestment Committee | Elaine Dovas, CRC Officer, First Niagara Bank
  • Digital Channels | Andy Saner, Vice President, Director of Operations, MainSource Financial
  • Fair & Responsible Banking | Ken Scott, Managing Director – Fair Lending, Citi
  • Home Equity | Tom Harms, Director – Home Finance, State Farm Bank
  • Small Business | Brian Ward, Director of Credit Administration, MainSource Financial

Membership News

We are excited to welcome our 18th and 19th newest associate members to join CBA this year: Nexxoand OnDeck!

News and Notes

CBA Board Member Nandita Bakshi, head of retail distribution and products at TD Bank, offered her insight in the New York Times on the changing trend in bank branch size and location. She will be joining a panel of executives to discuss the state of retail banking during CBA LIVE 2014.
CFPB Director Richard Cordray appeared on the trivia show “Jeopardy!” He came in second place with $5,200, after risking it all in the “Final Jeopardy” round. The show was a special edition - inviting back previous champions from the 1980’s.