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View from CBA January 4, 2013
The good news is we did not go over the fiscal cliff. Our nation's leaders worked together over the weekend to negotiate the fiscal cliff deal:
After nearly 17 months of a self-imposed deadline, Congressional Leaders acted at the very last minute, only leading to another showdown over the debt limit in two short months. The deal included various tax provisions after Vice President Joe Biden and Senate Minority Leader McConnell (R-KY) agreed to raise taxes on American families making $450,000 and on individuals making $400,000 and revert back to the Clinton-Era tax rate of 39.6%. While the Senate passed the bill by a vote of 89-8, House Majority Leader Boehner vowed to reject the Senate bill as there were no cuts to entitlements or spending his party sought, but still, the bill passed the house with a vote of 257 – 167, with 85 Republicans voting for the deal. Overall, the bill will raise revenues by $620 billion and cut spending by $12 billion, but Republicans believe they now have leverage for the upcoming debt-ceiling debate with democrats hoping to raise the $16.4 trillion debt limit in late February.
Unfortunately this deal will adversely impact thousands of American small businesses. If there can be a delay in spending reductions for two months, why can't there be a delay in tax increases for two months? Tune in for part two of -"As Congress Turns - the debt ceiling crisis."
CFPB Remittances Update
Just before the holiday break, the CFPB issued the much-awaited proposal on the delayed and revised rule on remittance transfers. CBA was a vocal advocate of delaying this rule and amending the provisions to enable many banks to continue offering this valuable service. Without this action by the CFPB, consumers would have been harmed by the very rule intended to help them. CBA plans to comment on the revised rule. Please see our full write-up below for further information.
...Expecting QM final rule any day now.
Joe Belew Award
Applications for the 2013 Joe Belew Award Competition are due Wednesday January 9, 2013. This Award honors the memory of former CBA President, Joe Belew, who was renowned for his unwavering commitment to community development. The 2013 competition topic is Creating and Maintaining Affordable Housing for Low and Moderate Income Individuals and Communities. Large and small banks will be judged on equal footing. Visit CBA's website to download the application.
CBA LIVE 2013: March 11-13 in Phoenix
Hundreds of your fellow bankers already have registerd for CBA LIVE 2013: The Future of Money. The general session lineup includes original research from TRU - the global authority on millenials, "Banker of the Year" Stephen Steinour, CEO of Huntington Bank, and a lunch with the CFPB. You cannot afford to miss this opportunity to connect with the top decision makers in retail banking. Hotel rooms are booking up quickly. Register and reserve your room today. I look forward to seeing you in Phoenix!