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View from CBA - May 22, 2015
Senate Banking Committee Passes Regulatory Relief Bill
In the five years since Congress passed Dodd-Frank, CBA member banks have undergone significant transformation in response to this legislation, while still meeting the needs of the American consumer and small business. As you all know, however, Dodd-Frank is not perfect. Now is the time for Congress to address the unintended consequences of the one-size-fits-all legislation and determine if it is best serving the consumers it was intended to protect. To these ends, we are pleased the Senate Banking Committee passed a regulatory relief bill this week. Since it is only Memorial Day, we remain optimistic a bipartisan consensus can be achieved in the coming months—doing so is obviously in the best interest of consumers.
CFPB, DOJ Step Up Interest in Redlining
In case you missed it, the Department of Justice and CFPB are using a new approach to screen for redlining. This new method—as highlighted at CBA LIVE 2015—has both agencies comparing banks with their peers rather than just internally. We will update you as this new process unfolds.
Bringing You the Latest from Washington
On Tuesday, we were pleased to have a great turn out for our members-only briefing on current regulatory and legislative issues. We covered the latest news on TRID, short-term liquidity, regulatory relief, and consumer complaints, as well as a number of other hot topics. We always enjoy the opportunity to share what is happening in Washington. If there are ever matters you wish to learn about, please let us know.
Team CBA Travels to Texas and Missouri
On Thursday, I visited former CBA board member Cathy Nash, President and CEO of Woodforest National Bank. Woodforest is one of our newest member banks, so it was great to visit with Cathy and her team—Jay Dreibelbis, Julie Mayrant, Patricia Brown, and Charles Vernon.
Last week, Steve Zeisel and Liz Terry traveled to Kansas City to meet with our friends at Commerce Bank to discuss the latest issues in DC as well as industry perspective surrounding indirect loans, campus products, and small dollar lending. Many thanks to Chuck Kim, Patty Kellerhals, Carl Bradbury, Robert Griffin, Becky Soetaert, and Molly Hyland for taking the time to meet with us.
What We're Reading:
Fiserv ordered to turn over data on credit card overdraft fees
Debit-Card Data Theft at ATMs Is Soaring
St. Louis Fed Says Hackers Breached Economic Data Website
KeyCorp's Chairman and CEO Beth Mooney took a trip down memory lane with Bloomberg Business this week. According to the story, she is the first and currently only female CEO of a top U.S. Bank.
Capital One Financial has hired Desmond Smith, formerly a Managing Director at Citigroup, to oversee its mortgage lending expansion.