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View from CBA May 3, 2013
CFPB's Remittances Rule Commendable
CBA applauds the CFPB on the final rule on remittances issued this week. We are encouraged by the Bureau's willingness to work with banks to ensure customers' needs are met when sending money abroad. A full analysis of the rule may be found in our GR Update below.
Regulatory Radar - What's Next?
Next Wednesday, May 8, 2013, the CFPB will hold a hearing on student lending in Miami. It has become standard CFPB protocol to make news at these events. We would not be surprised if there is some additional announcement on Wednesday, like a Congressional hearing or coordinated press effort on student lending issues. Stay tuned…
The Senate Commerce Committee will be taking a look at credit reports and the impact on consumers next Tuesday afternoon. The CFPB Director of Research is expected to be one of the witnesses. CBA will be following this closely for any news or policy developments.
The auto story is becoming more and more of a concern, as the issue of add-on products is added to fair lending enforcement, according to a story in the Wall Street Journal today. We will be monitoring this closely and determining next steps.
Banking on Youth 2013 Competition Finalists
This week the CBA Foundation and Ashoka's Youth Venture announced the “Banking on Youth” competition finalists. Banking on Youth connects retail banks with young entrepreneurs who are in need of seed money to fund their ventures. More than 200 entries were received this year and the six national finalists are:
- Ecoviate, Param Jagggi, IL
- Everybody Dance Now! Jackie Rodman, CA
- Moneythink, Ryan Charnov MO
- St. Louis MetroMarket, Tej Azad, MO
- TGIF-Turn Grease Into Fuel, John Perino, RI
- VolunTEENnation.org, Simone Bernstein, MO
Thanks to all our bank sponsors who made this program possible. Visit the Banking on Youth website to see the 29 regional winners our banks selected. As part of the Foundation’s commitment to address the financial literacy needs of our nation’s youth, this week CBA’s Jeannie Bunton and Liz Terry attended the CFPB’s Investing in our Future: A National Conference on Financial Capability for Children and Youth conference.
VIP at CBA HQ
CBA was honored to welcome Past Chair Pat Phillips, formerly of Bank of America, to CBA World Head Quarters this week. Pat currently serves on the Boards of Directors for Cardtronics and USAA. Thanks to Pat for his insight on CBA’s history from his Chairmanship in 2000, and thoughts regarding how we can best serve our members going forward.
New Committee Members
I am pleased to announce our Committee participation continues to grow. Welcome to our newest members:
- Rodney Abele, Senior Counsel, Regulatory Policy of PNC, CBA's CFPB Committee
- Michael Ching, Vice President, Online & Mobile Banking of Bank of Hawaii, Digital Channels Committee
- Che Clay, Chief Compliance Officer of Bancorp South Bank, CBA's CFPB Committee
- John Crandall, Senior Vice President, Director of Default Services of Associated Bank, Default Management Committee
- Lonnie Hayes, Small Business Segment, Executive Director of BBVA Compass, Small Business Banking Committee
- Daniel Loskove of GE Capital, CBA's CFPB Committee
- Chris McGillis, Senior Vice President, CRA Administrator of SunTrust Bank, Community Reinvestment Committee
- Jonathan Mothner, General Counsel, Retail Finance of GE Capital, CBA's CFPB Committee
- James Murray, Vice President, Manager Consumer Collections of FirstMerit Bank, Default Management Committee
- Joshua Raymond of GE Capital, CBA's CFPB Committee
- John Rosenfeld, Executive Vice President, Head of Everyday Banking of Citizens Financial, Deposits & Payments Committee
- Anthony Warden, Member Debt Solutions of USAA, Default Management Committee
Quote of the Week
Add it to your Christmas wishlist:
"Exempt credit unions from CFPB regs," responded Robert Burrow, president of $317 million-asset Bayer Heritage Federal Credit Union in Proctor, W.Va.
- American Banker, "Banks Find New Best Friend — Credit Unions — in CFPB Fight"