View from CBA November 1, 2013

November 1, 2013

Obama Administration Nominees on Hold

Confirmation of a president Obama nominee for Federal Reserve Chair, Janet Yellen, could be on hold for an indefinite period. Sen. Rand Paul (R-KY) has vowed to block her nomination until his father’s “Audit the Fed” bill receives a vote in the Senate. The bill previously has passed the House by a wide margin. In addition, Sen. Lindsay Graham (R-SC) has vowed to block all of President Obama’s nominations until he receives information on the attack on our consulate in Benghazi, Libya. On October 31, 2013, the Senate blocked the nomination of Rep. Mel Watt (D-NC) to be director of the Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac. The White House had attempted a full court press this week to win approval of his nomination.

Joe Belew Award

Keeping with the theme of CBA LIVE 2014 – “Red, White, and Banking,” this year’s Joe Belew Award will go to our member bank with the most innovative program focused on helping our service members, veterans and their families. We are all proud of the service and sacrifice that they contribute to our nation.

Membership

This week, Liz Terry and I were in Pennsylvania meeting with CBA members, PNC Bank and First Commonwealth Bank, as well as a prospective corporate member. Thank you to Neil Hall, CBA Board Member, Executive Vice President, Head of Retail Banking, PNC; Mark Pregmon, CBA Associate Membership Council, Executive Vice President, Commercial Lending Operations, PNC; and Mike Price, President and CEO, First Commonwealth Bank, for taking the time to meet with us. It was a great opportunity to discuss last week’s joint statement on QM and continued uncertainty in today’s regulatory environment.

CRC Meeting

The Community Reinvestment Committee met in Washington, D.C. this week. Lisa Glover of U.S. Bank completed her term as Committee Chair, with Jan Woolsey of Union Bank assuming the chair. We thank Lisa for her leadership and continued commitment to CBA.

The Committee reviewed its goals for 2014, discussed several policy issues and spoke with guests from the OCC, FDIC and Federal Reserve. Special thanks to VolunteerMatch for their sponsorship of this week’s CRC activities, and Russ Nelson, Vice President of Products, for his presentation.

Congratulations Bill Jensen

Auto Remarketing and SubPrime Auto Finance News announced that Bill Jensen, senior vice president and national retail credit executive at Chase Auto Finance, and CBA’s former Auto Committee Chair, has been selected the inaugural winner of the Auto Finance Executive of the Year, presented by Black Book Lender Solutions. Congratulations to Bill on this well-deserved recognition.