View from CBA October 25, 2013

October 25, 2013

Roundtable Meetings

CBA hosted 2 ½ days of exclusive Executive Roundtable sessions this week. We had an impressive and diverse group representing 16 of our member banks and 1 prospective member. Thank you to our guest speakers: Reps. Blaine Luetkemeyer (R-MO), and Patrick Murphy (D-FL); Jaret Seiberg, Guggenheim Partners; and Bart Shapiro, Offit Kurman Law Firm. None of this could have been possible without the support of our Premier Sponsors: Equifax, represented by Isio Nelson; and Lender Processing Services (LPS) represented by Robert Davis and Lesley Grimes.

The rapidly changing regulatory landscape and data security were at the forefront of discussions. Some takeaways: 

  • Technology: Senior citizens are adopting the use of mobile apps and websites just as quickly as other age groups. Consumers in rural areas also see technology as a way to conveniently bank. We are at a tipping point on this issue and banks should continue investing here. Technology and the internet are here to stay.
  • CFPB Compliance: Banks which are not under CFPB jurisdiction are paying attention and complying with the CFPB’s rules and examination process. They are hyper-aware of the regulatory environment and what they may be subjected to.
  • OCC: The Office of Comptroller of the Currency is ramping up its exams which our banks are finding to be much more aggressive than in the past. I’ve spoken of regulatory Olympics before – regulators are fighting each other to see who can be toughest on banks.

Qualified Mortgages

On Tuesday, October 22, 2013 the Federal Reserve, CFPB, FDIC, OCC, and NCUA issued an interagency statement on fair lending compliance with the Ability-to-Repay/Qualified Mortgage (QM) rule. The joint statement is a welcome starting point from industry regulators. Consumers come from a variety of financial backgrounds. This guidance will help our industry meet the needs of those consumers. We look forward to continuing to work with industry regulators as this issue evolves.

CBA Membership News

CBA is proud to announce that Earnix is our 11th new associate member for the year.

CBA Team News

Pace Bradshaw, Vice President of Congressional Affairs, is departing CBA to become Deputy Head of US Government Relations at Visa. His last day at CBA is November 8, 2013. Pace has been an integral part of CBA’s enormous growth over the past 2 ½ years and we are very sad to see him leave us. The entire CBA family wishes Pace, Kelly and Addison all the best.