Richard's Rapid Fire

  • September 26, 2014
    CBA-AOL Finance Optimism Drops 4 Points from July The CBA-AOL monthly Finance Optimism Index has found Americans' financial optimism decreased to -7.0. This is a month-over-month drop of 4.0 points, bringing the Index to its lowest point in 2014. All four components of the Index, including perception of current and future finances as well as economic and political news, turned slightly more...
  • September 19, 2014
    Changing of the Guard – CBA's New Chairman Tim Wennes Takes the Reins We were excited to welcome CBA's Board of Directors and Committee Chairs to the Nation's Capital this week. They had a number of productive meetings; highlights include sit-downs with Small Business Administration Administrator Maria Contreras-Sweet, Sen. Rob Portman (R-OH), House Speaker John Boehner (R-OH), House Financial...
  • September 12, 2014
    Home Depot Breach Verified – Brace for Impact This week we learned what many of us had feared -- the mother of all breaches is upon us with the verification of Home Depot's lapsed security. Already many of our banks have identified patterns of behavior consistent with a data breach in certain geographical areas. While fraud seems limited at this moment, cyber-criminals could begin dumping...
  • September 5, 2014
    Possible Home Depot Breach Bigger than Target? The end of the Labor Day holiday came with some unsettling news – a possible massive breach of consumer data at retailer Home Depot. According to KrebsonSecurity, the breach may have impacted data from all 2,200 stores across the U.S. We all recall the breach at Target earlier this year, which resulted in the compromising of 40 million payment card...
  • August 29, 2014
    Consumer Finance Optimism Drops in July The CBA/AOL monthly Finance Optimism Index dropped back into negative territory to -3.0 for July 2014. The drop of 6.8 points follows the first positive results for the index since January 2014. Contributing factors to this decline include turmoil across the globe, increased concern about personal financial outlooks, and a decrease in positive economic news...
  • August 22, 2014
    Helping the Under-banked by Repealing the Durbin Amendment An opinion piece recently penned by Todd Zywicki, Geoff Manne, and Julian Morris in Forbes , drills down on what many in our industry knew when we learned of the Durbin Amendment: it would be the death of the free checking account. One study by economist Richard J. Sullivan of the Kansas City Federal Reserve Bank cited in their piece...
  • August 15, 2014
    Is $20 Billion the New $10 Billion? The retail banking industry is very familiar with banks taking steps not to pass the $10 billion asset mark in order to avoid the associated massive regulatory and compliance costs. Consider Cathy Nash who sold Citizens Republic Bancorp when it reached $9.7 billion in assets to FirstMerit in 2012. Now there is another reason – the cut in interchange fees. The...
  • August 8, 2014
    Our thoughts and prayers are with our friends in the Aloha State as they prepare for impending hurricanes. Fed Releases Senior Loan Officer Survey The U.S. Federal Reserve this week released its July 2014 Senior Loan Officer Survey , which is comprised of respondents from up to 80 large domestic banks and 24 U.S. branches and agencies of foreign banks. The survey found about 40 percent of large...
  • August 1, 2014
    CBA Testifies Before Senate Banking Committee This week, I testified before the U.S. Senate Banking Committee on the state of the private student loan industry and campus financial products. This was an opportunity to demonstrate the excellent performance and repayment metrics of private student loans. Compared with federal loans, which have a 15% default rate, private loans are getting it right...
  • July 18, 2014
    CFPB Proposes Publishing Unverified Consumer Complaint Narratives The Consumer Financial Protection Bureau has proposed publishing unverified complaint narratives from unidentified consumers in their Consumer Complaint Portal. Publishing narratives of every unverified complaint will give only the illusion of disclosure. Banks have an obligation to their customers to maintain the confidentiality...

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