Richard's Rapid Fire

  • 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...
  • July 11, 2014
    Communications Working Group Launches CBA’s media relations team has been working with our member banks corporate communications teams to provide an edge on the issues and news coming out of our nation’s capital. On Wednesday, July 9, 2014, we held the first quarterly call of a new working group, open to all of our members. The call featured an update on what to expect from regulators and Capitol...
  • June 27, 2014
    CBA/AOL Finance Optimism Index Increases Slightly for May The CBA/AOL monthly Finance Optimism Index has found Americans’ finance optimism improved slightly in May to -4.0. This is an improvement of +0.8 from April. Perceptions around personal financial future and consumer’s current financial situations remained relatively steady. The largest change in this month’s findings came from consumers...
  • June 27, 2014
    CBA/AOL Finance Optimism Index Increases Slightly for May The CBA/AOL monthly Finance Optimism Index has found Americans’ finance optimism improved slightly in May to -4.0. This is an improvement of +0.8 from April. Perceptions around personal financial future and consumer’s current financial situations remained relatively steady. The largest change in this month’s findings came from consumers...
  • June 20, 2014
    Whistleblower Sheds Light on CFPB Issues On Wednesday June 18, 2014, the House Financial Services Subcommittee on Oversight and Investigations held a hearing entitled: “Allegations of Discrimination and Retaliation within the Consumer Financial Protection Bureau, Part Three.” While this hearing mainly focused on whistleblowers’ allegations of employment discrimination at the CFPB, testimony by Mr...
  • June 13, 2014
    Cordray: Prepaid Rule Delayed CFPB Director Richard Cordray stated during a Senate Banking Committee hearing on Tuesday, June 10, 2014, the CFPB will not issue a proposal for new rules on prepaid cards until the end of this summer. We had been expecting the announcement of new rules as early as this week. “It's a very high priority for us right now. It doesn't indicate any particular problem...
  • June 6, 2014
    Student Loan Hearings in the U.S. Senate Simultaneous hearings in the U.S. Senate Banking and Budget Committees took place on June 4, 2014 covering the issue of student loan debt. This is the first time in the past three years this issue has been given proper attention, and I was glad to see these hearings were not totally political theater. However, greater scrutiny must be given to the issue of...
  • May 30, 2014
    CFPB Delays Timetable for Overdraft, Payday Rules The CFPB announced a semi-annual update to its rulemaking agenda , which sets out the Bureau’s regulatory plans. The agenda is provided by the Bureau to the Office of Management and Budget (OMB), and reflects the Bureau’s best estimate of its upcoming rulemaking activities. While we did not expect overdraft proposed rules in July, the February...

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