Richard's Rapid Fire

  • 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...
  • May 23, 2014
    This Memorial Day, please take a moment and remember all of those brave servicemembers who have given their lives in service to our nation. Without their commitment, we would not have the freedoms we enjoy on a daily basis. From all of us at Team CBA, we wish you and your family a Happy Memorial Day. CFPB to Open Meetings to the American Public The CFPB has announced it will open up meetings of...
  • May 16, 2014
    As the Federal Student Loan Turns It is not every week we agree with the left-leaning National Consumer Law Center (NCLC), but this week we did. On May 13, 2014, the NCLC sent a letter to Education Secretary Duncan accusing the Department of withholding information on federal student loan operations. The NCLC, in its letter, cited a lack of access to discuss borrower concerns, issues with...
  • May 9, 2014
    GSRBM Applications due Next Week The deadline to submit your application to the CBA-BAI Graduate School of Retail Bank Management (GSRBM) is this coming Thursday, May 15, 2014. GSRBM provides a rigorous, boutique education for ambitious bank officers over the course of three ten-day summer sessions. Speakers this year include: Carrie Tolstedt, Senior Executive Vice President of Community Banking...
  • May 2, 2014
    Earnings Season Wraps Up This week wrapped up the quarterly earnings reports of CBA’s member banks. Mortgage lending and overall revenue continues to lag, prompting M&T Bank CEO Robert Wilmers to state: “Too many banks are competing for too few loans in an economy that continues to be characterized by slow and uneven growth.” This is a sentiment shared by other bank CEOs including BB&T’s...

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