Richard's Rapid Fire

  • March 14, 2014
    MasterCard Joins CBA as Premier Sponsor MasterCard Worldwide has joined CBA as a Premier Sponsor, meaning a year-round commitment to CBA and the retail banking industry as a whole. We are proud to have them join Black Knight Financial Services, Equifax, Fiserv, and Novantas as Premier Sponsors of CBA, and rely on this select group of sponsors for industry insight, research and thought leadership...
  • March 7, 2014
    Community Bankers: Acquire or be Acquired According to the Federal Deposit Insurance Corporation (FDIC), the number of federally insured financial institutions nationwide shrank to 6,891 in 2013 - falling below 7,000 for the first time since federal regulators began keeping track in 1934. Those numbers are not lost on members of the Independent Community Bankers of America (ICBA), who recently...
  • February 28, 2014
    House Tax Reform Package Includes Bank Tax This week House Ways & Means Committee Chairman Dave Camp (R-MI) proposed comprehensive tax legislation. While both House Speaker John Boehner (R-OH) and Senate Minority Leader Mitch McConnell (R-KY) have downplayed any chance of a tax package passing this year, the banking industry should be concerned by a tax on banks and certain financial...
  • February 21, 2014
    Target Breach Response Continues Financial institutions of all sizes are proactively aiding consumers by replacing cards potentially compromised due to the Target data breach. We did not wait to alert our customers. Members of CBA, the Independent Community Bankers of America (ICBA), and the credit unions have replaced a total of 25.8 million cards at a cost to banks of $242.6 million – not...
  • February 14, 2014
    Harmening Rolls Out CBA’s 2014 Legislative and Regulatory Priorities CBA’s Board of Directors Chairman Andy Harmening unveiled our 2014 legislative and regulatory priorities to the media on February 10, 2014 at CBA’s world headquarters. I was glad to join Andy in covering a number of issues, including: the state of retail banking, QM and Non-QM mortgages, Bitcoin, the CFPB’s complaint database,...
  • February 7, 2014
    CFPB Director Cordray to Appear at CBA LIVE Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB), will provide insight into upcoming CFPB actions on Wednesday, April 2, 2014, at CBA LIVE 2014: Red, White, + Banking. This addition to our line-up of speakers, which includes former Homeland Security Secretary Tom Ridge, and Chris Gardner, inspiration for The Pursuit of...
  • January 31, 2014
    Exam Format Changes May Expedite Exam Reports The CFPB has announced it is changing the format of its exam reports. According to a statement by the bureau, they believe this change will expedite the time it takes banks to receive final exam reports: “We anticipate that these changes will reduce the amount of time necessary to finalize reports, thus enabling us to more efficiently provide the...
  • January 24, 2014
    Target Breach Impacting Banks Banks have proactively replaced millions of customers’ cards and allocated significant resources to correct a problem that, by all appearances, was not of their making. This comes at no small cost, and Target needs to take the financial responsibility. According to data collected from CBA member banks, it has not been cheap to replace these credit and debit cards...
  • January 24, 2014
    Target Breach Impacting Banks Banks have proactively replaced millions of customers’ cards and allocated significant resources to correct a problem that, by all appearances, was not of their making. This comes at no small cost, and Target needs to take the financial responsibility. According to data collected from CBA member banks, it has not been cheap to replace these credit and debit cards...
  • January 17, 2014
    Deposit Advance Products We learned this week Regions Financial, U.S. Bank, Wells Fargo and Fifth Third have decided to phase out their Deposit Advance Products. This development was a point of discussion during my meeting with CFPB Director Cordray on January 16, 2014. The vast majority of consumers using deposit advance products do so responsibly under transparent and fully disclosed terms...

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