Richard's Rapid Fire

  • October 4, 2013
    We are thankful that yesterday’s incident at the Capitol was isolated, and that our first responders reacted quickly to ensure the safety of bystanders. Government Student Lending Default Rate Increases As the federal government's share in the marketplace has grown to 93% of all new originations, the Department of Education revealed this week federal loans now have a 14.7% three year default rate...
  • September 27, 2013
    Andy Harmening Chairs CBA’s 2014 Leadership Andy Harmening, Senior Executive Vice President and Regional Banking Group Head of Bank of the West, was officially inducted as Chairman of CBA’s Board of Directors on Wednesday, September 25, 2013. Andy succeeds Bob Kottler, Executive Vice President and Director of Retail and Small Business for IBERIABANK. Bob Kottler remains on the Board as Immediate...
  • September 20, 2013
    Navy Yard Tragedy Our thoughts and prayers are with the loved ones who were injured or lost in the tragedy at the Navy Yard in Washington, D.C. this week. We thank our first responders for their bravery in the face of danger and for their life-saving efforts. Fifth Anniversary of the Financial Crisis This month marks the fifth anniversary of the financial crisis and the retail banking industry is...
  • September 13, 2013
    The Cordray and Warren Shows House Financial Services Committee Chairman Jeb Hensarling (R-TX) finally allowed CFPB Director Richard Cordray to testify before the committee on CFPB’s actions over the last 6 months of 2012. While Director Cordray wanted to focus on the positive, but both Hensarling and the top Democrat on the Committee, Maxine Waters (D-CA), steered the discussion towards CFPB’s...
  • September 6, 2013
    Another Private Lender Vacates Student Loan Market Yesterday's news that another retail lender was leaving the student loan business is exactly the result the Administration and those Members of Congress desired when they orchestrated a federal government takeover of the student lending market. Like many government programs, the result has been disastrous. College costs have continued to rise and...
  • August 23, 2013
    Fed to Appeal Interchange Excellent News: Wednesday, the Federal Reserve announced it is filing an appeal of the district court’s ruling overturning its debit interchange rate regulation under the Durbin amendment. Both the Fed and the retailers will seek a stay of the district court ruling while the appeal is pending. The Fed does not plan to issue an interim rule during the appeal process and...
  • August 16, 2013
    This Week's Court Hearing on Interchange Fees U.S. District Court Judge Richard Leon held a hearing Wednesday to discuss moving forward in the matter of NACS v. Board of Governors of the Federal Reserve System. As noted here before, on July 31, 2013, Judge Leon struck down the Board's current rules on interchange fees for debit card transactions, in place since late 2011. Leon ordered the Board...
  • August 9, 2013
    Letters to Cordray: Student Lending Compliance and Non-QM CBA sent a letter yesterday afternoon to CFPB Director Cordray regarding non-QM loans and the industry’s concerns. Based on our meetings with the Bureau, it is very clear we need to address our differing views on the viability of non-QM lending post January 10, 2014... Our joint letter regarding student loans to Director Cordray on Monday...
  • August 2, 2013
    Interchange Developments News came on Wednesday that a U.S. district court judge struck down the Federal Reserve rule capping interchange fees for debit card transactions, saying the Fed overstepped its authority and set the caps too high. CBA issued the following statement in reaction: "This new ruling will create even more chaos for consumers and small banks. Congress ought to save families...
  • July 26, 2013
    Senate Hearing on DAP The Senate Special Committee on Aging held a hearing this week on short-term liquidity products with a focus on senior citizen customers. I served as a witness, along with representatives from consumer groups and the CFPB, and fielded questions on the difference between the deposit advance products (DAP) our banks offer and the more expensive payday loans available from...

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