Richard's Rapid Fire

  • May 24, 2013
    Bernanke and Lew Testimony Two big sound bites caught my attention this week and no, it was not the IRS controversy. They came from Federal Reserve Chairman Ben Bernanke and Treasury Secretary Lew. Bernanke on concerns about financial stability : "I would say that (concern) has increased a bit. We have greatly increased our monitoring and attention to these issues ... to ascertain both whether...
  • May 17, 2013
    CFPB Radar The United States Senate is likely to debate CFPB Director Cordray's confirmation next week, with an actual vote following the Memorial Day recess. While Director Cordray will not receive the votes necessary for confirmation, I believe Majority Leader Reid may be using this vote for a filibuster "reform" effort. Instead of needing 60 votes, Reid's proposal would require only 51 votes...
  • May 10, 2013
    Last Chance to Apply for Retail Banking School The “best in class” banks will be in class at GSRBM this July 21-31, 2013. Less than one week remains until the application deadline: Wednesday, May 15, 2013. Check out our new curriculum and read why students, faculty and decision-makers choose GSRBM . Student Loans - CBA and CFPB Action The CFPB on Wednesday issued its report on student debt and...
  • May 3, 2013
    CFPB's Remittances Rule Commendable CBA applauds the CFPB on the final rule on remittances issued this week. We are encouraged by the Bureau's willingness to work with banks to ensure customers' needs are met when sending money abroad. A full analysis of the rule may be found in our GR Update below. Regulatory Radar - What's Next? Next Wednesday, May 8, 2013, the CFPB will hold a hearing on...
  • April 26, 2013
    Busy Week for the CFPB The CFPB has been in a frenzy of activity. In addition to their outstanding financial literacy outreach to consumers this week they: Issued a white paper on payday and deposit advance loans; Issued a statement on deposit advance product announcements by banking regulators; Issued Preemption Determination; Issued Second Round of Clarifications to Mortgage Rules; and...
  • April 19, 2013
    CBA Testimony on Regulatory Relief CBA Government Relations Council Member Chuck Kim of Commerce Bancshares testified on Tuesday, April 16, 2013, before the U.S. House Subcommittee on Financial Institutions and Consumer Credit on “Examining Community Bank Regulatory Burdens.” Chuck fielded questions from Committee members about bank definitions by size and business model. Please see the GR...
  • April 12, 2013
    Letter to Cordray CBA sent a joint-trades letter to Director Cordray this week requesting more time and guidance from the CFPB on the mortgage rules. The industry’s most urgent concern right now is the incredibly short period of time allowed to comply with the new mortgage rules. We urge the CFPB to clarify the rules and extend compliance deadlines. See our CFPB report below for more information...
  • April 5, 2013
    Administration Urges "Subjective Judgment" in Lending This article from the Washington Post says it all: "(Obama Administration) Officials are also encouraging lenders to use more subjective judgment in determining whether to offer a loan and are seeking to make it easier for people who owe more than their properties are worth to refinance at today’s low interest rates, among other steps." This...
  • March 29, 2013
    CFPB's "Not Verified" Data The CFPB today released their expanded consumer complaint database showing more than 90,000 complaints - with half coming from affluent and elderly zip codes. While I applaud the intent of the CFPB to inform consumers on specific types of complaints, their methodology is flawed and actually performs a disservice to consumers. The CFPB in their own press release states...
  • March 22, 2013
    CBA LIVE 2013 Takeaways I left Phoenix smarter, more inspired and more connected to our industry. Many of our sessions were standing-room only – next year, we’ll have more chairs! Among my top takeaways: Millennials are the largest living generation; bankers are fascinating; branches may only need pruning to encourage new growth – but they are not dead at all; and we are more focused than ever on...

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