Richard's Rapid Fire

  • 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...
  • July 19, 2013
    CFPB Director Confirmed Congratulations to Richard Cordray on being confirmed Director of the CFPB. CBA has enjoyed a close working relationship with Director Cordray over the past two years, and while we have ongoing concerns regarding the Bureau's structure, I look forward to a continued productive relationship with the CFPB. With this confirmation, the Director should now move full steam ahead...
  • July 12, 2013
    CFPB Radar Tuesday's House hearing on data collection, with testimony from CFPB Acting Deputy Director Steve Antonakes, raised privacy concerns among lawmakers. There has not been any clarity from the Bureau regarding the need for or use of the data, how many individuals' data are being collected or any assurances of security. News came out Wednesday morning at 12:01 a.m. the CFPB was issuing...
  • June 28, 2013
    The US Supreme Court's decision to hear the Noel Canning v. NLRB case to determine the constitutionality of President Obama's "recess/non-recess" appointments reminds us the CFPB operates under a continuing cloud of uncertainty for consumers and the industry. Don't expect any clarity until winter at the earliest. Director Cordray's tenure is expected to end on January 4, 2014 -- unless he is...
  • June 21, 2013
    CFPB Radar Following CBA's Board meeting with CFPB Director Cordray last week, we are working with Bureau staff to continue our dialogue on QM issues. The CFPB’s mortgage implementation team will continue to issue clarifications and resolve questions as lenders work to implement the new rules by the January 10 effective date. Director Cordray delivered remarks to the Exchequer Club on Wednesday...
  • June 14, 2013
    CFPB Overdraft Report The CFPB released their overdraft report just after midnight, Tuesday morning. This is the first of two reports with a follow-up expected in late 2013/early 2014, and we expect the agency to consider regulatory action at that time. As a result of the overdraft report, this was a busy news week for CBA. I appeared on NBC Nightly News and CNBC Closing Bell on Tuesday, talking...
  • June 7, 2013
    Want a Job? From CFPB Posting: " Chief of Staff position : We seek executives with experience in small to mid-sized organizations who understand the unique disquiet of moving rapidly towards a steady-state." Unique disquiet? As a reminder, the CFPB's exam team is about 70% staffed up at the moment so there are opportunities there, as well. Coming Up: We expect a proposal from the CFPB under its...
  • May 31, 2013
    2013 Competition Winners Announced The CBA Foundation, and Ashoka’s Youth Venture are excited to announce the 2013 Banking on Youth Grand Prize winner and the Audience Choice Award recipient! Grand Prize of $15,000: TGIF-Turn Grease Into Fuel John Perino and Cassandra Azad, RI Project “Turn Grease Into Fuel” (TGIF) is a sustainable system designed to collect waste cooking oil and convert it into...
  • 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...

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