|October 24, 2014|
The thoughts and prayers of Team CBA are with our Canadian friends
during this time of mourning. We stand with them against terrorism and
2015: The Year of Perfecting the CFPB
upcoming midterm elections and a possible flip of Senate control gives
us a fresh opportunity to look at the structure of the CFPB in 2015. I sat down with Marc Hochstein, Editor-in-Chief of American Banker
to take a look at what may be possible -- including changing the CFPB
from being run by a sole Director to a Commission, much like the SEC.
Remember, then-House Speaker Nancy Pelosi (D-CA) and then-Chairman of
the Financial Services Committee Barney Frank (D-MA) both voted for the
CFPB to be run by a commission when Dodd-Frank was passed out of the
House of Representatives. Only when it reached the Senate did the
legislation change to the current structure. Five years later we can
look back on what Dodd-Frank got right and what it got wrong.
CBA/AOL Index Jumps 11 Points in September to Highest Level Ever
monthly CBA-AOL Finance Optimism Index jumped 11.1 points in September,
reaching its highest level since the Index began in 2013. September saw
lower gas prices and strong performance in the stock market, possibly
affecting consumer views. Twenty-two percent of survey respondents
strongly agreed they were optimistic about their personal financial
futures, a two percentage point increase over August. In addition, seven
percentage points fewer respondents strongly agreed they were worried
about their current financial situations and four percentage points
fewer strongly agreed they were worried about how the current economic
and political situation will affect their personal finances. Learn more
about the Index and the latest numbers at financeoptimism.org.
Regulatory Environment Could Spur Mergers & Acquisitions
Regulation not only has changed the way banks operate, but may be spurring further mergers and acquisitions according to Deloitte's Compliance Journal.
We already knew many banks would not be able to make it in today's
environment of tight credit restrictions, but new headwinds have arrived
including: liquidity requirements, increased transaction times on
M&A deals, and an increased focus on capital requirements. These
issues will only be exasperated with time, leading many banks to find
new ways to remain viable.
CBA Membership News
We are proud to welcome First Interstate Bank
as CBA's newest and now 60th Corporate Member. They are a $7.3 billion
banking organization, operating 74 banking offices, along with online
and mobile banking services, throughout Montana, Wyoming, and South
Dakota. Special thanks to First Interstate Bank's President and CEO Ed
CBA Committee News
Community Reinvestment Committee will meet in San Francisco, CA October
28-29, 2014. On the agenda for the Committee is discussion of CRA
interagency guidance, an update on the HMDA comment letter to be
submitted, and preparations for the 2015 Joe Belew Award.
CBA Board member David Bohne
is departing USAA after serving 21 years, and is currently the bank's
President. He has been a great advocate and tremendous leader for CBA
from his time as a member of our Government Relations Council, to his
current role as a member of our Board of Directors.
principal in KPMG LLP's Regulatory Risk service network and National
Leader of the firm's Financial Services Enterprise-wide Compliance and
Consumer Regulatory group, has been named to Consulting magazine's 2014 list of Women Leaders in Consulting.