|December 6, 2013|
CFPB Rulemaking Agenda
The CFPB posted
a semi-annual update to its rulemaking agenda on December 4, 2013. They
continue to work on rulemaking as mandated by Dodd-Frank and are
looking to expand their focus on consumer financial products and
services. In 2014, the CFPB expects to begin work on mortgage issues,
including preservation of credit in “rural or underserved” areas, and
implementing changes to the Home Mortgage Disclosure Act. In addition,
they plan to move ahead with rules affecting prepaid cards, debt
collection, payday loans and other deposit advance products and
overdraft programs. They will also be seeking comment on ways to
streamline and modernize regulations the CFPB inherited from other
Private Student Loan Servicers
December 3, 2013, The CFPB issued a finalized rule, “Defining Larger
Participants of the Student Loan Servicing Market.” This is an
appropriate step to ensure all major participants in the student loan
servicing market are subject to the same oversight and regulation. We
also strongly believe students who borrow federal loans should receive
the benefit of CFPB oversight which will come as a result of this rule.
Moving forward, the CFPB and the Department of Education should focus on
college affordability and the $1 trillion in outstanding federal
student loan debt.
Visiting our Bankers on the West Coast
had a great meeting with the Union Bank team on December 4, 2013. Thank
you to CBA Board Member Tim Wennes, who serves as Union’s Vice Chairman
and Chief Retail Banking Officer, and External Affairs Executive Randal
Hernandez for setting it up. We discussed data collection and
interchange. I also had a prospective membership meeting at East West
Bank with Doug Krause who serves as their EVP, Chief Risk Officer, and
General Counsel. We talked about QM rules and the CFPB’s exam process.
are excited to announce that Rabobank, N.A. will become the newest CBA
member! The news came from Mark Borrecco, EVP, Head of Community Banking
on December 2, 2013 during a visit in Roseville, California (outside
Sacramento). While our Membership Director Liz Terry and I believe we
may have done a little persuading, the fact is Andy Harmening, CBA Board
Chairman, had been doing the heavy lifting. Thank you, Andy!
N.A. is the primary U.S. subsidiary of Netherlands-based Rabobank
Group. It operates about 120 bank branches, agricultural field offices,
and financial service centers in Central and Southern California.
Rabobank Group entered the U.S. in 2005 when it bought Valley
Reagan Anderson will be joining
the team as Head of Congressional Affairs effective January 13, 2014.
In that capacity she will also serve as a member of the management team.
Most recently, she served as Vice President, Government Affairs for
NYSE Euronext and brings extensive Capitol Hill, association and
corporate experience that will serve CBA well as we enter our next phase
CBA is pleased to welcome Maren Colon as our newest
team member, who began on December 2, 2013 as our Government Relations
Coordinator. She takes over for Angie Berkey, who has been promoted
in-house to Marketing and Communications Manager.
News and Notes
The New York Times’ Deal Book profiled Citigroup’s CEO Michael Corbat.
BBVA Compass’ Francisco Gonzalez penned an OpEd in the Fiscal Times on how banks should harness data and technology to meet consumer demands.