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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 about the value of overdraft protection. Our statement
was included in articles from the Washington Post, Wall Street Journal,
Politico, Associated Press and Dallas Morning News. See "CBA in the
news" to the right for all our media appearances.
This morning
we held a membership call with more than 80 participants to provide
CBA's analysis of the overdraft report. We also raised the issue in our
meeting with CFPB Director Richard Cordray on Thursday.
CFPB Radar
It looks like
on June 24, 2013 at 10 a.m. we will have an answer on whether the
Supreme Court will take the Canning case - which we expect it will.
CBA's Board of Directors Meeting
We
welcomed CBA's Board of Directors to our Washington, D.C. headquarters
this week. The quarterly meeting included guest remarks from CFPB
Director Cordray and the Honorable Tom Ridge, CEO of Ridge Global, who
spoke on cybersecurity. Wednesday afternoon we visited the Treasury and
the National Economic Council. Thanks to all our Board members for the
insight and analysis they shared, as well as their continued dedication
and enthusiasm for CBA.
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