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Items about the Consumer Bankers Association and its initiatives, including CBA Advanced Education, CBA LIVE, CBA Team news and more.
- July 14, 2017On Wednesday, July 12, 2017, the Federal Reserve Board released its most recent “Beige Book” report on economic growth. The report indicates overall economic activity expanded across all twelve Federal Reserve Districts in June, with the pace of growth ranging from slight to moderate. In addition, the majority of Districts expected modest to moderate gains in the months ahead. Consumer spending...July 13, 2017On Thursday, July 13, 2017, the House Financial Services Committee, Subcommittee on Capital Markets, Securities, and Investments held a hearing entitled “ Impact of the DOL Fiduciary Rule on the Capital Markets.” During the hearing, members discussed the recently enacted fiduciary rule from the Department of Labor, as well as a draft bill proposed by Congresswoman Ann Wagner (R-MO) to replace...July 12, 2017On Wednesday, July 12, 2017, the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit held a hearing entitled “ Examining Legislative Proposals to Provide Targeted Regulatory Relief to Community Financial Institutions .” The hearing discussed nine bills seeking to tailor the regulatory framework for financial institutions serving consumers and small...July 7, 2017On Friday, July 7, 2017, the OCC reported strategic, credit, operational, and compliance risks remain top concerns for the federal banking systems in its Semiannual Risk Perspective for Spring 2017. Highlights from the report include: Strategic risk remains elevated as banks make decisions to expand into new products or services or consider new delivery channels and continue merger and...July 6, 2017On Thursday, July 6, 2017, the Fed appointed Mark E. Van Der Weide as General Counsel, effective later this summer. Mr. Van Der Weide will succeed Scott G. Alvarez, who announced in February his intention to retire after nearly 36 years of service to the Federal Reserve Board, including more than 12 years as head of the Legal Division. Since 2010, Mr. Van Der Weide has held positions in the Board...June 30, 2017Membership Spotlight: CBA Board Member Michael Cleary Named Co-President at Santander Bank A hearty congratulations to CBA Board Member Michael Cleary on being named co-president of Santander Bank, whose experience and expertise are invaluable to our organization. We wish Michael the best in expanded leadership role at the bank. Dodd-Frank Reforms Pass House Subcommittee Passing by voice vote,...June 29, 2017On Thursday, June 29, 2017, the House Appropriations Subcommittee on Financial Services and General Government passed its FY2018 bill , including $20.23B in discretionary funding, which is a six percent reduction from FY2017 funding levels. The bill contained a number of provisions from House Financial Services Committee Chairman Jeb Hensarling’s (R-TX) Financial CHOICE Act, including: Bringing...June 28, 2017 - 2:00PMPastJune 28, 2017Online lender SoFi’s decision to apply for a bank charter has snagged the attention of alternative lenders, big and small banks and regulators alike. Market participants appear split between cheering the move and drawing a line in the sand. One thing they agree on is that the signs were there all along. Christopher Cole, executive vice president and senior regulatory counsel at the Independent...June 27, 2017On Tuesday, June 27, 2017, the Federal Reserve Board announced a $3 million fine against Bank of New York Mellon Corporation (BNY Mellon) for unsafe and unsound practices after the firm improperly assigned a lower risk weighting to a portfolio of assets, reducing the firm's risk-based capital ratios. In 2010, following a change in the relevant accounting rules, BNY Mellon consolidated a portfolio...