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Richard's Rapid Fire - January 6, 2017
115th Congress Settles In for 2017
What a time to be in Washington. With the new Congress gearing up for 2017, here are a few key developments to keep you in the know:
- Rep. Paul Ryan (R-WI) was officially reelected as Speaker of the House, beating Rep. Nancy Pelosi (D-CA) by a 239-189 vote;
- Republicans added Sens. David Perdue (R-GA), Thom Tills (R-NC) and John Kennedy (R-LA) to the Senate Banking Committee, while Democrats added Sens. Brian Schatz (D-HI), Chris Van Hollen (D-MD) and Catherine Cortez Masto (D-NV);
- Sens. David Vitter (R-LA), Jerry Moran (R-KS), Mark Kirk (R-IL), Chuck Schumer (D-NY) and Sen. Jeff Merkley (D-OR) will no longer serve on the Senate Banking Committee;
- Rep. Blaine Luetkemeyer (R-MO) will chair the Financial Institutions and Consumer Credit Subcommittee, which oversees the CFPB.
- President-elect Donald Trump selected Jay Clayton, a partner at Sullivan and Cromwell, as his pick to head the SEC.
Taking CBA’s message to Capitol Hill, CBA’s government relations team met with several congressional offices this week to advocate on behalf of our members and the customers they serve. Lo and behold, I came across former CBA team member Becca Shaw, who now serves as chief of staff for Rep. Trey Hollingsworth (R-IN). Hollingsworth will serve on the House Financial Services Committee in Congress. As the legislative session gets underway, we look forward to working closely with Members of Congress to advance beneficial reforms for countless consumers across the country.
One Week Left to Register for #CBALIVE’s Early Bird
Reserve your spot today, and nab CBA LIVE’s early bird before it flies the coop. Join hundreds of banking’s top experts at the Gaylord Texan in Dallas, Texas, April 3-5, 2017 for a deep dive into the industry’s most pressing issues. Register by January 13, 2017 and receive $300 off your ticket.
U.S. Bank Chairman & CEO Richard Davis will headline CBA LIVE 2017’s exclusive town hall format. From mobile technology, economic recovery and increasing regulation, this CBA Board alum and "Banker of the Year" will offer straight talk on the future of retail banking in an intimate, no-holds-barred session you want to attend.
Dodd-Frank Reform Coming, Says Financial Committee Chairman
Speaking on CNBC’s Closing Bell, House Financial Services Chairman Jeb Hensarling (R-TX) noted Dodd-Frank reform is one of the top ten priorities of the Trump Administration this year. While the Chairman does not expect reform to move within the first 100 days, he does see legislation moving within the first year. Like all laws, Dodd-Frank is in need of reform; and for consumers, needed reforms cannot come soon enough. I predict reform will come by the end of the summer.
- In a must read op-ed, former CFPB enforcement attorney Ronald Rubin described his experience working for the Bureau. In the piece, Mr. Rubin highlighted events which led him to conclude the agency has operated based upon political objectives. According to his account, the “CFPB was doomed by a structure that made it an inherently political agency.” This would prove troubling for the CFPB as well as consumers should Mr. Rubin’s account hold true.
- Five years ago this week, Richard Cordray was “recess appointed” to serve as the Director of the CFPB. Nearly 19 months later, the President Obama appointee was confirmed by the Senate. Without the later Senate Confirmation, Director Cordray’s appointment would have been held unconstitutional.
- We hope the CFPB will not try to push out its final arbitration rule just prior to the inauguration of President-elect Trump. Over the years, CBA has vigorously and consistently outlined the consumer benefits of arbitration to the Bureau and federal regulators. In fact, CBA’s own Dong Hong, Vice President Regulatory Council, testified before the House Financial Services Committee on the topic. While I hope the CFPB is not playing politics with their rulemaking, CBA will nonetheless keep our members informed and provide a prompt and comprehensive analysis.
- President-elect Donald Trump announced the following individuals as members of his CFPB landing team:
- Paul Atkins, Patomak Global Partners LLC
- Kyle Hauptman, Main Street Growth Project
- CJ Jordan, Jordan Management Group LLC
- Julie Lindsay, Citigroup
Member Spotlight: Fifth Third Provides Students Financial Education Classes
Furthering Fifth Third’s commitment to community service, the bank announced a partnership with EverFi to provide high school students with financial education and entrepreneurship classes. Providing students with a dynamic learning environment, the classes will be highly digitized and interactive. This is great news for students as they will learn valuable financial lessons.
Post-Election 2016 Politics
This week, Democratic Senators held a press conference in support of the Affordable Care Act. Per reports, eight Democratic Senators who represent states President-elect Donald Trump won in the 2016 presidential race were not present, including Sens. Bill Nelson (D-FL), Joe Donnelly (D-IN), Claire McCaskill (D-MO), Jon Tester (D-MT), Sherrod Brown (D-OH), Heidi Heitkamp (D-ND), Bob Casey (D-PA) and Joe Manchin (D-WV). I believe 2017 will bring uncertainty to Senate Democrats as members of the caucus navigate between supporting the party and retaining support from their constituents back home.
CBA’s Associate Membership Grows
CBA is starting off 2017 with some exciting announcements. Dorsey & Whitney, LLP, National Data Center and CrossCheck Compliance, LLC have joined CBA as our newest associate members.
CBA Promotes and Hires New Team Members
Congratulations to several CBA Team members on well-deserved promotions:
- David Pommerehn, Vice President, Associate General Counsel
- Dong Hong, Vice President, Senior Counsel
- Kate Larson, Vice President, Regulatory Counsel
- Anna Bartlett Wright, Director Government Relations
- Ryan Blake, Government Relations Coordinator
- Casey Dunfey, Director Membership Relations
- Maren Colon, Manager Associate Membership & Corporate Philanthropy
- Angie Berkey, Director of Marketing & Communications
- Bobby Grant, Media & Communications Associate
- Mitslal Girmay, Accounting Manager
CBA also hired several new team members in 2016, including:
- Brenda Mechling, Vice President, Education Relationships
- Kevin O’Connor, Assistant Vice President, Membership
- Jacqueline Ortiz Ramsay, Assistant Vice President, Media & Communications
- Steven Congdon, Regulatory Counsel
Three Things to Know to Be In the Know
Daryl Tressler retired as president and CEO of MainSource Bank.
Karen Wimbish was hired by U.S. Bank to oversee the bank’s wealth management products. Karen previously worked at Wells Fargo.
Quincy Miller, a former CBA Graduate School of Retail Bank Management student, was named vice chairman and president of Eastern Bank.
Peggy Mangot was named senior vice president of Wells Fargo’s design and delivery leadership team.
Jelena McWilliams was hired as chief legal officer for Fifth Third Bancorp.