Richard's Rapid Fire - November 22, 2017

Happy Thanksgiving From CBA

From the entire CBA Team to you and your family, have a wonderful Thanksgiving. This year, we are thankful for our membership, which works night and day to deliver needed financials services to millions of consumers and small business across the country.

  

A Post Cordray CFPB: Who Will Head the CFPB Next?

By the end of November, CFPB Director Richard Cordray is expected to leave the agency he has headed for nearly six years. Created as a part of the 2010 Dodd-Frank Act, the CFPB is still in its formative years and Director Cordray’s successor will have immense influence in shaping the agency’s role, agenda and mission within our regulatory system. CBA is expecting OMB Director Mick Mulvaney to serve as acting director on an interim basis. Should Mr. Mulvaney be selected we look forward to working with him, and we also support comments Mr. Mulvaney made in favor of establishing a bipartisan commission at the CFPB.

 

 

Barney Frank Aide Now Supports CFPB Commission

In an op-ed in the Wall Street Journal, Dennis Shaul, a former aid to Dodd-Frank co-architect Barney Frank, noted Congress should never have created an agency with a single director structure. Shaul added, “A bipartisan commission on the model of the SEC and FCC would allow for better and more evenhanded decision-making.” The push for a commission has long been brewing, and over the years both Republicans and Democrats have supported this initiative. Shaul’s backing adds to a growing list of supporters for a CFPB commission, including former FDIC Chair Sheila Bair, OMB Director Mick Mulvaney, and even Massachusetts Senator Elizabeth Warren and former House Financial Services Committee Chairman Barney Frank once supported this reform.

 

 

CBA LIVE 2018: Early Bird Deadline Fast Approaching

Without a doubt, this is one of the busiest times of the year.  Can you believe CBA LIVE 2018: Beyond the Bank is less than 15 weeks away? While you are preparing for Thanksgiving, do not forget about the other important bird on the table! Early Bird discounted rates for CBA LIVE 2018 fly away on January 5, 2018. Sign up now to save $300 on registration. Click here for more information and to register.  

 

Yellen to Leave Fed Once Incoming Chair Powell Sworn In

This week, Federal Reserve Chair Janet Yellen announced she will not serve out the remainder of her term as a member of the Federal Reserve’s Board of Governors once her term as chair expires. This move does not come as a surprise given outgoing Fed chairs typically do not serve out the rest of their terms on the Fed’s Board. Current Fed Governor Jerome Powell is set to become Chair in February of 2018.

Federal Reserve Chair Janet Yellen (center) with members of CBA's Board of Directors in February of 2015.

 

 

Joseph Otting Set to Be Sworn in as OCC Comptroller Monday

Joseph Otting, a former bank executive for OneWest and U.S. Bank, is scheduled to be sworn in as OCC Comptroller this Monday. Last week, Mr. Otting was confirmed by the Senate to serve in the role with bipartisain support. We look forward to working with Mr. Otting to coordinate regulations across agencies and enact balanced rules ensuring the banking industry remains strong, stable and flexible to meet the ever-changing needs of consumers and small businesses.

 

 

Membership Spotlight: CBA Hosts Nearly 300 Bankers This Fall

Just ahead of the Holidays, CBA wrapped our annual fall in-person meetings. Each year, we invite our committees, working groups and Board of Directors to meet for in depth discussions on the top issues facing the industry. Additionally, our education faculty met to modify and revise CBA Executive Banking School’s curriculum. We were pleased to host nearly 300 bankers over the past few months, including many first time CBA Committee Members. Our committee structure, along with the guidance of our Board of Directors and input from our Education Faculty, truly makes CBA unique and helps to drive our organization’s success. Thank you to those who were able to attend these meetings.

 

 

CBA Welcomes FirstClose to the Family

CBA is proud to welcome back FirstClose as an Associate Member. We look forward to seeing them at CBA LIVE. 

 

 

Three Things To Know To Be In The Know

Commentary: What Went Wrong With the CFPB

Noreika's term ends as Otting is sworn in

Goldman Sachs sees Fed raising rates four times in 2018

 

 

Lagniappe

 

Mike Warriner, formerly of Google, was named new chief information officer at HSBC.

 

Brett Pitts was named chief digital officer at BMO Financial.