Richard's Rapid Fire - September 1, 2017

September 1, 2017

CBA’s Membership Stands With the Victims of Hurricane Harvey

CBA members continue to provide assistance to the victims of Hurricane Harvey. As a product of Louisiana, I certainly weathered my share of floods, storms, depressions, and a few minor hurricanes. However, absolutely nothing could have prepared us for Hurricane Harvey’s destruction; it is beyond words.

 

From the thousands of willing volunteers (including the Cajun Navy) to the millions in monetary contributions by so many of our CBA Family members, businesses, and individuals, I can firmly say American’s spirit and generosity is alive and well.

 

It was 12 year ago this very week, Houston provided shelter to thousands of Louisianans in the aftermath of Hurricane Katrina. Now, it is our turn to provide assistance to them and all those affected. Our thoughts and prayers are with the thousands of those stranded. 

 

Here is a list of charities accepting donations. Additionally, WoodForest National Bank has established an internal bank account where employees can contribute to help their colleagues in need.

 

Volunteers from Louisiana known as the Cajun Navy aid those impacted by Hurricane Harvey in Houston.

 

Floodwaters in downtown Houston on Wednesday, August 30, 2017.

 

 

CFPB, Lawsuits & Senate Action: What September May Bring…

When we return from the Labor Day weekend, there is no shortage of questions needing answers in Washington.  Here is what CBA will be paying close attention to in the coming month:

  • Will CFPB Director Richard Cordray run for Governor of Ohio, or remain as head of the CFPB? Cordray has remained mum on his political intentions, but speculation continues to grow;
  • A potential release of the CFPB’s small-dollar rule, which will have an effect on consumer access to short-term credit. Reports areindicating the rule may be narrowed from its original proposal;
  • A final decision in PHH’s lawsuit against the CFPB is expected to be rendered this fall. The decision could have a significant impact on the constitutionality of the CFPB’s current single-director governing structure; and
  • The Senate is poised to act on Senator Crapo’s effort to repeal the CFPB’s anti-consumer arbitration rule. Should the Senate pass this measure, the rule will be overturned.

CBA will remain engaged on these fronts and many more, and will keep our membership updated on key developments.

 

 

Positive View of Banking Industry at Highest Since 2008

Compared to 2008, banks are better capitalized, better leveraged, and boast better quality loans. Needless to say, the banking industry has come a long way. A recent poll by Gallup concluded that public perception of banks is at a high since the financial crisis as well. This is great news. Our member banks are working hard to provide quality products and services to Americans across the country, and these results are a reminder that their work is not going unnoticed. 

 

 

CBA’s 2018 Leadership Team to be Announced at September Board Meeting

This past year has been a success on many levels for CBA, and we look to build upon our achievements in 2018. In two weeks, CBA’s Board of Directors will gather to chart a path forward and announce our leadership team for the upcoming year.

 

Also, we will be hosting our Committee Chairs and Vice Chairs as well as our 11 standing committees at CBA this fall for their in-person meetings. I look forward to seeing our seasoned committee members as well as some of our newest. Our committees are the backbone of CBA and help drive our efforts. 

 

 

OCC Comptroller and Fed Vice Chair of Supervision To Be Voted on Tuesday

The Senate Banking Committee will take the first step towards confirmation of Joseph Otting as OCC Comptroller of the Currency and Randal Quarles as Fed Vice Chair of Supervision on Tuesday. Should they pass the Committee, they will proceed to be voted on by the full senate. Otting is slated to replace acting Comptroller Keith Noreika and, if approved, Quarles will be the first individual to fill the position of Vice Chair of Supervision at the Fed since its creation as part of the Dodd-Frank Act.

 

 

Membership Spotlight: Helping Consumers Motivates KeyBank’s Employees

Discussing KeyBank’s personal finance app HelloWallet, CBA Board Member Dennis Devine, head of KeyBank’s consumer and business banking segment, noted bank customers find the app very valuable.  Furthermore, KeyBank’s employees find joy in teaching customers about the app and helping them improve their overall financial awareness and wellness. According to Dennis, when KeyBank’s employees have an ability serve consumers in way that is easy, simple and entirely client-centered, they run with it. That is an attitude bankers across the industry can be proud of.

 

 

Three Things To Know To Be In The Know

Banks aren't giving up on personal finance apps

Judge dismisses CFPB lawsuit against payment processors

SoFi’s bid for deposit insurance draws fire from top House Democrat

 

 

Lagniappe

Former CBA Board Member Scott Powell was named President & CEO of Santander USA Holdings. Best wishes to Scott in his new role.

 

Congrats to American Banker’s Rob Blackwell on being named Editor-in-Chief. Rob previously served in the role of Washington Bureau Chief.

 

 

Wishing the CBA family and it's more than 1.6 million employees a wonderful Labor Day weekend.  Learn more about CBA's footprint across America here.