Richard's Rapid Fire

  • May 6, 2016
    CFPB Sides with Plaintiff’s Attorneys Over Consumers On Thursday, the CFPB released a proposal limiting consumers’ use of arbitration agreements. The real winners of the proposal were trial attorneys, not consumers. Arbitration has long provided a faster, better, and more cost-effective means of addressing consumer disputes than litigation or class action lawsuits. The CFPB’s own study shows...
  • April 29, 2016
    C FPB’s Arbitration Proposal Appears Set On Thursday , May 5, 2016, the CFPB will hold a field hearing on arbitration in Albuquerque, New Mexico. Per reports , the CFPB is expected to release a proposal that is likely to limit consumers’ use of arbitration. Arbitration has long provided a faster, better and cheaper option for consumers in addressing disputes when compared to class action lawsuits...
  • April 22, 2016
    Judge Dings CFPB for Stepping “Well-Outside” Its Authority The CFPB was dealt another blow this week when a D.C. District Court Judge ruled the Bureau had stepped “well-outside” its authority. Judge Richard Leon put a stop to the Bureau’s investigation into a for-profit accreditation organization and dismissed the related enforcement action. The court found the CFPB acted outside its jurisdiction...
  • April 15, 2016
    Dodd Frank Act and CFPB Come Under Fire On Thursday, the WSJ Editorial Board recounted the rough couple of weeks the Dodd-Frank Act has had of late. It all started when a federal judge knocked down a major decision from the Financial Stability Oversight Council in the MetLife case two weeks ago. And it continued on Tuesday when a federal appeals court panel questioned the constitutionality of the...
  • April 8, 2016
    CFPB Director Cordray Testifies Before Senate Banking Committee This week, the Senate Banking Committee held a hearing on the Consumer Financial Protection Bureau’s Semi-Annual Report to Congress featuring testimony from Director Richard Corday. Top Three Takeaways From the Hearing: Director Cordray doubled down on his defense of the Bureau’s practice of regulation by enforcement, first mentioned...
  • April 1, 2016
    GAO Report is a Must Read When regulators fail to be efficient and effective, consumers are hurt the most. This week’s GAO report on financial regulation validated this point and concerns CBA has echoed for years; the Dodd-Frank Act was not a panacea. We must rethink our financial regulatory structure—this time, putting consumers first. Report Highlights: “While changes made by the Dodd-Frank Act...
  • March 24, 2016
    The Evolution of Banking In an address to the National Community Reinvestment Coalition’s (NCRC) Annual Conference last week, Comptroller Thomas Curry of the OCC remarked on how technological innovation is changing the game for the retail banking industry. We agree. Thanks to the ATM, internet, and now smartphone, many consumers complete all of their financial transactions remotely. Some services...
  • March 18, 2016
    Leadership Unplugged and Wearing Denim I wish we all were still in Phoenix wearing our jeans! CBA LIVE, once again, featured a sold-out exhibit hall, record attendance and an outpouring of social media engagement. If you missed a session, be sure to view #CBALIVE . With hundreds of tweets, you’ll be able to relive many key moments from Leadership Unplugged. Thank you to our attendees, sponsors...
  • March 11, 2016
    We had an incredible time in Phoenix for CBA LIVE 2016, marking the seventh straight year of record attendance. On Sunday, our Board, Committee and Council members discussed key issues at in-person meetings, and we capped off the night with the Chairman’s Reception where we honored Chase’s Bill Jensen and CBA’s own Steve Zeisel for their longtime service and commitment to CBA. We also hosted our...
  • March 4, 2016
    CBA LIVE 2016 Kicks Off on Sunday We are locked, loaded, and waiting for you to arrive for another record breaking CBA LIVE! A number of us are already on the ground in Phoenix and the rest of the CBA team joins us later today and tomorrow. The final details are getting wrapped up, the weather is perfect, and we all remembered our blue jeans! On Sunday, all the committees and the CBA Board of...

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