Richard's Rapid Fire

  • November 6, 2015
    House Kills Fed Dividend Cut in Highway Bill This week, with newly elected Speaker Paul Ryan at the helm, the U.S. House of Representatives passed a six-year transportation funding bill . In July, the Senate passed its version of this bill, but with one key difference: a controversial funding measure which would reduce the dividend banks receive from the Federal Reserve (from 6 percent to 1.5...
  • October 30, 2015
    M&A Activity Hits Highest Level Since Financial Crisis M&A activity picked up this week with the announcement of two mergers. This morning, news broke pertaining to the merging of CBA member banks KeyCorp and First Niagara. This deal is valued at approximately $4.1 billion. Yesterday, New York Community Bancorp, Inc. announced it was acquiring Astoria Financial Corp. for $2.0 billion. As...
  • October 23, 2015
    Dodd-Frank Again Forces Big Banks to Subsidize Smaller Banks As anticipated, on Thursday, the Federal Deposit Insurance Corporation (FDIC) outlined a plan to implement Dodd-Frank's requirement to raise the agency's fund from 1.15% to 1.35%. For banks with at least $10 billion in assets, the proposal consists of a two year, 4.5 basis point surcharge on their assessment base (beginning in 2016)...
  • October 16, 2015
    CFPB Finalizes HMDA Rule On Thursday afternoon, the Bureau finalized its rule and reporting requirements for the Home Mortgage Disclosure Act (HMDA). Though I haven't yet made it through the nearly 800-page rule , here are some key points—both good and bad—to note. The good : It seems the CFPB learned from the TILA-RESPA Integrated Disclosure (TRID) fiasco by permitting generous implementation...
  • October 9, 2015
    Nandita Bakhski, Mary Navarro and Maria Tedesco stand with Richard Hunt at the Most Powerful Women in Banking event on Thursday, October 8, 2015. New York City, NY American Banker Names Three CBA Board Members to Most Powerful Women In Banking List In New York City, three members of CBA's Board of Directors were honored at American Banker's Most Powerful Women in Banking (MPWIB) dinner on...
  • October 2, 2015
    Bipartisan Support Lifts CFPB Commission Bill Out of House Financial Services Committee I am happy to share the House Financial Services Committee passed the Financial Product Safety Commission Act of 2015 (H.R. 1266), a chief CBA priority, which establishes a bipartisan, five-member commission at the CFPB. For the first time, thanks in part to outstanding trade coordination efforts, the...
  • September 25, 2015
    Three CBA Board Members Named Most Powerful Women In Banking On Tuesday, three members of CBA's Board of Directors were named to American Banker's Most Powerful Women in Banking (MPWIB) lists. Mary Navarro , Senior EVP and Retail and Business Banking Director at Huntington Bancshares, again has been named one of "The 25 Most Powerful Women in Banking." Maria Tedesco , Managing Director of Retail...
  • September 18, 2015
    To Raise the Rates or Not to Raise the Rates On Thursday, the Federal Reserve balked again. For those of you keeping track at home, this means the Fed will continue its nine-year stretch without an increase. Full wrap-up of the discussion is here , and a great editorial explaining why the Fed keeps the rates at zero may be found here . Obama and Duncan Visit Iowa On Monday afternoon , President...
  • September 11, 2015
    DOJ Sets Out on a Witch-hunt for Bankers On Wednesday, Attorney General Loretta Lynch offered her first major policy announcement and, per news reports , it reads as something better suited for the 16th or 17th century rather than the 21st. If the details in this New York Times piece are accurate, these new rules should give each of you pause. According to the Times , starting immediately, the U...
  • September 4, 2015
    September: A Great Month at CBA Headquarters With our board of directors, committee chairs and vice chairs, and most of our committee members coming to town, September is a great month at CBA headquarters. We love seeing our members in person and offering them an opportunity to interact and engage together on issues important to retail banking. We look forward to a great few weeks in Washington...

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