Springfield Bancshares agrees to $86.7M sale to QCR | JPMorgan plans dozens of branches in D.C. area | Planners surpass fundraising goal to start Tenn. bank
April 19, 2018
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Senate repeals CFPB policy on auto loans
The Senate has voted to repeal a 2013 policy from the Consumer Financial Protection Bureau that prohibits automobile dealerships from marking up interest rates from finance companies. "The CFPB's 2013 Auto Bulletin was a backdoor attempt at rulemaking without notice or comment and lacked the clarity needed by lenders," said CBA President and CEO Richard Hunt.
American Banker online (free content) (4/18),  The Washington Post (tiered subscription model) (4/18),  The Hill (4/18),  The New York Times (tiered subscription model) (4/18) 
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Retail Banking Roundup
Springfield Bancshares agrees to $86.7M sale to QCR
Illinois' QCR Holdings is making its biggest acquisition yet by purchasing Missouri's Springfield Bancshares, parent of Springfield First Community Bank. The estimated $86.7 million deal is expected to close in the third quarter.
Quad-City Times (Davenport, Iowa) (4/18) 
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JPMorgan plans dozens of branches in D.C. area
JPMorgan Chase plans to add roughly 700 employees as it opens up to 70 branches in the Washington, D.C., area. In a recent interview, CEO Jamie Dimon also spoke about the economics of banking, saying reinvestment of profits would happen over time, not overnight.
CBS News (4/18) 
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Planners surpass fundraising goal to start Tenn. bank
Organizers of a proposed bank in Nashville, Tenn., say they have passed a $40 million fundraising goal, receiving funding from more than 325 investors. Studio Bank would be the city's first startup bank in 10 years, and organizers are working to secure regulatory approvals.
Nashville Post (Tenn.) (4/18) 
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Industry News
TCPA needs clarification, CBA's Hunt says
CBA supports ending abusive robocalls but wants lawmakers to clarify the Telephone Consumer Protection Act of 1991 so pro-consumer calls are allowed. The act has "forced financial institutions to limit many pro-consumer, non-telemarketing communications," CBA President and CEO Richard Hunt says in a letter to the Senate commerce committee.
American Banker online (subscription required) (4/18) 
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Fed reports steady economy, tariff concerns
The US business outlook is positive overall, and the economy is on target for ongoing growth, but companies are concerned about tariffs and a potential trade war, according to the Federal Reserve. Commercial and industrial lending has increased in several Fed districts, which could indicate increased investment.
Reuters (4/18) 
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Wage inflation, interest rates unlikely to be problem this year, report says
Wage inflation and higher interest rates are not likely to pose a problem for the stock market or the overall economy this year, according to a JPMorgan Asset Management report. The report notes one trend to watch is the continued flattening of the yield curve in Treasurys, as an inverted curve can indicate an impending recession.
PlanAdviser online (4/17) 
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Regulatory Report
Fed's Quarles: ESLR might change if Senate bill passes
Randal Quarles, vice chairman for supervision at the Federal Reserve, has said in a House hearing the central bank will have to rethink recalibration of the enhanced supplementary leverage ratio if a Senate measure addressing the ratio becomes law. "I think we would have to consider how to calibrate our proposal to take account of the fact that certain banks would have had a denominator of the eSLR changed for them," he said.
Risk (subscription required) (4/18) 
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Commentary: Trump's Fed choices imply continuity
Despite pre-election criticisms of the Federal Reserve, President Donald Trump's selection of moderates including Jerome Powell and Randal Quarles and planned nomination of Richard Clarida and Michelle Bowman for senior Fed posts suggest a preference for stability and gradual change rather than radical, sweeping reform, writes Nick Timiraos. Nomura Securities economist Lewis Alexander said Trump "has been more mindful of conventional ways of thinking about expertise for these positions than almost anything else in his administration."
The Wall Street Journal (tiered subscription model) (4/17) 
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Career Development
Be flexible in the face of obstacles
You'll be better equipped to deal with a roadblock if you can shift your perspective and see the situation from an objective point of view, writes Josh Davis. Adopting a "fly-on-the-wall" mentality can help change the way you perceive a problem in order to avoid an emotional reaction.
Fast Company online (4/13) 
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The sea does not reward those who are too anxious, too greedy or too impatient. ... One should lie empty, open, choiceless as a beach -- waiting for a gift from the sea.
Anne Morrow Lindbergh,
author and aviator
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