Noreika to CFPB: Release "secret analysis" behind arbitration rule | 2,600-plus bank branches shuttered this year | Dimon urges review of mortgage-securitization rules
October 20, 2017
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BB&T's King: Too many banks chasing not enough business
Changes in how banking services are delivered and slow economic growth have resulted in too many banks chasing less business, even with consolidation in the industry, said Kelly King, chairman and CEO of BB&T. "It's more competitive today than it's been at any time in my career," said King.
American Banker online (subscription required) (10/19) 
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Now Available: 2017 FXI Banking Report
According to the new ForeSee Experience Index: Banking Report, branches still matter, defection remains a risk, and consumers have an increasing interest in fintech services from traditional banks. Download the full report today to learn what over 4,000 consumers say about their experiences with today's credit unions, regional banks, and national banks.
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The CFPB Today
Noreika to CFPB: Release "secret analysis" behind arbitration rule
Acting Comptroller of the Currency Keith Noreika is asking the Consumer Financial Protection Bureau to release its "secret analysis" behind the rule to remove mandatory-arbitration clauses from most bank contracts, which opponents believe will harm consumers and banks. "In fact, I hear time and again from community banks that the arbitration rule could threaten their very existence," Noreika wrote in a letter to the chairman of the Senate banking committee.
Forbes/Legal Newsline (10/19) 
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Retail Banking Roundup
2,600-plus bank branches shuttered this year
More than 2,600 bank locations have closed this year and only 873 branches have opened, according to the Federal Deposit Insurance Corp. Bank branches "still matter," said Marianne Lake, chief financial officer for JPMorgan Chase, and they account for 75% of the bank's deposit growth.
CoStar Group (10/18) 
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Industry News
Dimon urges review of mortgage-securitization rules
Dimon urges review of mortgage-securitization rules
Dimon (Kimberly White/Getty Images)
The Federal Reserve should revise mortgage-securitization and -servicing rules to make lending to first-time buyers, young self-employed people and those with prior defaults easier, said JPMorgan Chase CEO Jamie Dimon. He said less onerous rules would have let his bank extend many more loans.
MLex (subscription required) (10/18) 
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Regulatory Report
Treasury inspector general examining Noreika's job status
Treasury Department Inspector General Eric Thorson has opened an inquiry into the job status of acting Comptroller of the Currency Keith Noreika. Noreika was appointed in May without Senate confirmation under a rule that allows special government employees to hold posts for 130 days.
Bloomberg (free registration) (10/19) 
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GAO: Congress can review leveraged-lending rules
Congress can evaluate guidelines for leveraged lending, the Government Accountability Office said. The rules hinder bank loans to businesses, critics have said.
Reuters/International Financing Review (10/19) 
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Senate banking chair wants Fed to normalize policies
Senate banking chair wants Fed to normalize policies
Crapo (Mark Wilson/Getty Images)
Senate banking committee Chairman Mike Crapo, R-Idaho, said the Federal Reserve should return to "more normal, traditional monetary policy." Crapo also expressed concern over the size of the Federal Reserve balance sheet and the slow pace the Fed has raised rates.
Bloomberg (free registration) (10/19) 
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Legislative Affairs
Close Senate vote smoothes path for Trump tax cuts
The Senate has voted 51-49 to approve a budget blueprint for fiscal 2018 that opens the door to adoption of tax cuts proposed by President Donald Trump without Democratic votes. The measure needs reconciliation with a version passed by the House before it can be submitted for Trump's signature.
Reuters (10/19) 
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Career Development
How top performers inadvertently undermine themselves
Top performers can ruin their chances of a promotion by complaining about being busy or not volunteering for extra work, writes Sarah Greesonbach. Even failing to participate in company events can reflect poorly on professionals.
Glassdoor (10/17) 
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CBA Connect
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