Recently I spoke at DC Exchequer Club and below are a few of the tidbits from that speech:
The next $1 trillion bank will be a merger of @USBank and @PNCBank within 5 years, (assuming a Republican wins the White House). Banks must grow to achieve scale and to try and compete with the big dogs of banking — @JPMorgan and @BankofAmerica. And guess what is driving this need to get bigger: regulators/regulation and investment in technology and fraud costs. The magical number was once $5 billion. The game has changed.
It took 6 months, 12 phone calls, and a Capital Hill manhunt for CFPB Director Chopra to finally meet with me, and ultimately the CBA Board. I don’t know if his staff was not relaying info and/or if he didn’t want to meet with me. I didn’t take it personally this time as he was not returning anyone's phone calls. I have heard he is now getting around to seeing people.
It is imperative the CFPB becomes a well respected agency that provides certainty and stability. However, I don’t see this happening until the leadership structure and appropriations process is changed.
I never commented before:
*Don’t know how a credit union over $10 billion can justify not paying federal taxes, or adhering to CRA regulations. Blows me away.
The question I will leave you with: With the recent federal court ruling regarding the CFPB's funding deemed unconstitutional, are the CFPB's days numbered?