CFPB Rule 1071 is "death by a thousand cuts"

CFPB's 1071 is "death by a thousand cuts" Senator tells FOTB leadership

Powerful member of the Senate Banking Committee, Sen. Kevin Cramer (R-ND) briefed FOTB leadership this month on the latest in Congress. Some highlights:

He was proud to sponsor the SAFER Banking Act, a bipartisan effort to allow the marijuana industry to use banks instead of cash under the mattress. With his help, it has cleared the Banking Committee and now heads to the Senate Floor. Senator Cramer said they are working with both sides to get the 60 votes needed to clear the Senate, and that Sen. Chuck Schumer (D-NY)'s support has been critical.

"I have declined to support Marshall-Durbin" he said of the proposal to overhaul credit card swipe fees. "There has never been a hearing on this and the case has not been made for this bill," he said. "Some changes may be needed to help small retailers, but let's work with both sides to find solutions."

"ACRE is a high priority for me," he said of the Access to Credit for our Rural Economy Act. "Access to capital for farmers is crucial." Sen. Cramer said that banking leaders need to continue to work their state's delegation to get the support to pass ACRE.

He expressed concern regarding the 2009 Transaction Account Guaranty (TAG) insurance product. America's community and regional banks need to be able to compete with the Big Six, and "we need to not overincentivize bank consolidation," he said.

Sen. Cramer was a cosponsor of Sen. John Kennedy’s (R-La.) Congressional Review Act (CRA) resolution of disapproval to stop the Biden administration’s Consumer Financial Protection Bureau (CFPB) from enforcing its Dodd Frank Section 1071 small business data collection rule. "There are too many regs and it is a one-size-fits-none," said Sen. Cramer. "1071 is a death by a thousand cuts." This passed the Senate last month and has moved on to the House.

Friends of Traditional Bankers works, and our sponsored candidates remember our support!

FOTB threw it's support behind Congressman Andy Barr (R-KY) for his relentless support of our industry, and he succeeded in winning a tight race. More recently, Congressman Barr, along with other members of Congress, continues to support important industry positions such as challenging the CFPB on junk fees, and pushing back on the Bureau's credit card late fee proposal.

When long time FOTB executive committee member Virginia Varela (President & CEO, Golden Pacific Bank) met Congressman Barr in DC on another matter, his face lit up. Recognizing her from the FOTB team, Congressman Barr said, "Send the message back to the FOTB and all its members that I really appreciate their support." We are making a difference!

CalBankers's Kevin Gould joins FOTB's Advisory Council

Friends of Traditional Banking is pleased to have Kevin Gould, president and CEO of the California Bankers Association (CBA), join their Advisory Council.

Joining the CBA in 2004, Gould is involved in all aspects of the association’s operations, including advocacy, professional development, finance, external communications, and human resources. He has more than 25 years of public policy experience, 19 years of which have been dedicated to advocating for the CBA.

Before being named president and CEO, Kevin led the association’s state and federal government relations department. He continues to serve as one of CBA’s three registered lobbyists and remains engaged in the association’s advocacy efforts.

Gould is a member of the 2009 graduating class of the Pacific Coast Banking School and is the 2016 recipient of the Almon McCallum Award for distinguished and meritorious service to the California banking industry.

Banker Board Member Recognized in Kentucky

Congratulations to Kentucky's representative on FOTB's Nationwide Banker Board, Lanie Gardner. She has been recognized as a 2023 Women in Banking Award of Excellence recipient by the Kentucky Bankers Association! Gardner is a Community President with First Southern National Bank and a FANTASTIC banker!

Former FOTB Executive Committee Member Derek Williams Chairing ICBA

Derek Williams, president and CEO of Century Bank Century Bank & Trust in Milledgeville, Georgia, continues to serve our industry. For years, Williams was on Friends of Traditional Banking's Executive Committee. This year, he is chairman of the Independent Community Bankers of America (ICBA).

In a recent piece published by the Independent Banker, Williams discussed the human side of banking. "When I think about my blessings as a community banker, it comes down to our relationship model," he said. "In a society that has become increasingly disconnected, our model puts the human back into banking." See his excellent article in its entirety HERE.

SPONSOR'S CORNER

BankOnIT offers tips during

Cyber Security Awareness Month

A message from our sponsor BankOnITUSA:

This year, the Cybersecurity & Infrastructure Security Agency has identified four simple steps to stay safe online, both in and outside the office:

Use Strong Passwords and a Password Manager

Passwords are everywhere but are often created with convenience and ease of remembrance as primary. Focus on building long, random, and custom passwords.

Turn on Multifactor Authentication (MFA)

Many offer it, but few utilize it. When creating an account, especially one of importance like financial accounts, explore turning on MFA. Ask the provider when to enable it if they don't have it.

Recognize and Report Phishing

74% of all breaches involved the human element. Reporting phishing attempts can be easy; clicking on them is even easier. Always be on the lookout.

Update Software

BankOnIT has you covered for your systems in the office, but be sure not to ignore your many devices at home. Keeping software and systems up to date is an excellent level of defense to protect yourself.

Read the entire information security brief from our platinum sponsor, BankOnIt HERE: https://insights.bankonitusa.com/information-security-brief-october-23

Want to provide content in our Sponsor's Corner? Reach out about being a partner! mike@friendsoftraditionalbanking.com

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PAID for by Friends of Traditional Banking. NOT authorized by any candidate or candidate's committee.

Friends of Traditional Banking is a non-partisan grassroots effort organized by bankers in 2012 to improve the political and regulatory environment for the traditional banking industry in the U.S. FOTB is the inverse of a PAC--instead of spreading a little bit of money to a lot of campaigns, they focus a lot of money on a couple of key campaigns.