CFPB outlines customer data-sharing principles

The CFPB issued principles for protecting consumers when they authorize third party companies to access their financial data to provide certain financial products and services.

The CFPB said the principles are intended to help foster the development of innovative financial products and services, increase competition in financial markets, and empower consumers to take greater control of their financial lives. The principles affirm, to all stakeholders, that consumer-authorized financial data needs to be protected. [Continue]

Ag loans, cybersecurity and liquidity among regulator concerns

Regulators are generally upbeat about bank conditions throughout the Upper Midwest, said representatives from the regulatory agencies who participated in a panel discussion at the 37th annual Bankers Seminar hosted by the Eide Bailly accounting and consulting firm Nov. 2 in Mankato, Minn. Ag lending, growing concentrations of commercial real estate loans, cybersecurity and liquidity are the issues regulators from the State of Minnesota, the Office of the Comptroller of the Currency, the Federal Reserve Bank of Minneapolis, and the FDIC said raise the most concerns. [Continue]

Focus on management best approach for ag lenders, speakers says

Nov. 2. Kohl was addressing bankers attending the 37th annual Bankers Seminar hosted by the accounting and consulting firm of Eide Bailly. Kohl addressed another Eide Bailly group the day prior in Fargo, N.D.

Kohl warned that prices for ag commodities are not returning to the levels experienced between 2006 and 2012. The United States is dealing with a surplus of ag commodities, which is keeping prices low. While productivity is up in many places around the globe, export demand is strong, particularly in light of a weakening dollar. Approximately 21 percent of U.S. ag income comes from exports, he said. [Continue]

CBAI bolsters policy independence, urges reg relief effort

With a vote of the membership, the Community Bankers Association of Illinois strengthened its resolve against a merger with another banking association. The vote took place during CBAI’s annual convention at the Crowne Plaza hotel in Springfield, Ill., Sept. 14-16. The CBAI unanimously approved an amendment to its constitution making it significantly more difficult to change association policy on bank structure or to merge with another association.

Previously, only 60 percent of the member banks in attendance needed to approve any change, but the amendment raised that figure to 80 percent. Proposed changes to matters of policy consistent with CBAI precedents still need only 60 percent approval.

“It elevates the threshold on issues of that magnitude,” outgoing CBAI President Bob Wingert said, leading the final convention of his 43-year career. “In other words, there has to be a meaningful consensus to take that course of action.” [Continue]

Wells Fargo volunteers, donates to keep kids warm

Volunteers from Wells Fargo & Co., delivered more than 50,000 coats to students in 11 schools across Chicago. This is the eighth consecutive year the bank has participated in the donation program. Wells Fargo’s Coats for Kids campaign raised nearly $180,000 from employee donations, company contributions, and private matching grants to buy 10,000 jackets. Wells Fargo employees in Chicago have raised nearly $1 million since the local program launched in 2009. [Continue]

TCF Bank helps kids make a wish

TCF National Bank, Wayzata, Minn., has raised more than $60,000 in 2017 for Make-A-Wish Minnesota to help make wishes a reality for children with critical illnesses. Donations were accepted at all 90 TCF Bank branches in Minnesota and collected during team member fundraising events. [Continue]

Cordray resignation opens opportunity at the CFPB

The resignation of Richard Cordray as director of the Consumer Financial Protection Bureau presents an opportunity. I hope the new director of the bureau focuses on under-regulated sectors of the financial services industry, leaving banks to the regulatory oversight of the Fed, OCC, FDIC and/or state regulators. [Continue]

Patrick Derpinghaus of Associated Banc-Corp to retire

Patrick Derpinghaus, executive vice president and chief audit executive of Associated Banc-Corp, Green Bay, Wis., announced he plans to retire March 1, 2018. Derpinghaus, who joined Associated in 2011, had a successful career in various audit, accounting and administrative roles within the financial services industry spanning four decades. He also played an integral role in leading the Associated Veterans Network. [Continue]