Association News

National and Regional Association News

ICBA Names Prabhash Shrestha as Executive Vice

President and Chief Digital Strategy Officer

The Independent Community Bankers of America® has announced Prabhash Shrestha as ICBA’s Executive Vice President and Chief Digital Strategy Officer. Shrestha will lead the Association’s information technology and digital efforts and ensure their alignment with ICBA’s business goals and objectives.

 

“Technology is now the great equalizer; the driver of businesses and commerce; and the platform for performance measurement and growth,” ICBA President and CEO Camden R. Fine said. “Prabhash’s knowledge of association management systems and vendor management experience will be a great asset in helping ICBA leverage technology for greater efficiency and improved value for our association and our community bank members.”

 

Shrestha has more than 20 years of extensive information technology experience including leadership roles with the Association of Fundraising Professionals and the Association of Trial Lawyers of America. He most recently served as vice president of technology for the American Gastroenterological Association, where he led the organization’s technology operations.

 

Shrestha is a Georgetown University professor where he teaches a master’s program on technology management. He has a Bachelor of Science and a Master of Science in information systems from Strayer University and is an ASAE Certified Association Executive.

 

For more information, visit the American Bankers Association website at www.icba.org.

ABA Statement on

CFPB’s Final Arbitration Rule

Rob Nichols, ABA President and CEO, has issued the following statement on the CFPB’s Final Arbitration Rule:

 

We’re disappointed that the CFPB has chosen to put class action lawyers – rather than

consumers – first with today’s final rule. Banks resolve the overwhelming majority of

disputes quickly and amicably, long before they get to court or arbitration. The Bureau’s own study found that arbitration has significant benefits over litigation in general and class actions in particular. Arbitration is a convenient, efficient and fair method of resolving disputes at a fraction of the cost of expensive litigation, which helps keep costs

down for all consumers.

 

Consumers also fare better in arbitration – the Bureau’s study found that consumers receive $5,389 on average compared to $32.35 in litigation. Consumers receive nothing at all in nearly nine out of 10 class action lawsuits.

 

Despite acknowledging these benefits in its own study, the Bureau has chosen to write a rule that would essentially eliminate arbitration – and force consumers into court – by requiring companies to face a flood of attorney-driven class action lawsuits from which consumers receive virtually nothing. Under this final rule, consumers lose.

 

As Congress considers changes to the CFPB’s structure and accountability, we also urge lawmakers to overturn this rule making.

 

For more information, visit the American Bankers Association website at www.aba.com.

CSBS Launches Fintech Advisory Panel

to Help Modernize State Regulation

The Conference of State Bank Supervisors (CSBS) is seeking representatives from the financial technology sector who wish to serve on a new advisory panel with state regulators. Beginning today, representatives can express their desire to serve on the CSBS Fintech Industry Advisory Panel by logging onto an online portal and providing a statement of interest along with basic information about their company. CSBS will keep the portal open until Friday, July 28th. Final Panel members will be determined after a short review by state regulators.

 

The advisory panel will discuss existing pain points in multi-state licensing and supervision, brainstorm possible solutions, and provide feedback to ongoing state initiatives. The first meeting is anticipated to convene this fall.

 

Albert Forkner, Chairman of CSBS and Commissioner of the Wyoming Division of Banking, said: “Through the CSBS advisory panel, state regulators are seeking industry partners to help achieve a common goal: Modernize state financial regulation for fintech firms and other financial service providers. If we succeed, then we will see more businesses producing more innovations for more consumers; all in a safe and sound manner.”

 

The advisory panel is one part of CSBS’ Vision 2020, a series of initiatives designed to forge an integrated, 50-state licensing and supervision system that removes friction experienced by fintechs, while ensuring safety and soundness and strong consumer protections. For the advisory panel, CSBS seeks representatives from a wide range of industries, including but not limited to money services businesses, consumer credit providers, mortgage loan originators, debt collectors, bank services companies, and banks. Those considering expressing an interest can find more information about the advisory panel here.

 

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