September 13, 2012
Robin Loftus, Executive Vice President and Chief Operating Officer of Security Bank, S.B., in Springfield, and Past Chairman of CBAI, will serve as chairman of the Consumer Financial Protection Bureau’s Community Bank Advisory Council.
The CFPB was created by the Dodd-Frank Wall Street Reform Act and supervises depository institutions and credit unions with total assets of more than $10 billion. As a result the Bureau does not have regular contact with institutions with assets of less than $10 billion. The Council is intended to ensure that the unique perspectives of community banks are shared with the Bureau. The Council will provide the CFPB with recommendations to influence its policy development, research, rulemaking, and engagement functions. The Council will convene public meetings, and members serve two year terms.
CBAI congratulates Robin Loftus on this important appointment.