BB&T-SunTrust priorities, OCC's shock tactic, CECL remorse: Top stories of the week

Will BB&T-SunTrust serve the community or Wall Street?

Kelly King, chief executive officer of BB&T Corp., speaks at the U.S. Chamber of Commerce's Capital Markets Summit in Washington, D.C., U.S., on Wednesday, March 24, 2010. King said Senate Banking Committee Chairman Christopher Dodd's plan for a new consumer protection agency within the Federal Reserve is a "blatantly stupid" idea that must be modified. Photographer: Brendan Hoffman/Bloomberg *** Local Caption *** Kelly King

Brendan Hoffman/Bloomberg

BB&T's chief executive has not prioritized meeting with local leaders and consumer advocates to discuss its merger plans, missing a valuable opportunity to create a new kind of large bank.

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'We were willing to shock historical norms': Otting on OCC's makeover

Comptroller of the Currency Joseph Otting

Joseph Otting, comptroller of the U.S. currency, speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., on Monday, April 29, 2019. The conference brings together leaders in business, government, technology, philanthropy, academia, and the media to discuss actionable and collaborative solutions to some of the most important questions of our time. Photographer: Patrick T. Fallon/Bloomberg

Patrick T. Fallon/Bloomberg

The comptroller, now a year and a half on the job, discusses his attempts to revamp the supervision process for national banks and make the agency run more efficiently.

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CFPB's assistant enforcement chief resigns: Sources

Signage is displayed inside the Consumer Financial Protection Bureau (CFPB) headquarters in Washington, D.C., U.S., on Monday, March 4, 2019. House Financial Services Committee Chair Maxine Waters will hold a hearing this week on the semi-annual review of the CFPB. Photographer: Andrew Harrer/Bloomberg

Andrew Harrer/Bloomberg

Kristen Donoghue had been one of the agency's few remaining senior enforcement managers hired by former Director Richard Cordray.

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Is it too late for Congress to stop CECL?

Representative Blaine Luetkemeyer, a Republican from Missouri, speaks during a House Financial Services Committee hearing in Washington, D.C., U.S., on Wednesday, Nov. 14, 2018. Randal Quarles, vice chairman of supervision at the U.S. Federal Reserve, played down the risk of automation eliminating jobs and noted the "strong demand for labor in our current economy" as well as the hope that technology will enhance worker productivity. Photographer: Zach Gibson/Bloomberg

Zach Gibson/Bloomberg

Both Democrats and Republicans devoted considerable time at a House Financial Services Committee hearing last week to lamenting how the accounting standard will hurt small lenders.

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'Leap of faith': Fifth Third's Tanner resigning to focus on social causes

Teresa Tanner, Chief Administrative Officer at Fifth Third Bancorp.

Teresa Tanner, one of American Banker's Most Powerful Women in Banking, is stepping down as the bank's chief administrative officer to focus on larger societal issues, such as helping women advance in the workplace and creating economic opportunities for minorities and people with disabilities.

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Republican Senate bill would delay CECL until further study

"Congress must have a clear understanding of what regulatory and supervisory failures occurred to allow the collapse of both Silicon Valley Bank and Signature Bank," Sen. Thom Tillis, R-N.C., said in a statement introducing bipartisan legislation to advance Federal Reserve transparency and accountability.

Al Drago/Bloomberg

The effort to delay CECL comes a week after a House panel mounted a bipartisan attack on the new FASB standard.

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