David Silberman, assistant director of research, markets and regulations at the CFPB traveled to Gothenburg, NE to visit with ABA-Chairman elect Matt Williams and his staff at Gothenburg State Bank. Silberman is one of six associate directors at the CFPB who reports directly to the agency’s Director, Richard Cordray.
In March Silberman had spoken with Nebraska bankers visiting Washington D.C. about the agency’s interests in overdraft protection products noting the CFPB has looked at the practices of the nation’s eight largest banks. Williams raised his hand and asked if the CFPB had looked at any smaller banks.
Gothenburg is a town of 3,800 people. The bank has $118 million in assets, two offices, and 28 employees.
During Silberman visit, Williams and his staff went over four main areas of discussion: overdraft protection, new account openings, home loans, and general compliance. Williams said Silberman seemed to enjoy his visit and seemed to learn a lot.