Former CBA board member joins Huntington | Proposed prepaid-card protection could increase fraud | Experian faces CFPB fine for misinformation
March 24, 2017
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Former CBA board member joins Huntington
Huntington Bancshares has found a head of consumer and business banking in Andy Harmening, who succeeds the retiring Mary Navarro. Harmening and Navarro have worked together on the Consumer Bankers Association board and have both chaired the board. (subscription required) (3/23) 
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The CFPB Today
Proposed prepaid-card protection could increase fraud
Credit Card
The Consumer Financial Protection Bureau's prepaid-card rule would extend error resolution and liability protection for unregistered cards, making financial institutions responsible for fraud investigation on cards without consumer information. "Here's the problem: Fraudsters are always looking for new ways to break the system, and they are quite sophisticated, so once they figure out that they can do it, it could be a big issue," said Ben Jackson, Mercator Advisory Group's director of prepaid advisory services. (subscription required) (3/23) 
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Experian faces CFPB fine for misinformation
Experian has been fined $3 million after the Consumer Financial Protection Bureau ruled that "educational credit scores" have misled customers. The CFPB cites violation of the Dodd-Frank Act, saying Experian falsely claimed lenders use educational scores for credit decisions.
HousingWire (3/23),  Los Angeles Times (tiered subscription model) (3/23) 
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CFPB plans review of qualified-mortgage rule
The Consumer Financial Protection Bureau plans to review its qualified-mortgage rule, which turns 5 in January, to comply with the Dodd-Frank Act. The CFPB is not bound by an executive order on regulation reduction but intends to review its rules.
HousingWire (3/23) 
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Retail Banking Roundup
Banks seek to protect consumer financial data
Banks are restricting sharing and use of customer financial data, partly to protect that information from compromise through third-party apps that aren't required to have the same security as banks.
The New York Times (free-article access for SmartBrief readers) (3/23) 
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Fed: Santander not meeting consumer-protection rules
Santander has received a Federal Reserve warning to improve consumer-protection standards, including strengthening oversight of subprime auto lending. No fine has been issued, but an enforcement agreement says the bank has two months to increase oversight and ensure compliance.
The Boston Globe (tiered subscription model) (3/23) 
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Industry News
Fed official calls for MBS, Treasurys to be run off
The president of the Federal Reserve Bank of Dallas has called for mortgage-backed securities and Treasurys to be rolled off as the central bank prepares to streamline its balance sheet. A clear strategy should be formulated to roll off both securities with minimal disruption, Robert Kaplan says.
Bloomberg (3/23) 
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Legislative Affairs
SEC nominee has no "specific plans" to tackle Dodd-Frank
Jay Clayton, President Donald Trump's nominee to be chairman of the Securities and Exchange Commission, said the Dodd-Frank Act should be looked at to see whether objectives are being achieved, but he doesn't have "specific plans for attack" against the law. The SEC should continue work on rules mandated by Dodd-Frank that haven't been completed, Clayton said.
Bloomberg (3/23),  The Wall Street Journal (tiered subscription model) (3/23),  Financial Times (tiered subscription model) (3/23) 
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Icahn's role as Trump adviser questioned
Icahn’s advisory role to Trump questioned
Icahn (Mat Szwajkos/Getty Images)
The Securities and Exchange Commission has been asked to watch for conflicts of interest in Carl Icahn's position as an adviser to the Trump administration. Icahn's wide-ranging investment portfolio and lack of clarity on his role and influence have raised concerns.
Bloomberg (3/23) 
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Career Development
Authenticity means you can have multiple communication styles
Women don't need to adopt all the communication styles of men or use only one style, but it's clear that they face higher expectations, or what Andrea Kramer and Alton Harris call the "Goldilocks dilemma." "Because workplaces are so suffused with gender bias, women need to have both a forceful, decisive style and an inclusive style -- and probably many others -- at the ready," they write.
Fast Company online (3/20) 
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CBA Connect
CBA LIVE 2017: Find What You're Looking For!
CBA LIVE 2017: Registration is now open
Our 90 hours of programming and 11 forums offer an array of topics from all facets of retail banking. From auto financing to fair lending to digital banking, CBA LIVE 2017 has what you're looking for. Check out our full lineup of sessions. Register today to be part of the premier event in retail banking, scheduled April 3 to 5 in Dallas.
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