CBA's Hunt: CFPB auto bulletin unclear, needs repeal | Mulvaney tells staff of inquiry, says not to leak info | BancorpSouth to pay stock, cash for Icon Capital
April 20, 2018
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Wells Fargo could reach settlement with CFPB, OCC today
Wells Fargo could be close to reaching agreement on a fine of up to $1 billion to be levied by the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau, sources say. The settlement, which could be announced today, addresses problems that include improper charges in the bank's mortgage and auto-loan businesses.
The Wall Street Journal (tiered subscription model) (4/19),  Reuters (4/19) 
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The Bank & Credit Union Guide To Recordkeeping Requirements
Banks & Credit Unions are subject to record retention requirements at the federal level, while only some states include advertisements in their requirements. Download this guide for an overview of the state requirements for advertising, social media & other electronic communication.
The CFPB Today
CBA's Hunt: CFPB auto bulletin unclear, needs repeal
A 2013 auto-finance bulletin from the Consumer Financial Protection Bureau lacks clarity, and the House should follow the Senate in voting to repeal it, says CBA President and CEO Richard Hunt, among others. "CBA member banks are strongly committed to ensuring fair lending policies and practices while fulfilling consumers' financial needs," Hunt says. "For that reason, it is critical to have clear rules and guidance from regulators so our member banks can be certain of compliance."
Auto Remarketing (4/19) 
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Mulvaney tells staff of inquiry, says not to leak info
Consumer Financial Protection Bureau acting Director Mick Mulvaney has warned staff members against leaking information to outsiders. The bureau's inspector general has been asked to investigate leaks, Mulvaney says in a staff memo.
The Wall Street Journal (tiered subscription model) (4/19) 
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Retail Banking Roundup
BancorpSouth to pay stock, cash for Icon Capital
BancorpSouth in Mississippi has agreed to acquire Icon Capital in Texas for 4.125 million shares and $17.5 million in cash. The transaction, expected to close in the second half of 2018, expands BancorpSouth's Texas presence because Icon has seven full-service branches in the Houston area.
Northeast Mississippi Daily Journal (Tupelo, Miss.) (4/19) 
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Auto-finance president to exit Ally Financial
Tim Russi will depart Oct. 1 as president of auto finance at Ally Financial. Doug Timmerman, president of insurance, will succeed Russi.
Auto Finance News (free content) (4/19) 
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Industry News
Fed researchers: Tariffs could harm US employment
Steel and aluminum tariffs are more likely to reduce US employment than to increase it, Federal Reserve Bank of New York researchers say. Employment in steel-intensive industries could decline as exporters dependent on steel raise prices or lower profit margins, the researchers say.
Bloomberg (free registration) (4/19) 
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Quarles: 30-year fixed-rate mortgage may not need government guarantee
The 30-year fixed-rate mortgage probably does not need a government guarantee to survive, Randal Quarles, Federal Reserve vice chairman for supervision, said at a Senate banking committee hearing. Sen. Heidi Heitkamp, D-N.D., however, said, "There are a number of people in smaller or midsized institutions who believe it would be difficult to take a 30-year interest-rate risk without some kind of assurance they could offset that risk."
MarketWatch (4/19) 
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Regulatory Report
Fed's Brainard: Not a good time to revisit big-bank rules
Fed's Brainard: Not a good time to revisit big-bank rules
Brainard (Alex Wong/Getty Images)
Federal Reserve Governor Lael Brainard explained her vote against a proposal to change capital or liquidity rules for big banks, saying the largest firms "have the right kind and amount of liquidity." Vulnerabilities in asset valuation and business leverage show signs of "financial imbalances," Brainard said.
Reuters (4/19),  Bloomberg (free registration) (4/19),  The Wall Street Journal (tiered subscription model) (4/19) 
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Fed has no position in gun debate, Quarles says
Randal Quarles, vice chairman for supervision at the Federal Reserve, has been pressed by Republican lawmakers to address banks' reduction of business with the gun industry but has declined, saying it is not his place to second-guess the decision. Citigroup and Bank of America have pulled back business with gun sellers and manufacturers, respectively, which supporters of an overhaul of gun laws have praised and which critics have called an overstep in authority.
The Wall Street Journal (tiered subscription model) (4/19) 
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Career Development
Hone these skills to be a successful leader
Effective managers are focused on helping others grow and are open to feedback for making personal improvements, write leadership development consultants Jack Zenger and Joseph Folkman. Good leaders embrace creativity and innovation, and possess a high level of interpersonal communication skills.
Harvard Business Review online (tiered subscription model) (4/17) 
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CBA Connect
CBA's Webinar Library
From marketing tips to compliance issues, view the latest on industry trends, hot topics and key issues in retail banking from the convenience of your home or office. CBA's Webinar Library is a one-stop shop for learning and a valuable part of CBA membership. Take advantage of research and programs from some of the industry's best solutions providers anytime you choose. Visit the CBA Webinar Library today!
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Be practical as well as generous in your ideals. Keep your eyes on the stars, but remember to keep your feet on the ground.
Theodore Roosevelt,
26th US president
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