Most Clicked CBA SmartBrief Stories

1. CFPB calls for 2 banks to pay $36M in kickback penalties

CBA SmartBrief | Jan 23, 2015

The Consumer Financial Protection Bureau has issued a consent order stating that Wells Fargo and JPMorgan Chase employees received kickbacks from a now-defunct Maryland title company. The CFPB is fining the two banks a total of nearly $36 million, the majority of which will be paid by Wells Fargo. Reuters (01/22) Hill, The (01/22) New York Times (tiered subscription model), The (01/22)

2. Survey: Lending hurt by qualified mortgage rule

CBA SmartBrief | Jan 28, 2015

The Consumer Financial Protection Bureau's qualified mortgage rule is stifling bankers' mortgage business and causing some banks to stop offering mortgages, according to an Independent Community Bankers of America survey. The poll found that 9% of respondents that offer mortgages are considering closing their mortgage businesses, 6% already have, 44% have seen originations drop and 57% said they had tightened mortgage underwriting standards. Hartford Business Journal (Conn.) (01/27)

3. New BofA branches seek to capture affluent customers

CBA SmartBrief | Jan 27, 2015

Bank of America is opening branches in two new markets in an effort to capture more business from affluent customers already using other units, such as U.S. Trust and Merrill Lynch. The bank just opened a branch in Denver -- its first in Colorado -- and it plans to open one in Minneapolis in the second quarter. Additional branches are planned for both markets. The move comes as the bank is trimming branches elsewhere. Charlotte Observer (N.C.), The (01/23)

4. Database company cutting ties with payday lenders

CBA SmartBrief | Jan 22, 2015

Early Warning Services, a database company that lenders use to evaluate potential borrowers, is cutting off payday lenders' access to its data as it seeks to ensure compliance with regulations. The move is another blow to payday lenders, which have been under increasing scrutiny by regulators. Bloomberg Businessweek (01/21)

5. Banks cite financial hit from deposit-advance changes

CBA SmartBrief | Jan 23, 2015

Regulatory changes have spurred some banks to stop offering deposit advance loan and others, like Fifth Third, to revise terms. Banks are reporting lost revenue as a result. Fifth Third said its lower fees on the product will likely lead to a loss of $100 million in net interest income this year. The Consumer Financial Protection Bureau is expected to release rules on deposit advances this year. (subscription required) (01/22)

6. 4 ways to tell if you're a real leader

CBA SmartBrief | Jan 22, 2015

There's a fine line between leadership and management, writes Stacey Alcorn. Real leaders are willing to learn and confident enough to let others be part of decision-making. "I learned this the hard way. I used to control and manage everything in my business from the planning of events to the training and marketing," she writes. Entrepreneur online (01/20)

7. Auto-loan securitizations rise as investors seek yield

CBA SmartBrief | Jan 27, 2015

Securitizations of subprime auto loans rose 28% last year, even as delinquencies increased. Since 2010, these securitizations have risen 302%. Yield-seeking investors including mutual funds, insurance companies and hedge funds are buying pieces of the bond deals, fueling more risky auto loans and creating concerns among some about repercussions for the financial system. New York Times (tiered subscription model), The (01/26)

8. Branches must focus on 4 principles to survive, firm says

CBA SmartBrief | Jan 23, 2015

Retail bank branches need to focus on four principles to survive in a changing market, according to Solidus, a banking design firm. A branch needs to be designed and sited to integrate digital channels, use multisensory communications in marketing, expand duties of branch personnel and focus on overall efficiency, Solidus says. Financial Brand, The (01/22)

9. TransUnion finds consumers pay auto loans before mortgages

CBA SmartBrief | Jan 23, 2015

According to a TransUnion review of consumer payment patterns, consumers have always made paying auto loans a priority over mortgages, despite conventional wisdom that the shift came during the last recession, says Steve Chaouki, executive vice president for U.S. information services. "Auto still is top of mind and top of wallet," he said. (free registration) (01/21)

10. Warren set to be top Democrat on Senate banking subcommittee

CBA SmartBrief | Jan 26, 2015

Sen. Elizabeth Warren will now be the top Democrat on a key subcommittee of the Senate banking committee. The subcommittee to be chaired by the Massachusetts lawmaker oversees monetary policy, economic growth, small-business lending and currency and coinage. Wall Street Journal (tiered subscription model), The (01/23) Hill, The (01/23)

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