Top Story

• GOP senators call for CFPB commission
  Forty-three Republican senators wrote a letter to President Barack Obama saying they will block any Consumer Financial Protection Bureau director nominee until the agency is changed so it is run by a bipartisan, five-member commission and its funding goes through the congressional appropriations process. Sen. Jerry Moran, R-Kan., filed legislation Friday to achieve those objectives. Senate banking committee Chairman Tim Johnson, D-S.D., called the action "just politics at play." The Hill/On the Money blog (2/1)     

• Cordray should back CFPB reforms, Sen. Portman says: Consumer Financial Protection Bureau Director Richard Cordray should support some of the changes that Senate Republicans are seeking, says Sen. Rob Portman, R-Ohio. As one of the two GOP senators who did not sign a letter to President Barack Obama urging changes, Portman wrote to Cordray, saying that he has "an opportunity to stake out a reasonable position on these proposals independent of the White House." The Hill/On the Money blog (2/1)     

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The CFPB Today

• 84% of small-business owners support CFPB, survey finds
  A Small Business Majority survey of 500 small-business owners found that 84% support the Consumer Financial Protection Bureau. The survey also found that 58% have used a personal credit card to finance their business, and 53% have personally guaranteed loans for their business. United Press International (2/3)     

Industry News

• Commentary: Next-generation products should attract underbanked
  More next-generation products, such as American Express' Bluebird card, aim to build customer relationships with ease of use and mobile technology, but they should be marketed to everyone and not just the young or the "unhappily banked," write Jennifer Tescher and Rachel Schneider of the Center for Financial Services Innovation. "Marketed effectively, these products should hold great appeal for underserved households," they write. AmericanBanker.com (free registration)/BankThink (2/1)     

• Commentary: Banks should re-evaluate security controls
  Tom Hinkel, director of compliance at Safe Systems, writes that financial institutions need to ensure they are protecting themselves against possible cyberattacks. "Preventing an attack in the first place is far better than having to detect and respond to one, and one of the best ways to prevent an attack is early recognition," Hinkel writes. Bank Systems & Technology (1/31)     

• Other News

• Obama has power to order pre-emptive cyberstrike, officials say
  The New York Times (tiered subscription model) (2/3)     

The Future of Money

• How social media can help bankers
  Banks can benefit from social networking in several new ways, social media experts say. They include targeting marketing messages based on what people are posting, and using that information to help make credit decisions. AmericanBanker.com (free registration) (2/1)     

Members in the News

• Investment banker Crawford will be Capital One's next CFO
  Stephen S. Crawford will become chief financial officer for Capital One, and on May 24, official replace Gary L. Perlin, who is retiring. Crawford is a co-founder of Centerview Partners, a boutique investment bank. The New York Times (tiered subscription model)/DealBook blog (2/1)     

Career Development

• Are you a gracious boss?
  Bosses often focus so much on showing their strength and assertiveness that they forget to be gracious, writes Kevin Daum. Traits such as humility, empathy and a willingness to defer to others are important parts of modern leadership, Daum argues. "Simply put, the most gracious and powerful leaders are the ones who understand when to step back as a follower and let the most appropriate person lead," he writes. Inc. online (free registration) (1/29)     

Hot Topics

Top five news stories selected by CBA SmartBrief readers in the past week.

• CFPB uncertainty "creates chaos in the marketplace," Hunt says (Bloomberg)

• Industry faces uncertainty about CFPB rules (The Wall Street Journal)

• United Bankshares reaches deal to buy Virginia Commerce (Bloomberg Businessweek)

• Measure seeks to curtail CFPB work until director is confirmed (AmericanBanker.com (free registration))

• Citi trims ranks of small-business bankers (Bloomberg)

• Results based on number of times each story was clicked by readers.

CBA Connect

SmartQuote

To attain knowledge, add things every day. To attain wisdom, subtract things every day." --Laozi, Chinese philosopher