| News for the retail banking industry |  |
- Big banks will receive stress-test scenarios by Nov. 15
Nineteen banks with more than $50 billion in assets will be given guidelines by Nov. 15 for stress tests that must be run this year as required under the Dodd-Frank Act, regulators say. Midsize banks with assets between $10 billion and $50 billion will get another year before they must conduct such tests. The Wall Street Journal
(10/9)     
 | Address the challenges of inefficient loan servicing
The landscape in the financial services industry fosters redundant, inefficient and incompatible systems that are increasingly costly to maintain. Learn how you can improve productivity, reassign FTEs and support a more diverse loan portfolio by consolidating your consumer loan operation back office. Download the free Executive Briefing from Fiserv. |
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| The CFPB Today |  |  |
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- Analysis: Romney would move or break up the CFPB
While President Barack Obama is seen as a "consumer protection president," Mitt Romney "wants to be a business president," writes Jeff Sovern, a professor at St. John's University School of Law. For example, Romney has criticized the Consumer Financial Protection Bureau and has indicated it should be moved outside the Federal Reserve or broken up and its powers distributed among existing financial regulators. The Hill/Congress Blog
(10/9)
| Retail Banking Roundup | | |
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| Emerging Channels | | |
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| Industry News | | |
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- Small-business optimism nearly unchanged, report says
Optimism by small-business owners declined 0.1% in September compared with the previous month, the National Federation of Independent Business reports. "[O]wners are in maintenance mode; spending only when necessary and not hiring, expanding or ordering more inventories until the future becomes more 'certain,' " said William Dunkelberg, NFIB's chief economist. The Hill/On the Money blog
(10/9)
- Small-business lending up 27%
Loans through the government's Small Business Lending Fund have increased by $6.7 billion over baseline, according to the Treasury Department, and loans were up $1.5 billion in the second quarter compared with the first. The lending fund was designed for banks with less than $10 billion in assets. AmericanBanker.com (free registration)
(10/9)
- Commentary: New prepaid card won't hurt banks
The low-cost prepaid card recently unveiled by Wal-Mart and American Express won't hurt traditional banking and lead to more unbanked, Dan Freed writes. "The power of inertia is far too great, and it is aided by the fact that all the automatic deposit and billpay customers set up through their banks are extremely costly and time consuming to undo," he writes. MSN Money/TheStreet.com
(10/9)
| Regulatory Report | | |
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- Who would Romney select for Fed chief?
Some of the contenders to head the Federal Reserve should Mitt Romney win the presidential election include John B. Taylor, a Stanford University economist, and Glenn Hubbard, dean of Columbia Business School, Neil Irwin writes. He lists other options, including Thomas Hoenig, director of the Federal Deposit Insurance Corp. The Washington Post
(10/9)
| Legislative Affairs | | |
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- Regulatory burden too great under Dodd-Frank, Vitter says
The Dodd-Frank Act has generated more than 400 rules and has led to increased economic uncertainty and business costs, writes Rep. David Vitter, R-La., a Senate banking committee member. "Instead of Dodd-Frank's over-regulation, we should require a higher capital ratio for megabanks. And this ratio should be clearer and less vulnerable to being gamed than the overly nuanced, subjective Basel III formula," he writes. The Wall Street Journal
(10/9)
| Technology Today | | |
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- Cyberattack group makes further bank threats
Capital One Financial was hit with cyberattacks Tuesday as the group that claimed responsibility for earlier denial-of-service cyberattacks says it plans assaults against SunTrust and Regions Financial this week. The attacks, which target online operations and generally do not directly affect customer accounts, are difficult to defend against, but the targeted banks are in contact "with the right people within government," said William Nelson, president of the Financial Services Information Sharing and Analysis Center. Bloomberg Businessweek
(10/9), Fox Business
(10/8), The Wall Street Journal/Dow Jones Newswires
(10/9)
| CBA Connect | | |
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Conversations with CBA
"Conversations with CBA" is an informative video series to learn about the latest trends in retail banking from industry leaders. The videos feature insightful interviews with recognized experts from both the banking and regulatory sectors. In today's exceptionally challenging economic and regulatory environment, it is vital to stay abreast of the most recent developments. This series, produced by the Consumer Bankers Association, is geared specifically to retail banking professionals, with in-depth coverage of the most current issues, such as the CFPB, CRA compliance and challenges in small-business lending. Click here to view the latest installment and to check out the full video series.
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