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October 11, 2012
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News for the retail banking industry

  Top Story 
  • Credit-reporting settlement reached as CFPB increases scrutiny
    Equifax and Direct Lending Source will pay a $1.6 million settlement over federal charges that they violated the Fair Credit Reporting Act when dealing with information about consumers who were late on mortgage payments. The settlement was reached as the Consumer Financial Protection Bureau ramps up scrutiny of credit-reporting companies. Direct Lending will pay $1.2 million of the fine. The Wall Street Journal (10/10) LinkedInFacebookTwitterEmail this Story
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.
  The CFPB Today 
  Retail Banking Roundup 
  • CBA's Bradshaw gives advice on student loans
    Pace Bradshaw, vice president of the Consumer Bankers Association, provides insight about what student borrowers should know if their loans are sold. "The financial industry is undergoing a number of changes," he says. "As a result, some lenders may need to re-align their business models [and] borrowers need to be aware that there sometimes can be a change in the servicer of their federal or private student loan." Fox Business (10/10) LinkedInFacebookTwitterEmail this Story
  • Other News
  Industry News 
  • Consumers find financial solutions outside banks
    "Consumers continue to adopt financial services outside of banks in pretty large numbers," as retailers such as Wal-Mart and Amazon make access easier with cheaper financial products, says Dan O'Malley, founder and CEO of PerkStreet Financial. "Big banks continue to cater to the wealthy and medium-sized banks continue to cling onto bricks-and-mortar branches, and because of that, the average consumer is looking for better options," he says. U.S. News & World Report (10/10) LinkedInFacebookTwitterEmail this Story
  • How to attract the best young talent to banking
    The banking industry can attract more young talent by demonstrating how finance can be used to make people's lives better and by funding new and innovative ideas, writes Felix Oldenburg of Ashoka, a global association of leading social entrepreneurs. The growth of mobile banking and online lending networks, he writes, points "to opportunities for today's banks to do well by doing good." Forbes (10/10) LinkedInFacebookTwitterEmail this Story
  Regulatory Report 
  • Barofsky says TARP was a "double-edged sword"
    While the Troubled Asset Relief Program helped avert a bigger financial crisis, it failed in other ways such as not boosting lending, says Neil Barofsky, former special inspector general in charge of overseeing TARP. "TARP was a double-edged sword," said Barofsky, author of "Bailout." "[For all its success] it said some banks would be protected from the normal capitalistic functions of the market." MarketWatch (10/10) LinkedInFacebookTwitterEmail this Story
  Members in the News 
  • Dimon says "fiscal cliff" is leading to uncertainty
    JPMorgan Chase Chief Executive Jamie Dimon says he is willing to pay higher taxes to help the economy, but says lawmakers must also do their part and move to avert a "fiscal cliff" because it's leading to business uncertainty. Speaking to the Council on Foreign Relations, Dimon said there's a "don't hire, don't build, don't buy" mentality by companies. The Hill/On the Money blog (10/10), CNBC (10/10) LinkedInFacebookTwitterEmail this Story

  • Braunstein will leave JPMorgan CFO post, sources say
    JPMorgan Chase Chief Financial Officer Douglas Braunstein will leave his position and possibly move into another spot within the company in the next two quarters, sources say. In July, his status was reduced when he no longer reported to Chairman and Chief Executive Jamie Dimon. He also is one of the executives facing an investigation over the firm's massive trading loss this year. The Wall Street Journal (10/10) LinkedInFacebookTwitterEmail this Story
  Career Development 
  • What does your handwriting say about you?
    The use of computer keyboards is robbing us of our very humanity, writes Philip Hensher in this book excerpt. Writing by hand is more personal, more immediate and far more interesting -- as long as your handwriting is legible and presentable. "Handwriting is what registers our individuality, and the mark which our culture has made on us. It has been seen as the unknowing key to our souls and our innermost nature," Hensher asserts. The Observer (London) (10/6) LinkedInFacebookTwitterEmail this Story
  CBA Connect 
  • CBA welcomes our newest Premier Partner Novantas
    We look forward to working with them throughout the coming year. For more information on CBA's associate members and sponsorship opportunities, please visit our website. LinkedInFacebookTwitterEmail this Story

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Action may not always bring happiness; but there is no happiness without action."
--Benjamin Disraeli,
British politician

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