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February 25, 2013
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News for the retail banking industry

  Top Story 
  • Financial industry would feel effects of spending cuts
    Several financial industry regulators would feel the bite if automatic spending cuts take place Friday, including the Consumer Financial Protection Bureau. The agency would see cuts of $34 million to its $448 million budget. Cuts to the Securities and Exchange Commission and the Commodity Futures Trading Commission could slow Dodd-Frank Act rule-making, analysts say. In addition, some banks could feel the effects if the spending cuts lead to business slowdowns in markets where they operate. The Hill/On the Money blog (2/23), AmericanBanker.com (free registration) (2/22) LinkedInFacebookTwitterEmail this Story
  • Governors say spending cuts will return U.S. to recession: The $85 billion of federal spending cuts set to take effect Friday likely will do so much damage that the U.S. will fall back into recession, Republican and Democratic governors said at a meeting of the National Governors Association. The mere threat of the cuts has already weakened state economies, the governors said. Bloomberg (2/24), The New York Times (tiered subscription model) (2/24) LinkedInFacebookTwitterEmail this Story
  The CFPB Today 
  • Is Corker the man to save Cordray with a compromise?
    Sen. Bob Corker, R-Tenn., is trying broker a deal between Republicans and Democrats over the appointment of Richard Cordray as director of the Consumer Financial Protection Bureau, but sources say some question whether he has the political chops to get the job done. Corker says he remains confident there will be a compromise. Politico (Washington, D.C.) (2/25) LinkedInFacebookTwitterEmail this Story
  Retail Banking Roundup 
 
  • Ban on credit card surcharge might spread across U.S.
    Ten U.S. states prohibit merchants from charging shoppers extra for paying with a credit card, but that could change. Legislation to ban the surcharge, sometimes called a checkout fee, is under consideration in 11 states. CNBC (2/22) LinkedInFacebookTwitterEmail this Story
  • Regulators study banks' role in online payday loans
    The Consumer Financial Protection Bureau, the Federal Deposit Insurance Corp. and New York's Department of Financial Services are looking into the role banks play in helping Internet-based payday lenders access customer money, sources say. Some banks allow payday lenders to withdraw payments automatically from borrowers' bank accounts in states where the loans are prohibited and after customers ask for the withdrawals to stop. The New York Times (tiered subscription model) (2/23) LinkedInFacebookTwitterEmail this Story
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  Legislative Affairs 
  • Congressional leaders discuss new angles in budget battle
    House Republicans have proposed a continuing resolution that would keep the federal government running through September with lower operating funds and with flexibility for the Pentagon. A White House official says the Obama administration will not accept the plan, but a Democratic aide said it could be difficult to oppose the bill over fears they would be blamed for shutting down government. No deal is expected before Friday, when sequestration is scheduled to kick in. The Wall Street Journal (2/24) LinkedInFacebookTwitterEmail this Story
  • Other News
  The Future of Money 
  • New MasterCard software eliminates needs for card
    MasterCard is launching a digital platform that will eliminate the need for a plastic card for customers making purchases online, in person or through mobile devices. MasterPass, a digital wallet, will allow users to keep MasterCard information, as well as information from competing cards, on a software program for use with retailers who sign up for the service. The Wall Street Journal/Dow Jones Newswires (2/25) LinkedInFacebookTwitterEmail this Story
  Career Development 
  • Use tough love to keep your team on schedule
    If your team keeps blowing deadlines, it doesn't help to keep quiet, writes Patty Azzarello. Public accountability and tracking show that being late is unacceptable, and they usually result in more projects being on time, she writes. "It's not about coming down hard on someone or being disrespectful or nasty. It's about moving the business forward," Azzarello writes. Fast Company online (2/20) LinkedInFacebookTwitterEmail this Story
  Hot Topics 

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

  • Results based on number of times each story was clicked by readers.
  CBA Connect 
  • CBA LIVE 2013: The Future of Money
      
    Are you ready for the Future of Money? CBA LIVE 2013, March 11-13 in Phoenix, Ariz., will bring together the top executives in retail banking to learn, exchange ideas and identify solutions to the challenges facing our industry. Our 2012 event was a record-breaking success with more than 1,000 banking leaders in attendance! Now in its fourth year, CBA LIVE features expert panels and distinguished speakers across nine forums of tailored programming. Reserve your space today and join us for this must-attend event. LinkedInFacebookTwitterEmail this Story

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  SmartQuote 
It is wonderful how much news there is when people write every other day; if they wait for a month, there is nothing that seems worth telling."
--Anna Masterton Buchan,
Scottish writer


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