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December 3, 2012
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News for the retail banking industry

  Top Story 
  • BofA looks to mobile as a way to avoid checking fees
    Bank of America will hold off until at least late next year on charging new checking-account fees for some 10 million customers, sources say. The bank is reviewing its retail-banking business and looking for ways to reduce losses on customers with modest balances. Encouraging more customers to use mobile banking could be one solution, officials say. The Wall Street Journal (11/30) LinkedInFacebookTwitterEmail this Story
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  The CFPB Today 
  • Consumers will start reaping rewards of credit card penalties
    Most consumers likely will see only small-dollar amounts as credit card companies begin sending payments owed under multimillion-dollar penalties from the Consumer Financial Protection Bureau. But the fines are a sign that the CFPB "is establishing the fact that they mean business," says Bill Hardekopf, CEO of, a credit card comparison site. The Sacramento Bee (Calif.) (free registration) (12/2) LinkedInFacebookTwitterEmail this Story
  • Other News
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  Industry News 
  • Banks face cyber equivalent of 9/11, security expert says
    American banks are set to face "the cyber equivalent of the World Trade Center attack," and the recent attacks on financial institutions should be a wake-up call to lawmakers and industry leaders, says John "Mike" McConnell, a former National Security Agency director. He envisions an attack in which "the power doesn't work, there's no way you can get money, you can't get out of town, you can't get online, and banking, as a function to make the world work, starts to not be reliable." CNET (12/2), Financial Times (free content) (12/2) LinkedInFacebookTwitterEmail this Story
  • October small-business borrowing rose 11%, report finds
    Small-business borrowing jumped 11% in October, compared with October 2011, according to the Thomson Reuters/PayNet Small Business Lending Index. "They are seeing some profit-producing opportunities, and are wading in," said PayNet founder Bill Phelan. Reuters (12/3) LinkedInFacebookTwitterEmail this Story
  Legislative Affairs 
  • Geithner, Boehner show few signs of compromise on "fiscal cliff"
    Treasury Secretary Timothy Geithner predicts that Republicans will agree to raise tax rates on wealthy Americans to avoid the "fiscal cliff." No deal will happen without higher rates, he says. However, House Speaker John Boehner, R-Ohio, says such a move would hinder the economy, and he continues to oppose it. Reuters (12/2) LinkedInFacebookTwitterEmail this Story
  The Future of Money 
  • Is your bank ready for the cloud?
    The cloud can transform the way banks operate if technology decisions are made carefully, with security and reliability in mind, writes Lisa Chason. "Banks who fail to utilize the cloud could ultimately find themselves falling behind the times, and unable to handle -- or afford -- the big data they are required to archive," she writes. American City Business Journals/Houston (11/30) LinkedInFacebookTwitterEmail this Story
  Members in the News 
  • Citigroup training helps propel top leaders
    Citigroup alumni run four of the country's biggest financial companies, and their experience with Citi is credited with preparing them for their top roles. "The bottom line is, it's great training. You've got a lot of different constituents, a lot of different businesses, a sprawling empire," said Robert M. Iommazzo, with Seba International, which helps recruit for Citigroup. (free registration) (11/30) LinkedInFacebookTwitterEmail this Story
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  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 Early Bird Savings -- Register by Dec. 21
    Register by Dec. 21 and get the best rates for CBA LIVE 2013. Early birds save $300 and CBA Members can save even more with group discounts. Come to CBA LIVE 2013, March 11-13 in Phoenix and get the latest, most in-depth analysis of CFPB developments with tailored sessions across nine areas of retail banking. Now in its fourth year, CBA LIVE features expert panels and distinguished speakers. Make your hotel reservations today at the JW Marriott Desert Ridge Resort and save with special CBA rates. LinkedInFacebookTwitterEmail this Story

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