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December 13, 2012
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News for the retail banking industry

  Top Story 
  • Sen.-elect Warren's banking committee assignment is approved
    The Democratic Steering Committee has approved Sen.-elect Elizabeth Warren's assignment to the Senate banking committee. "She'll need some time to get in the swing of things, understand protocol, and work on an agenda of her own," said Harvey Pitt, former chairman of the Securities and Exchange Commission. "Ultimately, she'll be an active member of the committee, but it seems silly to expect her to assume a major role right out of the box, so to speak." Reuters (12/12), The Hill/Ballot Box blog (12/12) LinkedInFacebookTwitterEmail this Story
How Bank of America and Others Drive New Branch Business
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  The CFPB Today 
  • Commentary: Presence of CFPB enforcement attorneys is a detriment
    Enforcement attorneys from the Consumer Financial Protection Bureau should not be present during supervisory examinations, something even the CFPB ombudsman says may inhibit the free flow of information, writes lawyer Kevin Petrasic. How the agency responds to its ombudsman's report will demonstrate how much influence the ombudsman has, as well as the culture of the CFPB and its willingness to "balance its regulatory approach and enforcement interests to optimize the effectiveness of its supervision," Petrasic writes. (free registration)/BankThink blog (12/12) LinkedInFacebookTwitterEmail this Story
  • CFPB report criticizes credit-bureau practices
    Consumers could be wasting their time when turning in detailed documents to credit-reporting firms to fix credit-report errors, according to a study by the Consumer Financial Protection Bureau. That's because firms such as Equifax, TransUnion and Experian don't forward the information to credit card companies or debt collectors, but instead use a computerized coding system to describe the complaint. The report did not say whether the credit bureaus are violating any laws. Jones Newswires (12/13) LinkedInFacebookTwitterEmail this Story
  Regulatory Report 
  • Banks fail to meet OCC standards on governance
    No bank was able to pass recent tests by the Office of the Comptroller of the Currency on governance issues such as internal auditing, succession planning and risk management. Mike Brosnan, who leads large-bank supervision at the OCC, said the tests are designed to be difficult, and he expects improvement next year. "I'm satisfied with where they have come from, and I like the momentum," he said. "I think we're at a C-plus/B-minus point, and what we are looking to get to is B-plus or A-minus. We are not looking for A-plus." (free registration) (12/13) LinkedInFacebookTwitterEmail this Story
  • Treasury takes a loss on TARP shares of smaller banks
    As it seeks to exit the Troubled Asset Relief Program, the Treasury Department is selling shares in some smaller banks at a loss. Christy Romero, the special inspector general for TARP, says some of the banks might have the ability to make full payments. Treasury has recovered $267 billion from bank repayments, dividends, auctions and other income under TARP, compared with its $245 billion initial investment. Overall, the Congressional Budget Office estimates the program will cost taxpayers $24 billion. The Wall Street Journal (12/11) LinkedInFacebookTwitterEmail this Story
  Legislative Affairs 
  • Lawmakers could return after Christmas break for "fiscal cliff"
    Republican leaders say Congress could return to work right after Christmas, since House Republican leaders and the White House remain divided on how to avert the "fiscal cliff." "I remain the most optimistic person in this town, but we've got some serious differences," said House Speaker John Boehner, R-Ohio. The Hill (12/12) LinkedInFacebookTwitterEmail this Story
  The Future of Money 
  • Wells Fargo exec sees potential for voice recognition in banking
    Voice recognition could be part of the future for mobile banking technology, says Steve Ellis, executive vice president and Wells Fargo Wholesale Services Group head. "My Nirvana is, I pick up the phone and say 'this is Steve, I need to move some money to my client, take it out of my primary checking account,' and by the time I've got done saying that, the bank has authenticated who I was, conducted the transaction and sent a response back," he says. (free registration) (12/12) LinkedInFacebookTwitterEmail this Story
  Career Development 
  • 11 ways to become a better leader
    You don't have to be in charge of a large team to be a leader, but there are certain qualities that will make you more effective and inspirational, Margaret Buj writes. Stating your vision clearly, being passionate and positive, and always striving to improve can help you become a "transformational leader," she writes. (12/10) LinkedInFacebookTwitterEmail this Story
  CBA Connect 
  • CBA's Joe Belew Award
    CBA is excited to announce the launch of the third annual Joe Belew Award competition. Each year, we are proud to honor the memory of former CBA President Joe Belew for his commitment to community development. The 2013 competition focus is Creating and Maintaining Affordable Housing. Download the application and submit your entries by Jan. 9. We look forward to learning about all our banks' innovative programs. Contact CBA for more information. LinkedInFacebookTwitterEmail this Story
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