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- 4 banks could face CFPB lawsuits over auto lending, sources say
The Consumer Financial Protection Bureau is giving four banks 15 days to explain auto loans and auto dealer interest-rate markups that appear discriminatory and violate the Equal Credit Opportunity Act, sources say. The CFPB reportedly sent letters last week to the banks, warning of potential lawsuits. The agency has oversight of banks but not auto dealers. "Auto lending is within our jurisdiction," said Richard Cordray, CFPB director. "We are examining institutions around auto lending just as we are looking at them on mortgage, credit cards, student loans." Bloomberg Businessweek
(2/21)     
| The CFPB Today | | |
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- Analysis: Prepaid cards bring banking to the poor
About 1 in 12 U.S. households lacks a bank account, but improvement in prepaid cards offers hope of bringing financial services to the poor, according to The Economist. "Pre-paid cards are not perfect: their fees can be sizeable and opaque, and they offer limited consumer protection," the magazine notes. "But they are convenient and a growing part of America's consumer-finance landscape." The Economist (tiered subscription model)
(2/16)
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| Industry News | | |
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- Chairman reportedly isn't interested in breaking up Citi
Citigroup Chairman Michael O'Neill has a history of structurally altering companies, such as downsizing Bank of Hawaii and arguing for simplifying Bank of America in 2009. However, he reportedly is not interested in splitting up Citigroup. He thinks a breakup would weigh the bank down with too many costs and financial uncertainty, sources say. The Wall Street Journal
(2/20)
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| Legislative Affairs | | |
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- Warren: There are "many tools" for holding banks accountable
Sen. Elizabeth Warren, D-Mass., says there are "many tools in the toolbox" when it comes to financial regulators holding banks accountable. Warren says last week's hearing that featured her quizzing regulators about taking bankers to trial for financial wrongdoings was "about asking the regulators to enforce the laws that are available to require accountability for the biggest financial institutions, but there will be plenty of other places to look at as well." Boston Herald
(2/20)
| The Future of Money | | |
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| Members in the News | | |
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- Former CFPB exec joins Capital One board
Catherine West, former chief operating officer at the Consumer Financial Protection Bureau, is joining the board of directors at Capital One Financial. Benjamin Jenkins III will also join the board. He is the former head of Wachovia's general banking business. The Wall Street Journal
(2/20)
| CBA Connect | | |
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CBA's Banking on Youth Competition -- Call for Sponsors
Now is your chance to join fellow bankers to support the 2013 Banking on Youth Competition. The program's inaugural year was a great success with 13 sponsoring banks and more than 170 entries from youth teams across 33 states. Sponsorship opportunities for 2013 are still available, ranging from $3,000 to $40,000. Visit our website and learn how you can support this growing competition and connect with America's young entrepreneurs to build sustainable ventures. Contact CBA for more information.
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 | Never help a child with a task at which he feels he can succeed."
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