Top Story

• Report: Consumer borrowing up $18.1B in August
  Americans increased their total borrowing by $18.1 billion in August from the previous month, the Federal Reserve reports. It was the biggest boost in three months, with student loans, autos and credit card debt leading the jump. CBS MoneyWatch/The Associated Press (10/5)     

The CFPB Today

• Opinion: CFPB puts financial institutions at risk
  While some of the goals of the Consumer Financial Protection Bureau are "laudable," the "problem lies in the execution," writes Rep. Blaine Luetkemeyer, R-Mo. For example, the CFPB rule on international money transfers is "out of sync" with the way money is transferred by banks and may cause institutions to quit offering the service and affect business growth, he writes. USA TODAY (10/7)     

Industry News

• Student-loan debt cramps other borrowing
  Connecticut College, the most costly private college in the U.S. in 2010, charged nearly $44,000 a year in tuition and fees, and such growing higher education costs could affect other forms of borrowing, experts say. "If there's a big overhang of student-loan debt, and that makes it more difficult or more expensive to get other types of consumer credit, then you would see less borrowing on credit cards," said John McElravey, an analyst at Wells Fargo. The Detroit News/Bloomberg (10/6)     

• Fed's Beige Book is expected to tell tale of economy
  An upbeat tone generated by the latest U.S. jobs report might not be long lived. The Federal Reserve's Beige Book is expected to reflect continued skepticism about the employment situation, although there is evidence that consumers are spending again. MarketWatch (10/7)     

• Commentary: Bankers need professional standards
  Leading banks should work with groups such as the Consumer Bankers Association "to define standards for testing and certifying bankers in risk-taking and risk-protecting roles," writes Richard J. Parsons, author of the upcoming book "Broke: America's Banking System." "To say one is a banker because he or she works at a bank is like saying you are a car because you live in a garage. The term banker must mean something," he added. AmericanBanker.com (free registration)/BankThink blog (10/5)     

Regulatory Report

• Dodd-Frank stumbles in court challenges
  The Dodd-Frank regulatory legislation that was approved by Congress after much agonizing and opposition is being picked apart in successful court challenges. "The judges seem more than willing to say that the rules adopted in the aftermath of the financial crisis simply can't be enforced because of procedural defects," said Donald Langevoort, a professor of securities at Georgetown University. The Washington Post (10/5)     

Legislative Affairs

• Short-term fix to "fiscal cliff" would create its own problems
  A short-term fix to the "fiscal cliff" -- such as a three- or six-month extension -- could create administrative difficulties for the Internal Revenue Service. It would also increase the compliance burden for businesses and individuals due to a piecemeal tax policy. The Hill/On the Money blog (10/6)     

Technology Today

• Cyberattacks pulled off by infecting data servers, expert says
  Hackers recently infected data servers, which gave them the "horsepower and commercial-grade capabilities to effect a massive attack" on banks such as U.S. Bank and Wells Fargo, says Carl Herberger, a Radware vice president. He says it's still unclear who is behind the attacks. The New York Times (tiered subscription model)/Bits blog (10/5)     

Members in the News

• Fallout from trading loss continues to hit JPMorgan executives
  In the latest fallout from the trading loss that hit JPMorgan Chase, Barry Zubrow is expected to be relieved of his post as regulatory affairs chief. Although the change is expected by the end of the year, Zubrow might remain in an advisory role and other executive shifts are possible, sources say. The Wall Street Journal (10/5)     

Career Development

• 5 qualities of a character-based leader
  Character-based leaders possess a number of positive qualities that help them in their duties, Meghan M. Biro writes. Among other traits, these leaders tend to exhibit integrity, openness and trustworthiness. "A character-based leader is open to ideas, people, risk, challenge, opportunity and experience," she writes. Forbes (9/30)     

Hot Topics

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

• American Banker names most powerful women in banking (AmericanBanker.com (free registration))

• Latest CFPB enforcement: AmEx agrees to pay $112.5M (The Wall Street Journal)

• Obama and Romney debate the economy and Dodd-Frank (Reuters)

• CBA's Hunt calls for Durbin Amendment repeal on its first anniversary (Politico (Washington, D.C.))

• Intent of Durbin interchange rule questioned by federal judge (AmericanBanker.com)

• Results based on number of times each story was clicked by readers.

CBA Connect

SmartQuote

The ability to deal with people is as purchasable a commodity as sugar or coffee and I will pay more for that ability than for any other under the sun." --John D. Rockefeller, American industrialist and philanthropist