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February 1, 2013

News for the retail banking industry

Top Story

Measure seeks to curtail CFPB work until director is confirmed
Three Republican senators introduced legislation Thursday to stop the Consumer Financial Protection Bureau's top officials from operating at the agency and from enforcing decisions and regulations. The measure also calls for denial of federal funds to the CFPB until a CFPB director is confirmed. Sens. Mike Johanns of Nebraska, Lamar Alexander of Tennessee and John Cornyn of Texas introduced the measure. AmericanBanker.com (free registration) (1/31), The Hill/On the Money blog (1/31)

The CFPB Today

Antonakes will step into CFPB's deputy director position
Steve Antonakes will be the new acting deputy director of the Consumer Financial Protection Bureau. Antonakes, the agency's associate director for supervision, enforcement and fair lending, will replace Raj Date until a permanent No. 2 is named, officials say. AmericanBanker.com (free registration) (1/31)

Warren may be key to solving CFPB controversy, experts say
Sen. Elizabeth Warren, D-Mass., is in a unique position to help resolve issues facing the Consumer Financial Protection Bureau as lawmakers fight over its authority, structure and funding, experts say. Neither consumer groups nor supportive lawmakers can criticize Warren for trying to change an agency she helped create, they say. "If she wants to get behind some kind of compromise ... I don't know where the opposition comes from at that point," said Brian Gardner, a KBW policy analyst. AmericanBanker.com (free registration) (1/31)

CFPB asks for grades on college financial products
The Consumer Financial Protection Bureau wants public input on whether financial products marketed to students through their universities and colleges are a good deal for students. Those products include student identification cards that can be used as debit cards as well as school-affiliated bank accounts. Bloomberg (1/31), The Consumerist (1/31)

Industry News

Commentary: Startups face challenges reinventing payday loans
Several startups have entered the short-term lending arena recently, striving to use data and other techniques to reshape the industry. Banks may shy away from working with or competing against them because of consumer advocate and lawmaker criticism, Jeanine Skowronski writes. "[S]tartups have tried -- and failed -- to improve on the payday lending industry in the past," she writes. AmericanBanker.com (free registration)/BankThink (1/30)

Legislative Affairs

Lawmakers want information on mortgage foreclosure deal
Sen. Elizabeth Warren, D-Mass., and Rep. Elijah Cummings, D-Md., are requesting that bank regulators reveal documents explaining what prompted them to reach settlements with 13 mortgage services regarding flawed mortgages. The investigation will seek information on the pay and performance of independent consultants hired to review mortgages, along with demographic information on the borrowers involved. Bloomberg Businessweek (1/31), The New York Times (tiered subscription model)/DealBook blog (1/31)

Debt-limit bill clears Congress, heads to Obama
Legislation to suspend the U.S. debt limit for three months was sent to the White House for President Barack Obama's signature. The Senate voted 64-34 yesterday in favor of the bill passed by the House. The Obama administration had warned that without congressional action, the government would run out of money to pay its bills in early March. The Washington Post (1/31), The Hill/Floor Action blog (1/31), Business Insider (1/31)

Career Development

Why leaders don't need to solve every problem
Most leaders have a natural tendency to look for solutions when problems arise, but sometimes employees don't need your input, writes Minda Zetlin, president of the American Society of Journalists and Authors. Allowing employees to solve problems on their own can help them to develop their skills, and they will be more committed to executing the solution, she writes. Inc. online (free registration)/Start Me Up blog (1/29)

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.

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