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November 20, 2012
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News for the retail banking industry

  Top Story 
  • Cordray could leave next year, sources say
    Sources say Consumer Financial Protection Bureau Director Richard Cordray could leave his post when his recess appointment ends next year rather than face a confirmation fight, writes Danielle Douglas. However, the CFPB says Cordray, who has been mentioned as a gubernatorial candidate in Ohio, doesn't plan to leave. It's unclear who would take his place, since deputy director Raj Date is leaving in January. The Washington Post/In the Loop blog (11/19) LinkedInFacebookTwitterEmail this Story
  The CFPB Today 
  • Commentary: CFPB leaves industry guessing on UDAAP
    President Barack Obama's re-election means the Consumer Financial Protection Bureau will continue to enforce what it considers unfair, deceptive, or abusive acts or practices without clearly defining UDAAP terms, write attorneys Martin Bishop and Rebecca Hanson. They outline the CFPB's actions against three companies and write that the "consumer financial services industry is left to guess about whether the products they offer -- and more importantly, how those products are offered -- are in compliance with the Bureau's expectations." Thomson Reuters/News & Insight (11/19) LinkedInFacebookTwitterEmail this Story
  Retail Banking Roundup 
  • Report: Q3 credit card delinquency edges up
    The credit card delinquency rate in the U.S. ticked up to 0.75% in the third quarter from 0.63% in the previous quarter and 0.71% a year ago, TransUnion reports. "With both delinquencies and debt levels remaining quite low relative to historical norms, we are confident in the continued stability of credit card usage patterns in the short term," said Ezra Becker of TransUnion. MarketWatch (11/19) LinkedInFacebookTwitterEmail this Story
  • Wells Fargo offers credit resources for small businesses
    Wells Fargo unveiled an online portal to educate small businesses about issues such as how to make a strong credit application and how to determine financing needs, says Doug Case of Wells Fargo. "Small-business owners don't consistently feel confident about credit," Case said. "There's a lack of understanding around how credit decisions are made by financial institutions." (free registration) (11/19) LinkedInFacebookTwitterEmail this Story
  Regulatory Report 
  • JOBS Act is mired in questions
    Regulators have until Dec. 31 to finalize rules for the Jumpstart Our Business Startups Act, but several questions remain about measures for crowdfunding by startups, experts say. Another problem is that no deadline was set for the Financial Industry Regulatory Authority to create rules for crowdfunding portals, and that could further slow implementation. The Washington Post/Capital Business (11/18) LinkedInFacebookTwitterEmail this Story
  Legislative Affairs 
  • Filibuster rule needs to change, Warren writes
    The filibuster rule in the Senate needs to be changed to stop partisan gridlock, writes Elizabeth Warren, recently elected as Massachusetts' senator. She writes that watching senators filibuster nominees to the Consumer Financial Protection Bureau convinced her that changes need to be made because filibusters are "paralyzing progress." The Huffington Post/Elizabeth Warren's blog (11/15) LinkedInFacebookTwitterEmail this Story
  People and Personalities 
  • Lake to become new CFO at JPMorgan
    JPMorgan Chase has chosen Marianne Lake, chief financial officer for the bank's consumer unit, to become the bank's chief financial officer. She will report to CEO Jamie Dimon. The Maryland native replaces Douglas Braunstein, who now will become a vice chairman for the company. The Wall Street Journal (11/19) LinkedInFacebookTwitterEmail this Story
  Career Development 
  • Communication goofs that can torpedo your leadership hopes
    Communication no-nos that can get you knocked off the promotion list include making racially biased comments or off-color jokes, swearing, flirting and failing to make eye contact, a survey of executives by the Center for Talent Innovation and Marie Claire magazine says. "You don't get a shot at being a leader unless you signal right," says Sylvia Ann Hewlett, founding president of CTI. Forbes (11/16) 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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A good man with a good conscience doesn't walk so fast."
--Georg Büchner,
German writer

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