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February 28, 2013
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News for the retail banking industry

  Top Story 
  • Budget battle fatigue hits business groups, Hunt says
    President Barack Obama's dire predictions about the impact of the impending sequestration is failing to stir business groups to lobby lawmakers for action, partly because the president is focused mostly on outcomes such as long airport security lines, and because it's the latest in a long line of would-be crises. "We are tired. We just go from one crisis deadline to the next," said CBA President and CEO Richard Hunt. "And it seems like the White House is more focused on the consumer approach this time around." Politico (Washington, D.C.) (2/28) LinkedInFacebookTwitterEmail this Story
  • Obama, Republicans plan last-minute talks on sequestration: President Barack Obama and Republican leaders in Congress have agreed to meet Friday to discuss a last-ditch effort to avert $85 billion of spending cuts. Speaking to The Business Council on Wednesday, Obama offered little hope that a deal will be achieved in time. "Whether that can be done in the next two days -- I haven't seen things done in two days in Washington in quite some time," he said. Reuters (2/27), Politico (Washington, D.C.) (2/27), The New York Times (tiered subscription model) (2/27) LinkedInFacebookTwitterEmail this Story
  The CFPB Today 
  • Wells Fargo draws CFPB scrutiny
    The Consumer Financial Protection Bureau is looking into Wells Fargo's consumer business, according to earnings statements filed with the Securities and Exchange Commission. The CFPB is examining "a number of consumer businesses and products," including mortgage origination and "related compliance management," documents say. The Wall Street Journal/Dow Jones Newswires (2/27) LinkedInFacebookTwitterEmail this Story
  Retail Banking Roundup 
  • CBA defends private student loans
    The Consumer Bankers Association is challenging Education Secretary Arne Duncan's recent comments that federal student loans are better than private student loans. In a letter, CBA points out that "borrowers are much further behind paying back their federal loans vs. their bank's loans, which have much tougher underwriting standards." Politico (Washington, D.C.)/Morning Money (2/28) LinkedInFacebookTwitterEmail this Story
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  Legislative Affairs 
  • Warren: GOP needs to stop holding CFPB "hostage"
    Republicans in Congress need to stop "holding our government hostage over ideology" and move forward with letting the Consumer Financial Protection Bureau exist as it is, without structural or funding changes, says Sen. Elizabeth Warren, D-Mass. "It is time for a clear path forward that allows for certainty," she said. Bloomberg (2/27) LinkedInFacebookTwitterEmail this Story
  • Other News
  The Future of Money 
  • Affirm becomes latest mobile-payments competitor
    Affirm, a new mobile-payments company, is offering a technology that it says will help consumers complete online purchases faster and easier, with two taps on mobile devices. The startup was launched by PayPal co-founder Max Levchin. Reuters (2/26) LinkedInFacebookTwitterEmail this Story
  • The future of mobile banking may become clear with Glass
    Google's wearable computing, Glass, has the potential to transform mobile banking, experts say. Though it's not yet available, it underscores the need for bankers to be aware that "if you don't embrace the new devices, and start testing the ways that they are being used, you will be left behind," says Jim Marous of digital direct marketing agency New Control. (free registration) (2/26) LinkedInFacebookTwitterEmail this Story
  CBA Connect 
  • 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. LinkedInFacebookTwitterEmail this Story

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He that will not apply new remedies must expect new evils; for time is the greatest innovator."
--Francis Bacon,
British author and statesman

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