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January 24, 2013
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News for the retail banking industry

  Top Story 
  • Obama will renominate Richard Cordray as CFPB director
    A White House official says President Barack Obama today will renominate Richard Cordray as director of the Consumer Financial Protection Bureau. Obama used a recess appointment in January 2012 to place Cordray at the helm of the new agency. Also today, Obama will nominate Mary Jo White, a lawyer and former federal prosecutor, as the next chairman of the Securities and Exchange Commission. The Washington Post/The Associated Press (1/24) LinkedInFacebookTwitterEmail this Story
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  The CFPB Today 
  • Scrutiny of social media challenges banks
    Regulators say financial institutions should implement formal risk-management programs as well as policies and procedures for using social media, and they should establish employee training programs and a social media oversight process. As of last year, a quarter of banks did not have formal social media policies, according to a study from ath Power Consulting and CBA. JoAnn Barefoot, a co-chairman of Treliant Risk Advisor, said banks must apply the standards they use in traditional customer interactions to social media. "I don't think most banks are quite there with it," she said. Politico Pro (subscription required) (1/23) LinkedInFacebookTwitterEmail this Story
  • CFPB rules could drive demand for compliance experts
    New qualified mortgage and servicing rules from the Consumer Financial Protection Bureau may lead to increased demand for compliance officers, regulatory experts and lawyers specializing in banking, experts say. "The bottom line is there are going to be very real costs associated with these final rules," said Michael Waldron, a Ballard Spahr partner. "It's a very resource-intensive process." Housing Wire (1/23) LinkedInFacebookTwitterEmail this Story
  • Other News
  Retail Banking Roundup 
  • Big U.S. banks lost $114B in deposits in early January
    More than $114 billion left the 25 biggest U.S. banks early this month, the largest one-week withdrawal since the days after the Sept. 11, 2001, terrorist attacks, Federal Reserve data show. The reason for the exit is unclear. Analysts point to possible factors such as the end of the Transaction Account Guarantee program, uncertainty surrounding the "fiscal cliff" and an increase in investments. Bloomberg Businessweek (1/23) LinkedInFacebookTwitterEmail this Story
  • Other News
  Industry News 
  • ATM swindles become more sophisticated
    ATM theft schemes are getting more sophisticated, with criminals around the world infiltrating the internal networks at financial institutions to steal large amounts of cash from customers, warns Visa in a memo to clients. The FBI and the U.S. Secret Service are monitoring such scams, but "what's interesting now is the magnitude and the level of organization behind these cash-out schemes," said Tom Kellermann of security vendor Trend Micro. Star Tribune (Minneapolis-St. Paul, Minn.) (1/23) LinkedInFacebookTwitterEmail this Story
  Regulatory Report 
  • Dodd-Frank is less than half implemented, GAO says
    The Government Accountability Office says in a report that less than half of Dodd-Frank Act rules had been implemented by the end of 2012. The GAO blames the complexity of the task as well as difficult coordination by overlapping and interconnected regulators. "Although regulators have established mechanisms to facilitate coordination ... several regulators indicated that coordination increased the amount of time needed to finalize rulemakings," according to the report. Reuters (1/23) LinkedInFacebookTwitterEmail this Story
  Legislative Affairs 
  • House OKs suspension of debt ceiling
    The U.S. House, in a 285-144 vote, passed a measure that suspends the debt ceiling until May 18. The bill states that the Senate and the House must pass a budget by mid-April or lawmakers will not receive their compensation. Some conservatives agreed to the debt-limit suspension after Rep. Paul Ryan, R-Wis., promised a budget plan that would erase the deficit in 10 years without raising taxes. The Wall Street Journal (1/23) 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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All news is an exaggeration of life."
--Daniel Schorr,
American journalist

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