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October 4, 2012

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News for the retail banking industry

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Obama and Romney debate the economy and Dodd-Frank
In the first presidential debate, President Barack Obama and Republican challenger Mitt Romney battled over financial regulation. Romney said regulation is necessary but criticized Obama's reform as excessive and damaging to the economy. Romney reiterated his stance that the Dodd-Frank Act should be repealed and replaced, but he didn't offer details for rules he deems necessary. Obama defended the law and increased oversight of Wall Street. Reuters (10/4), The Boston Globe/The Associated Press (tiered subscription model) (10/3), The Hill/On The Money blog (10/3)

Jumping Into the Deep End of Immersive Learning
Immersive learning simulations provide the most realistic, accurate assessment of judgment and skill available. Properly designed simulations can activate up to 90% of the same areas of the brain as in actual application, so the brain recalls them as real experiences. Learn more about the science behind simulations at simustar.com.

The CFPB Today

Wells Fargo is trying to ensure CFPB accountability, exec says
Wells Fargo is concerned about the lack of congressional oversight of the Consumer Financial Protection Bureau, Wells Fargo Chief Economist John Silvia said at a recent conference. "Wells Fargo is trying to ensure accountability of the bureau," he said. "Our expectation is that they'll begin issuing new rules in January. We're concerned about the unintended consequences." American City Business Journals/San Francisco/Bay Area BizTalk blog (10/3)

Retail Banking Roundup

Frost will share clients with securities firm
Frost Bank and the Baker Group will work together to share clients, officials say. Under the agreement, Frost will recommend small-bank clients use the Baker Group's asset- and liability-management services. The Baker Group will steer its community bank customers to securities safekeeping services at Frost. AmericanBanker.com (free registration) (10/3)

Industry News

Wal-Mart will welcome other reloadable prepaid cards
Wal-Mart Stores will allow customers to refill cards backed by card networks such as Green Dot and InComm's Vanilla Reload Network. "I think [Wal-Mart] is looking to make money everywhere they can," said Brian Riley of CEB Towergroup. "They definitely want to make money on financial services and they will turn on any faucet they have to," to do that. AmericanBanker.com (free registration) (10/3)

JPMorgan says allegation is too similar to earlier one
The recent suit brought against JPMorgan Chase uses "recycled claims already made by private plaintiffs," a JPMorgan spokesman said. The case uses some material similar to that in a private case filed earlier by bond insurer Ambac Financial Group. The Wall Street Journal (10/2)

Few small businesses are in hiring mode, survey finds
Only 16% of surveyed small businesses plan to hire this year, according to the U.S. Chamber of Commerce's quarterly survey. Uncertainty about the economy and the "fiscal cliff" are among the reasons. The Hill/On the Money blog (10/3)

Regulatory Report

Curry dismisses Bair's call to eliminate the OCC
Comptroller Thomas Curry says he disagrees with former Federal Deposit Insurance Corp. Chairwoman Sheila Bair that the Office of the Comptroller of the Currency should be scrapped because it's too close to the banks it regulates. "The Dodd-Frank Act recodified the wisdom of having a strong, independent prudential bank regulator that is separate from fiscal policy and separate from the deposit insurance function," Curry said. "That independence is critical to the safety and soundness of our federal banking system." AmericanBanker.com (free registration) (10/3)

OCC official will chair Basel committee
Charles Taylor, deputy comptroller of the Office of the Comptroller of the Currency, will chair the standards implementation group for the Basel Committee on Banking Supervision. AmericanBanker.com (free registration) (10/3)

Technology Today

Online learning helps deliver complex information faster
Increasing government regulation and more complex topics are prompting more small banks to train and educate workers online, which is often faster than on-site efforts, bankers say. "More and more financial institutions are running leaner on staff so [virtual training programs] allow them to run a more effective training program with fewer people," said Robin Crawford, BVS Performance Systems' chief operating officer. AmericanBanker.com (free registration) (10/3)

Career Development

Prevent political discussions from damaging your workplace
The presidential race might be heating up, but politics can be troublesome in the workplace. "The biggest concern that employers have is that political discussions will move into an area that has undertones which could lead to discrimination or harassment claims," according to attorney Craig Cowart. You can avoid problems by creating a respectful culture, setting a nonsolicitation policy and ensuring that managers don't endorse any particular candidate. American City Business Journals/Memphis, Tenn./Memphis Business Blog (9/28)

CBA Connect

CBA welcomes our newest Premier Partner Novantas

We look forward to working with them throughout the coming year. For more information on CBA's associate members and sponsorship opportunities, please visit our website.

Learn more about CBA ->

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Dreams come true; without that possibility, nature would not incite us to have them."

--John Updike,
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