| News for the retail banking industry |  |
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- Warren will join Senate banking committee, sources say
Sen.-elect Elizabeth Warren, D-Mass., will have a seat on the Senate banking committee, sources say. CBA President and CEO Richard Hunt said, "I, for one, would welcome her on the Senate banking committee. I welcome her to be inside the tent rather than outside the tent, throwing bombs." The Hill/On the Money blog
(12/4), USA Today
(12/4), Bloomberg
(12/4)     
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Industry says it can work well with Warren: Finance industry leaders say they will work alongside Sen.-elect Elizabeth Warren, D-Mass., when she joins the Senate banking committee, despite her past criticism of banks. "She's earned her stripes," said CBA President and CEO Richard Hunt. "She's passionate about banking and consumers and so are we." Politico Pro (subscription required)
(12/4)
| The CFPB Today | | |
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- Ombudsman recommends more detail on CFPB complaint process
Most consumers contacting the Consumer Financial Protection Bureau over the last year were inquiring about products, entities, services or processes under the agency's jurisdiction, says CFPB Ombudsman Wendy Kamenshine. Most related to transparency in the way the agency collects and resolves consumer complaints against financial institutions. Kamenshine's recommendations include providing to the public additional information about the consumer complaint process. InsideARM.com
(12/3)
| Retail Banking Roundup | | |
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- Branches are still key, JPMorgan CFO says
JPMorgan Chase plans to continue building new branches as it seeks more deposits, Chief Financial Officer Doug Braunstein says. "Even in the current rate environment, deposits are a very good business," he said. With mobile banking on the rise and profit margins on deposits at historic lows, analysts and investors have pressured banks to justify new branches. Reuters
(12/4)
| Industry News | | |
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- FDIC: Quarterly bank earnings hit highest level in 6 years
Banks' revenue grew 3% in the third quarter from the same period last year, the largest uptick in almost three years, reports the Federal Deposit Insurance Corp. Quarterly profits rose 6.6% to the highest level in six years. The quarter marked the first time in three years that bank gains were attributed primarily to traditional revenue, as opposed to lower provisions for loan losses. The Wall Street Journal
(12/4)
- Moynihan is confident about BofA's next stress test
Bank of America has the capital it needs and will pass its next U.S. stress tests, says CEO Brian Moynihan, who is seeking approval for raising the dividend or repurchasing shares. "The question will be what to ask for and when, because we're not going to fail this," Moynihan told investors. Bloomberg Businessweek
(12/4)
| Legislative Affairs | | |
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- Lawmaker wants automatic withdrawals for student loans
Rep. Tom Petri, R-Wis., plans to introduce as soon as this week a bill that would require employers to automatically withdraw from employee paychecks money the workers owe in student debt. Similar to a U.K. system, the payments would be based on a borrower's income. Bloomberg
(12/4)
| The Future of Money | | |
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| People and Personalities | | |
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| CBA Connect | | |
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CBA Webinar today: Transparency in the Real Estate Default Servicing World
Dec. 5 | 2-3 p.m. ET
Sponsored by Fiserv
REGISTER NOW
Presenter: Joe Dombrowski, director of product management and chief mortgage strategist, Lending Solutions, Fiserv
About the Webinar: Within the sphere of real estate default servicing, the word "transparency" has taken on a whole new life. This webinar will focus on transparency in terms of the requirements of the current regulatory environment and how it applies to today's real estate loan servicing industry.
- Understand how to leverage data to inform institutional practice.
- Gain an appreciation for the ways technology can enforce data standard.
- Learn best practices for data governance.
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