| News for the retail banking industry |  |
- Amex, Wal-Mart launch prepaid card
American Express and Wal-Mart are unveiling a new prepaid card in stores and online, appealing to customers looking for a less expensive alternative to other debit cards or checking accounts. The technology for the Amex and Wal-Mart Bluebird card "is redefining the way that people can now manage their money" and shows that "traditional structures" such as bank branches aren't always necessary, said Dan Schulman of American Express. AmericanBanker.com (free registration)
(10/8), The Wall Street Journal
(10/8)     
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Commentary: Cheap prepaid cards will lead to more unbanked Cheaper prepaid cards such as the one just rolled out by American Express and Wal-Mart, with several free services, will put further pressure on checking accounts with monthly fees, Felix Salmon writes. In addition, "as online startups introduce their own checking-account alternatives," the number of unbanked likely will grow. Reuters/Felix Salmon blog
(10/8)
 | Will you be ready when rates rise?
The ability to determine the optimal rate and timing for each pricing cell is worth $1 Million of incremental income for each $10 Billion in deposits. To find out how Nomis Solutions can help you achieve these numbers click here. |
- After 70M mobile payments, Starbucks to offer more options
After racking up 70 million mobile payments since first offering the option in January 2011, Starbucks is looking to expand in the field with Square and by bringing its application to Apple's Passbook. "Not all consumers want to use single-purpose or store applications, but would rather use multiclient applications like Square that allow them to use one application for a wide range of retail outlets," said Andrew Till, chief technology officer for Symphony Teleca. MobileCommerceDaily.com
(10/8)
| Industry News |  |  |
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- Smaller bank group is setting Libor
Bank of America and Citigroup are among the smaller group of banks that have been setting the London Interbank Offered Rate for the past four months, which could affect its status as a benchmark. "You have a core group setting the rate, and that's a major concern," said Bret Barker, a money manager at TCW Group. "It's going to be very tough to fix that and very tough to replace Libor." Bloomberg
(10/8)
| Regulatory Report | | |
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- Basel III's January deadline likely will be missed by some
Banks in the U.S. and EU are lagging in drafting regulations required by Basel III, reports Stefan Ingves, chairman of the Basel Committee on Banking Supervision. While China, Japan and Singapore have already completed their rules, it is "clear that not all jurisdictions will be ready in time" for the January deadline, Ingves says. Bloomberg
(10/8)
- Analysis: Obama likely will choose familiar name for Fed chair
Ben Bernanke's term as chairman of the Federal Reserve expires in January 2014, but the candidate to fill the next term needs to be decided soon after the swearing in of the president in January 2013. The Washington Post looks at whom President Barack Obama might choose if he retains the White House. Among the possibilities are Bernanke himself, former Treasury Secretary Larry Summers, current Treasury Secretary Timothy Geithner and Fed Vice Chairwoman Janet Yellen. The Washington Post
(10/8)
| Legislative Affairs | | |
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- Crapo may fill top GOP Senate banking committee spot
Sen. Richard Shelby, R-Ala., likely may have to give up his ranking position on the Senate banking committee after the election, meaning Sen. Mike Crapo, R-Idaho, could take over that GOP leadership spot. Crapo was among a trio of senators last month who introduced a bill requiring the Consumer Financial Protection Bureau to hold a small-business panel for its qualified mortgage rule. AmericanBanker.com (free registration)
(10/5)
| Career Development | | |
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- Leadership lessons from the first presidential debate
Former Gov. Mitt Romney was the consensus winner over President Barack Obama in this week's presidential debate, writes Scott Eblin, and business leaders can take away some important lessons. Romney developed an aggressive game plan and stuck to it, while paying plenty of attention to his body language and overall self-presentation. "Romney had a clear picture of the impression he wanted to leave and followed through on it," Eblin writes. EblinGroup.com/Next Level Blog
(10/4)
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