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February 6, 2013
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News for the retail banking industry

  Top Story 
  • Obama calls for short-term budget deal
    President Barack Obama urged Congress to pass a package of stop-gap tax increases and spending cuts quickly to avert deep across-the-board reductions in military and domestic spending that will automatically take effect March 1. He said the action would give lawmakers time to work out a comprehensive deficit-reduction plan that would put automatic sequestration of funds to rest permanently. Obama said there is no need to endanger "the jobs of thousands of Americans." The New York Times (tiered subscription model) (2/5), Reuters (2/5), Bloomberg (2/5) LinkedInFacebookTwitterEmail this Story
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  Industry News 
  • Cyber criminal hit 127 U.S. banks over six years
    Know as "bx1" online, Hamza Bendelledj is believed to be the mastermind behind a sophisticated botnet known as Zeus that stole funds from 127 U.S. banks during the past six years, security experts say. It's estimated the botnet helped cybercriminals steal $70 billion in assets from American and European bank customers. Bendelledj hasn't been formally charged by the FBI. Fast Company online (2/5) LinkedInFacebookTwitterEmail this Story
  Regulatory Report 
  • Treasury to reap $894M for taxpayers from Citi debt
    Through the Asset Guarantee Program, enacted in 2009, the government shared the risk of about $301 billion in Citi assets. When Citi pulled out of the program late that same year, no losses had been realized. Two months ago, the Federal Deposit Insurance Corp. moved $800 million of its preferred Citi securities to the Treasury, and now the Treasury is transferring them to Citigroup for $894 million in exchange for subordinated notes. (free registration) (2/5) LinkedInFacebookTwitterEmail this Story
  • Treasury will push for more foreign account holder information
    As part of a tougher stance against tax evasion, the Obama administration may soon ask lawmakers for authority to require banks to reveal more information on foreign clients' accounts, sources say. The disclosures will be revealed to account holders' home governments and is part of the Treasury Department's focus on enforcing the Foreign Account Tax Compliance Act. Resistance is expected from the banking industry, sources say. Chicago Tribune (tiered subscription model)/Reuters (2/4) LinkedInFacebookTwitterEmail this Story
  The Future of Money 
  • Facebook unveils its own prepaid card
    Facebook is launching reloadable gift cards for users that may be used at Jamba Juice, Olive Garden, Sephora and Target. The card uses Discover's network for transactions. Facebook is "just trying stuff out," said Nick Holland of Yankee Group's Mobile Money research. "I don't think that they really worked out what they want to be when they grow up." (free registration) (2/4) LinkedInFacebookTwitterEmail this Story
  • Bank apps need to follow privacy guidelines, FTC says
    Mobile banking application developers need to heed guidelines from the Federal Trade Commission that focus on protecting user privacy and being transparent about third parties, experts say. "A hidden challenge here is in making it easy for app developers to create good privacy policies," said Jason Hong, associate professor at Carnegie Mellon University. "Most app developers are focused on making apps and on getting revenue, and don't have a lot of expertise in privacy." (free registration) (2/5) LinkedInFacebookTwitterEmail this Story
  • Gamification can enhance customer relationships
    While few U.S. banks show a willingness to try out gamification in comparison with European banks, that may change as American financial institutions become more willing to embrace different ways to improve the customer experience, says Stessa Cohen, research director at Gartner. "Banks have to see what the games look like. They're rich in design and color. They don't look like your typical banking site," she says. Bank Systems & Technology (2/5) LinkedInFacebookTwitterEmail this Story
  Career Development 
  • Leadership tips from the Super Bowl coaches
    Jim Harbaugh and John Harbaugh aren't the "screaming field generals" once ubiquitous in football, writes Dov Seidman. Instead, the brothers represent the modern coach that listens to players, rather than yells at them, and aims not for absolute and unquestioned authority but rather for softer and more collaborative forms of power. "[O]ur world has transformed. And football provides us a great metaphor for how our leadership needs to change with it," Seidman writes. (2/1) LinkedInFacebookTwitterEmail this Story
  CBA Connect 
  • CBA LIVE 2013: The Future of Money
    Are you ready for the Future of Money? CBA LIVE 2013, March 11-13 in Phoenix, Ariz., will bring together the top executives in retail banking to learn, exchange ideas and identify solutions to the challenges facing our industry. Our 2012 event was a record-breaking success with more than 1,000 banking leaders in attendance! Now in its fourth year, CBA LIVE features expert panels and distinguished speakers across nine forums of tailored programming. Reserve your space today and join us for this must-attend event. LinkedInFacebookTwitterEmail this Story

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I've learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel."
--Maya Angelou,
American author and poet

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