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February 15, 2013
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News for the retail banking industry

  Top Story 
  The CFPB Today 
  • Warren takes regulators to task for not prosecuting big banks
    Sen. Elizabeth Warren, D-Mass., criticized financial regulators Thursday for not being tough enough on big banks and taking them to trial. "The question I want to ask is how tough you are and how much leverage you really have," Warren said in her first Senate banking committee hearing, at which regulators were testifying. "If a party is unwilling to go to trial, either because they're too timid or lack resources, the consequence is they have a lot less leverage in all the settlements." The Hill/On the Money blog (2/14), Politico Pro (subscription required) (2/14), Reuters (2/14) LinkedInFacebookTwitterEmail this Story
  Retail Banking Roundup 
  Industry News 
  • Crowdfunding becomes option for small-business loans
    While many traditional lending sources remain tightfisted, small businesses are finding an alternative in crowdfunding. This article looks at SoMoLend and how it is navigating the legislative and market environment to help small businesses get capital. Some banks have climbed onboard. KeyBank says it will lend $1 million to $50 million using SoMoLend. Forbes (2/13) LinkedInFacebookTwitterEmail this Story
  Legislative Affairs 
  • Democrats push back on criticism of CFPB structure and funding
    All but one Democratic senator, as well as two Independent senators, have sent a letter to President Barack Obama supporting the Consumer Financial Protection Bureau's structure and funding and vowing to block any Republican effort to change them. The GOP's talk of filibustering Director Richard Cordray's nomination in order to change those things is "irresponsible and inconsistent with our democratic values," the letter says. The Hill/On The Money blog (2/14) LinkedInFacebookTwitterEmail this Story
  • 20% down payment rule is too rigid, senators say
    Regulators need to revise the proposed qualified-mortgage rules because they are "overly rigid" and will impede home ownership, say Sens. Kay Hagan, D-N.C., Mary Landrieu, D-La., and Johnny Isakson, R-Ga. They are asking regulators not to require a 20% down payment and instead to rely on a borrower's ability to repay the loan. The Hill/RegWatch blog (2/14) LinkedInFacebookTwitterEmail this Story
  • Democrats urge support for $110B sequester plan
    An equal amount of spending cuts and additional tax revenue are included in a $110 billion sequester-replacement bill being introduced by Senate Democrats. The plan is aimed at replacing $85 billion in automatic spending cuts due to hit March 1. However, congressional Republicans oppose tax increases as part of any sequester alternative. The Hill/On The Money blog (2/14), The Huffington Post (2/14) LinkedInFacebookTwitterEmail this Story
  Career Development 
  • Are you falling behind, or do you just think you are?
    While it's useful to compare yourself to colleagues, keep in mind that such comparisons are more complicated than they seem, Rhymer Rigby writes. For instance, someone working at a different firm may be making more money than you, but their schedules might not be as flexible. "Similarly, some metrics can be deceptive: a colleague may earn more than you for no reason other than that they drive a harder bargain," Rigby writes. Fast Company online (2/13) 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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--Albert Einstein,
German-born theoretical physicist

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