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November 5, 2012
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News for the retail banking industry

  Top Story 
  • CBA: More time, guidance necessary for CFPB remittance rule
    The Consumer Bankers Association is among groups saying the Consumer Financial Protection Bureau's remittance transfer regulations will be nearly impossible to comply with by the Feb. 7 deadline. The groups seek more guidance and time. For example, one CBA member handles remittances to 147 countries and has been able to acquire accurate information for only 13, which is why banks need to "have a give and take with the CFPB" to help solve such issues, says CBA President and CEO Richard Hunt. (free registration) (11/2) LinkedInFacebookTwitterEmail this Story
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  The CFPB Today 
  • Prepaid cards grow in popularity, but lack protection
    The trend toward prepaid cards is being fueled by such customers as parents looking to teach kids fiscal responsibility, people living paycheck to paycheck and travelers who don't want to carry cash. But there is a danger in relying on them too heavily, says Richard Cordray of the Consumer Financial Protection Bureau, because they don't have the same protections as credit or debit cards for fraud and other problems. The Courier-Journal (Louisville, Ky.) (11/3) LinkedInFacebookTwitterEmail this Story
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  Retail Banking Roundup 
  • Small-business lending posts significant drop
    Small-business lending in September fell to its lowest level in 14 months, according to the Thomson Reuters/PayNet Small Business Lending Index. "It's unlikely you are going to get a lot of growth" from small businesses, PayNet co-founder and President William Phelan said. Reuters (11/1) LinkedInFacebookTwitterEmail this Story
  Emerging Channels 
  • Google Wallet extends appeal with e-commerce payments for mobile
    In the struggle to seize ground in the slowly developing mobile-wallet field, Google is expanding the functionality of its offering by adding easy, three-tap checkouts for e-commerce sites that provide Google Wallet as an option. The feature is designed to make Google Wallet a more attractive choice for consumers. But it should also help online retailers consummate m-commerce sales, 97% of which are abandoned on smartphones due to the difficulty of filling out payment information on a tiny screen. TechCrunch (11/1) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Parkmobile no longer blames Durbin Amendment for fee hike
    The Durbin Amendment is not responsible for increased parking fees, says Parkmobile, a mobile parking payments contractor in Washington, D.C. The company last week attributed its fee boost to transaction swipe fees, which drew an angry response from Sen. Dick Durbin, D-Ill. "[T]he company made an overly simplistic statement about the underlying cause of increasing card transaction fees," says Laurens Eckelboom, Parkmobile's executive vice president. "In an attempt to explain why costs have increased the company left the potentially confusing impression that Federal legislation is to blame." The Washington Post/The Associated Press (11/3), The Huffington Post (11/1) LinkedInFacebookTwitterEmail this Story
  • Retailers ask judge to reject swipe-fee settlement
    In a brief filed last week, opponents of the $7.2 billion interchange fee settlement asked U.S. District Judge John Gleeson to reject the agreement, which was submitted for preliminary approval last month. The proposal has been met by staunch opposition since it was announced in July; a hearing is set for Friday. Reuters (11/1), CNBC (11/1) LinkedInFacebookTwitterEmail this Story
  • How student loans may affect the election
    College graduates say President Barack Obama and Republican presidential candidate Mitt Romney's positions on student loans may influence their votes tomorrow. Obama has tried to ease student-loan payments; Romney wants to lower tuition costs but make students responsible for paying off their debts. The Clarion-Ledger (Jackson, Miss.) (11/3) LinkedInFacebookTwitterEmail this Story
  Regulatory Report 
  • 44 nations are offering strong cooperation, FSB reports
    Of 61 nations that the Financial Stability Board evaluated for international information sharing and cooperation, 44 show "sufficiently strong adherence to the relevant standards," it says. Strong nations include the U.S., U.K. and China, while nations such as Russia and India are lacking, the organization says. Bloomberg (11/2) LinkedInFacebookTwitterEmail this Story
  Technology Today 
  Hot Topics 

Top five news stories selected by CBA SmartBrief readers in the past week.

  • Results based on number of times each story was clicked by readers.
  CBA Connect 
  • Don't miss CBA LIVE 2013, March 11-13, in Phoenix, Ariz.
    Now in its fourth year, CBA LIVE features expert panels and distinguished speakers. Get the latest, most in-depth analysis of CFPB developments and choose from tailored sessions across nine areas of retail banking: Auto Finance, Community Reinvestment, Default Management, Deposits & Payments, Digital Channels, Fair Lending, Home Equity Lending, Small-Business Banking and Student Lending. Register by Dec. 21 and save $300. LinkedInFacebookTwitterEmail this Story

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Whoever is winning at the moment will always seem to be invincible."
--George Orwell,
British novelist and journalist

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