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October 12, 2012
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News for the retail banking industry

  Top Story 
  The CFPB Today 
  • Lenders worry about CFPB attorney-client privilege information
    Continuing distrust of the Consumer Financial Protection Bureau has lawyers advising mortgage lenders to be careful of information they disclose to legal counsel. While the CFPB has assured attorney-client information is protected, questions arise about whether lending policies and procedures could be affected by information shared with lawyers, and if that might be used against lenders in future legal action. (free registration) (10/11) LinkedInFacebookTwitterEmail this Story
  • CFPB expects more responses to request for collecting information
    The Consumer Financial Protection Bureau now estimates 2,750 institutions will respond with comments on the request it's submitting to the Office of Management and Budget for collecting information from consumer financial services. It had originally estimated 1,500 institutions would submit comments. The Consumer Bankers Association has already submitted its opposition to the agency using generic clearance to get compliance cost information. (free registration) (10/11) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Retailers are ready to fight swipe-fee settlement down to the wire
    Some retailers are hiring their own lawyers to try to block the $6 billion swipe-fee settlement reached with Visa and MasterCard as a motion to approve the preliminary deal heads to U.S. District Court in Brooklyn, N.Y., next week. It is expected to be approved. More than half of the 19 merchants and trade groups that filed the class-action lawsuit say they object to the settlement that they claim, among other things, will forbid future legal action over transaction fees. The Wall Street Journal (10/11) LinkedInFacebookTwitterEmail this Story
  • Report: Fees are still obscured by banks
    In the last 18 months, a dozen banks have not shown progress in being more transparent about fees and some are even charging more, says a Pew Charitable Trusts study. "The median length of bank checking account disclosure statements has decreased, but is still cumbersome at 69 pages," the report says. CNBC (10/11) LinkedInFacebookTwitterEmail this Story
  Regulatory Report 
  • TARP will cost $24B, CBO report says
    The final cost for taxpayers of the Troubled Asset Relief Program will be $24 billion, a reduction of $8 billion from original estimates by the Congressional Budget Office. The government's holdings in bailed-out banks that have been resold back into the market have turned a $21 billion profit as of the end of August, according to the Treasury Department. The Hill/On the Money blog (10/11) LinkedInFacebookTwitterEmail this Story
  • Romney's "kiss" remark on big banks is wrong, Bair says
    Republican presidential candidate Mitt Romney's contention that the Dodd-Frank Act was "the biggest kiss" to big banks was really more "like a poke in the eye with a sharp stick," says Sheila Bair, former head of the Federal Deposit Insurance Corp. Designating a bank as "too big to fail" says that such banks "are a higher risk and we're worried about them and we are going to put a lot more regulation on them," Bair says. (free registration) (10/11) LinkedInFacebookTwitterEmail this Story
  Technology Today 
  • Social media, mobile-payment innovations are promoted
    Banks need to find more ways to use social media and monetize it, as well as be more innovative in mobile banking and payments, says Frank Eliason, director of global social media at Citigroup. Those were some of the themes shared recently at the BAI Retail Delivery conference, where attendees also discussed trends such as video tellers and advanced data analytics. (free registration) (10/11) LinkedInFacebookTwitterEmail this Story
  Members in the News 
  • Job cuts, flat revenue will continue, Moynihan says
    Bank of America chief executive Brian Moynihan says plans for cutting 30,000 jobs will continue and revenues will remain unchanged. "Our revenues are flat because of the interest-rate environment, the economic environment," he says. "When I talk to our clients and customers, they don't expect to hire a lot more people because of the amount of uncertainty in the market." (free registration)/Bloomberg (10/11) LinkedInFacebookTwitterEmail this Story
  • Pandit expresses support of bank size in U.S.
    Citigroup CEO Vikram Pandit says the bank is "simpler, smaller, safer and stronger" and that there is "no reason why that shouldn't be what characterizes the entire financial industry in the U.S." Mr. Pandit says the U.S. banking system "has become the right size in the past four or five years." Fox Business/Dow Jones Newswires (10/11) LinkedInFacebookTwitterEmail this Story
  • Other News
  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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Children have never been very good at listening to their elders, but they have never failed to imitate them."
--James Baldwin,
American writer

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