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January 14, 2013
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News for the retail banking industry

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  The CFPB Today 
  • Commentary: QM rules will hurt customers, industry
    The Consumer Financial Protection Bureau's qualified-mortgage rule, with its 43% debt-to-income ratio, is flawed and will have a negative impact on house prices and borrowers by limiting innovation and preventing the industry from meeting the unique needs of customers, writes Clifford Rossi of the University of Maryland. The rule "winds up being an example of where poor industry practices lead to well-intended but suboptimal regulatory outcomes," he writes. (free registration)/BankThink blog (1/11) LinkedInFacebookTwitterEmail this Story
  • Other News
  Industry News 
  • Credit card rewards programs are popular but costly
    Credit card rewards are popular with customers and lead to loyalty, but they have become costly to card issuers. For example, American Express is taking a $342 million quarterly charge linked to its Membership Rewards program. The rewards "drive higher billings, and they result in closer, longer-lasting relationships with our cardmembers," said AmEx Chief Financial Officer Daniel Henry. The Wall Street Journal/Dow Jones Newswires (1/11) LinkedInFacebookTwitterEmail this Story
  • AmEx travel cuts highlight shift to technology-based services
    American Express's plan to cut 5,400 jobs, mostly from its travel division, and let employees handle travel arrangements themselves online underscores the trend by financial companies to use technology to cut costs. More banks, for example, are urging customers to use mobile banking and self-service kiosks in their branches. "Because customers are using tools directly online, we need less customer-facing people," said Kim Goodman, AmEx's global business travel unit president. The Wall Street Journal (1/13) LinkedInFacebookTwitterEmail this Story
  Regulatory Report 
  • Lew worked for Citi during financial crisis
    White House chief of staff Jack Lew, whom President Barack Obama nominated to be the next Treasury secretary, worked at Citigroup from 2006 to 2008. During that time, he was a top executive in some of the bank's riskiest ventures, including those that led to a federal bailout during the financial crisis. The Washington Post (1/10) LinkedInFacebookTwitterEmail this Story
  Legislative Affairs 
  The Future of Money 
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  Members in the News 
  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 
  • 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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You will do foolish things, but do them with enthusiasm."
--Sidonie-Gabrielle Colette,
French novelist and performer

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