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December 17, 2012
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News for the retail banking industry

  Top Story 
 
  • Report says CFPB is too powerful and close to Obama
    The Consumer Financial Protection Bureau is an "unaccountable, unresponsive, and all-powerful financial regulator" that could further tighten credit, according to a report by the House Oversight Committee. The Republican-led panel says the agency's neutrality also is tainted by its close association with President Barack Obama. The Hill/On the Money blog (12/14) LinkedInFacebookTwitterEmail this Story
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  The CFPB Today 
  • Card issuers send refunds to customers
    By March, about 6 million consumers should see refunds on their credit card statements as a result of the $435 million settlement with the Consumer Financial Protection Bureau over deceptive credit card practices. CNNMoney (12/17) LinkedInFacebookTwitterEmail this Story
  Retail Banking Roundup 
  • FDIC offers tips on serving the underbanked
    Banks can better serve the underbanked by doing things such as expanding offers of low-cost checking and savings accounts and working with community organizations to promote such accounts, recommends a report by the Federal Deposit Insurance Corp. A survey of 567 U.S. banks finds that nearly half require a minimum deposit of $100 for a checking account. Forbes (12/14) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Will swipe-fee settlement lead merchants to add surcharges?
    A consumer group and the Electronic Payments Coalition are warning that retailers could charge new fees for credit card use in January as a result of a swipe-fee settlement with Visa, MasterCard and several large banks. Retail groups, meanwhile, say consumers are unlikely to see added fees because merchants know they could drive away business. But Kroger, a plaintiff in the case, is "developing plans to incentivize customers to use lower cost forms of payment," a spokesman says. The Wall Street Journal/Dow Jones Newswires (12/14) LinkedInFacebookTwitterEmail this Story
  Legislative Affairs 
  • Warren touts transparency for Senate banking committee
    Sen.-elect Elizabeth Warren, D-Mass., says her work on the Senate banking committee won't necessarily be confrontational. "No one doubts where I stand. I believe in transparency and accountability and I hope we're going to see more of both," she said. "There are a lot of different tools in the toolbox for the banking committee. I want to learn the most effective ways to help use each of them." Portland Press Herald (Maine)/The Associated Press (12/16) LinkedInFacebookTwitterEmail this Story
  The Future of Money 
  • Banking industry needs a champion, PR expert says
    Two-thirds of marketing executives at financial firms say capital and liquidity challenges, poor financial performance and subprime mortgages have hurt the industry's reputation this year, although 43% say social media efforts have helped improve public perceptions, according to a survey by Makovsky, a public relations firm. If the industry is to improve its reputation, it need a leader to champion its direction and future, writes Scott Tangney, executive vice president of Makovsky. AmericanBanker.com (free registration)/BankThink blog (12/14) LinkedInFacebookTwitterEmail this Story
  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'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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  SmartQuote 
Action is the antidote to despair."
--Joan Baez,
American singer


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