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October 19, 2012
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News for the retail banking industry

  Top Story 
  • Banks ask for more time to comply with money-transfer rules
    Industry groups, including the Consumer Bankers Association, say banks need another year to comply with the Consumer Financial Protection Bureau's money-transfer rules. In a letter to the CFPB, the groups say there will be "significant negative consequences for consumers" if they aren't give more time; the rules take effect in a few months. While the CFPB acknowledges difficulties, it does not expect to delay rules, officials say. Fox Business/Dow Jones Newswires (10/18) LinkedInFacebookTwitterEmail this Story
  The CFPB Today 
  • CFPB, Pentagon plan student-loan counseling for military personnel
    The Consumer Financial Protection Bureau and the Pentagon are partnering to launch a program aimed at helping military personnel understand student-loan debt options, such as cutting their interest rates or deferring payment. The program, which will include judge advocate generals training and personal-finance counselors on military bases, seeks to alleviate the $26,000 average 2008 student-loan debt for active military members, officials say. A CFPB report says military members are reporting problems in trying to access benefits to pay back loans, and Defense Secretary Leon Panetta says some student-loan companies may even be violating the law by denying such benefits. Bloomberg Businessweek (10/18), The Hill/DEFCON Hill (10/18) LinkedInFacebookTwitterEmail this Story
  • Part of "qualified mortgage" rule could protect banks
    According to sources familiar with the discussions, rules the Consumer Financial Protection Bureau is considering would shield lenders from lawsuits coming out of the underwriting process for certain loans. Roughly 80% of current loans would fall under the rule, which stipulates that buyers have a debt-to-income ratio of 43 percent or less. Bloomberg Businessweek (10/18) LinkedInFacebookTwitterEmail this Story
  Retail Banking Roundup 
  • PNC's Rohr: Cyberattacks are a looming threat to nation
    PNC Financial Services CEO James Rohr told CNBC's "Squawk Box" that his company spends exponentially more on cybersecurity than it did a few years ago, but that it endured the longest of the recent string of bank cyberattacks. "If you have a cyberattack that totally disrupts our banking industry, or if you think about an attack that somehow disrupts our power grid, you could really disrupt this country," he said. CNBC (10/18) LinkedInFacebookTwitterEmail this Story

  Emerging Channels 
  • Industry is warned of device-cloning threat
    Crooks using malware to create clones of customers' personal computers or mobile devices is a looming threat for consumers and bankers who may not even be aware it's taking place, experts say. Criminals will reportedly use the method to bypass security measures such as fingerprinting and Web browser configurations, experts say. (free registration) (10/18) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Financial leaders join the call to avoid "fiscal cliff"
    Bank of America CEO Brian Moynihan and JPMorgan Chase CEO Jamie Dimon are among financial leaders urging federal lawmakers -- in a letter from the Financial Services Forum -- to avoid the "fiscal cliff." The letter also cites a threat from Moody's for a U.S. credit rating downgrade unless there are policies to handle the ratio of federal debt to gross domestic product. U.S. News & World Report (10/18) LinkedInFacebookTwitterEmail this Story
  Regulatory Report 
  • Fed will remain quiet before elections
    The Federal Reserve meeting next week likely will include an assessment of their September action to bolster the economy and a review of their efforts to be more forthcoming with information, Kristina Peterson and Michael S. Derby write. The Fed is not expected to take any action so close to the national elections, they write. The Wall Street Journal (10/18) LinkedInFacebookTwitterEmail this Story
  Legislative Affairs 
  • Warner: Technical corrections needed for Dodd-Frank
    Sen. Mark Warner, D-Va., says he wants Congress next year to make technical corrections to the Dodd-Frank Act. He says he doesn't want to completely repeal the law because "nothing would be more disruptive to the markets," still he does assert it's typical for Congress to make changes to major pieces of legislation. The Hill/On the Money blog (10/18) LinkedInFacebookTwitterEmail this Story
  • Bipartisan group releases plan to avoid "fiscal cliff"
    The Bipartisan Policy Center has unveiled a multipoint plan for avoiding the "fiscal cliff" that resembles the plan being considered in Congress, with a "backstop" mandating certain cuts if decisions aren't reached in an expedient manner. The group's proposal also includes a measure to disallow filibusters on big deficit-reduction items, and it allows members of the budget committees to step in if legislation is not progressing. The Washington Post/Wonkblog (10/18), The Hill/On the Money blog (10/18) LinkedInFacebookTwitterEmail this Story
  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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Not all those who wander are lost."
--J.R.R. Tolkien,
British writer, poet, philologist and professor

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