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February 7, 2013
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News for the retail banking industry

  Top Story 
  • Warren vows to fight for CFPB; Hunt says she could forge compromise
    Sen. Elizabeth Warren, D-Mass., says she will keep fighting for the Consumer Financial Protection Bureau, signaling she may not yet be ready to trim its powers for it to survive. CBA President and CEO Richard Hunt said Warren could be the right lawmaker to lead a compromise on the agency, its leadership and structure. "She has an opportunity early out of the gate to forge compromise to show she is a solutions person, not just a political person," Hunt said. Bloomberg (2/7) LinkedInFacebookTwitterEmail this Story
  Retail Banking Roundup 
  • PNC ready to take on Southern competitors, Demchak says
    PNC Financial Services President Bill Demchak says the bank will offer more products and serve a more diverse group of customers than RBC Bank did in the branches that PNC took over from that bank. He says employees are up for the challenge of facing competitors such as Bank of America and Wells Fargo as PNC enters the Southern market. "We're the newcomer, and we're the underdog. But these are the same guys that we compete with in multiple other markets," he said. "They're good competitors, but so are we." The Charlotte Observer (N.C.) (2/6) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Cyberattacks are a top concern for business leaders
    A survey by American International Group found that 85% of corporate executives are worried about cyberattacks. More executives said they worried about cyberattacks than property damage and investment risk. More clients than ever are interested in buying cyberrisk insurance coverage, insurance experts say. The Wall Street Journal (2/6) LinkedInFacebookTwitterEmail this Story
  Regulatory Report 
  • Hackers did breach site, Federal Reserve says
    Hackers gained entrance briefly to a Federal Reserve internal website, getting access to private information on U.S. bankers, officials say, confirming reports earlier in the week. The attack is thought to have come from OpLastResort, which is protesting the government prosecution of Aaron Swartz. The breach, which reportedly involved information on more than 4,000 bankers, did not compromise critical functions and did not involve e-mail passwords, the Fed said. Reuters (2/6) LinkedInFacebookTwitterEmail this Story
  • Other News
  Legislative Affairs 
  • GOP House legislation pushes White House on budget
    The House passed legislation by Republicans on Wednesday that requires President Barack Obama to estimate when the federal budget will be balanced and provide a plan for eliminating the deficit. The 253-167 vote was mostly along party lines, but also got support from 26 Democrats. Minority Leader Nancy Pelosi, D-Calif., says Republicans were "playing games." The Hill/Floor Action blog (2/6) LinkedInFacebookTwitterEmail this Story
  The Future of Money 
  • Survey highlights Americans' limited knowledge of digital wallets
    Only 51% of American consumers say they're aware of other digital wallets besides PayPal, according to a comScore survey. "Low awareness, understanding of benefits and availability among retailers are among the key barriers to adoption of digital wallets," said Andrea Jacobs of comScore. "...There was a time when consumers were reluctant to use ATMs for similar reasons, and today, look at how far we've come since the 1970s and 1980s." (free registration) (2/6) LinkedInFacebookTwitterEmail this Story
  Members in the News 
  • Fifth Third embraces job coaching as foreclosure prevention
    Cincinnati-based Fifth Third is offering up to 16 hourlong coaching sessions and other assistance to nearly 1,000 borrowers who have lost their jobs or have experienced significant pay cuts. The bank plans to expand the program and will also offer it to borrowers who have not fallen behind on payments but who have lost their jobs. The assistance, valued at about $1,500 per borrower, is in addition to loan modifications and other workouts. The Wall Street Journal (2/6) LinkedInFacebookTwitterEmail this Story
  Career Development 
  • Why specificity is key when praising your staff
    As the research of psychologist Carol Dweck shows, it's important to be specific when praising your employees. Rather than offering general compliments, highlight the specific behavior that you want to encourage, writes Margaret Heffernan. This sort of feedback can motivate employees to keep up the good work, she writes. Inc. online (free registration) (2/4) LinkedInFacebookTwitterEmail this Story
  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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--Jules Renard,
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