Cordray criticizes CFPB for small dollar lending changes | DOJ's Ward a possible candidate for CFPB enforcement director | Some Wells Fargo customers to receive refunds on checking fees
December 6, 2019
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Fed working with others on CRA but may not be a part of joint proposal
The Federal Reserve is committed to making changes to the Community Reinvestment Act but is not likely to be a part of a reform proposal by the Office of the Comptroller of the Currency expected to be released on Dec. 13, according to Randal Quarles, the Federal Reserve regulatory chief. The Federal Deposit Insurance Corp. will vote on how it will proceed on Dec. 12 and the agency may join the OCC in its proposal.
Politico Pro (subscription required) (12/5),  Politico Pro (subscription required) (12/5) 
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Guarding Against Fluctuating Interest Rates
On October 30th, the Fed announced a third interest rate cut for 2019. It's not too late to prepare for future fluctuations in the market. Find out how you can build a balanced suite of Deposit Liquidity Solutions that exceed customer expectations while providing stable non-interest income.
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The CFPB Today
Cordray criticizes CFPB for small dollar lending changes
Former Consumer Financial Protection Bureau Director Richard Cordray said states could pick up some regulation of the small dollar lending industry and criticized current Director Kathy Kraninger for her proposal to change regulations. Cordray also praised the CFPB for its current supervisory work.
Forbes (12/5) 
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DOJ's Ward a possible candidate for CFPB enforcement director
Thomas G. Ward, the leader of the Department of Justice's tort industry, is reportedly a candidate for the job of enforcement director for the Consumer Financial Protection Bureau. Cara Peterson, who has served as acting enforcement director after Kristen Donoghue left the post in May, is also said to be seeking the position.
Bloomberg Law (free content) (12/5) 
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Retail Banking Roundup
Some Wells Fargo customers to receive refunds on checking fees
Wells Fargo customers who could have misunderstood monthly fee waivers on their checking account will get refunds next year, CEO Charlie Scharf said in response to a letter from Rep. Katie Porter, D-Calif. "We are working closely with our regulators to finalize a comprehensive remediation plan to compensate customers who may have been affected by the manner in which we described how using a debit card could result in the waiver of monthly service fees," Scharf said in the letter.
American Banker online (free content) (12/5) 
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Industry News
CBA: Something must be done about federal student loan program
Education Secretary Betsy DeVos said earlier this week she wants a separate agency to manage the federal student loan program. The fact that the Education Department is now the fifth largest bank in the US "speaks volumes to America's federal student loan crisis," said Richard Hunt, president and CEO of the Consumer Bankers Association.
Yahoo (12/5) 
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266K jobs added to payrolls last month
The economy added 266,000 jobs to nonfarm payrolls last month, beating economists' expectations. The jobless rate dropped to 3.5%, and hourly wages increased 3.1% compared with November 2018.
CNBC (12/6),  The Washington Post (tiered subscription model) (12/6) 
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Regulatory Report
Tarullo: Liquidity an unfinished piece of post regulatory reform
Bank liquidity rules are an "important unfinished piece of post-crisis regulatory reform" and could have a large impact during periods of economic stress, said former Federal Reserve regulatory chief Daniel Tarullo. Regulators instead could focus on how banks manage their funding, according to Tarullo.
Politico Pro (subscription required) (12/5) 
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Treasury, Fed collaborate to combat repo-market issues
Treasury Secretary Steven Mnuchin says he is working with Federal Reserve Chairman Jerome Powell to ensure liquidity in the repurchase market, because the Fed has had to inject cash several times since September to steady the market. "We've talked in our weekly meeting [about] making sure the Fed is prepared for year-end activity so there are ample reserves," Mnuchin told the House Financial Services Committee.
The Wall Street Journal (tiered subscription model) (12/5) 
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Mnuchin: No need for Fed-backed digital currency
US Treasury Secretary Steven Mnuchin says he and Federal Reserve Chairman Jerome Powell agree there is no need for the central bank to introduce a digital currency. Mnuchin says that he has no problem with Facebook creating a digital currency but that it must comply with rules on money laundering and bank secrecy.
BNN Bloomberg (Canada) (12/5) 
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Career Development
Use all of your strengths, including silence
Bring your values, stories and curiosity to your work, but don't share everything you think, writes leadership coach Annette Kramer. "Get into the habit of leaving some of your own thoughts and opinions unsaid, to make room for the participation of everybody else," she writes.
Strategy+Business online (free registration) (12/4) 
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CBA Connect
CBA White Papers
Stay up to date with top-of-mind issues for senior banking executives with CBA White Papers. Read industry-specific highlights on consumer trends, customer experience, the regulatory environment, retail banking statistics and thought leadership. Visit our website to view recent and archived white papers.
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