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August 17, 2011
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News for the retail banking industry

  Top Story 
  • Bank brand becomes latest customer experience battleground
    Banks used to battle over the customer experience by improving their branches and their websites, but the latest battleground is related to their brand and their ability to be consistent and effective across their different channels. "The customer experience and defining your company's brand are interwoven," said Dan Marks, chief marketing officer at First Tennessee Bank. "Some people have a tendency to think of the brand as the manifestation of somebody's advertising; it isn't. You've got to start with your brand strategy and what you want to be known for in the experiences you create, and then define your client experience." Bank Systems & Technology (8/16) LinkedInFacebookTwitterEmail this Story
  The CFPB Today 
  • Credit union group wants CFPB to minimize requirements
    Bill Cheney, president and chief executive officer at the Credit Union National Association, is urging the Consumer Financial Protection Bureau to "consider ways in which the bureau can help minimize regulatory requirements for credit unions and other financial institutions." Cheney sent a letter to Richard Cordray, who is President Barack Obama's nominee to lead the CFPB. Credit Union Times (8/16) LinkedInFacebookTwitterEmail this Story
  • Commentary: CFPB's purview should include online marketing
    Nathan Newman, founder of, argues that the new Consumer Financial Protection Bureau should regulate online advertising and marketing of financial products. "[O]nline advertising was one of the major conduits for hocking subprime mortgages to consumers," Newman writes. The Huffington Post (8/16) LinkedInFacebookTwitterEmail this Story
  Retail Banking Roundup 
  • New Jersey judge allows some banks to resume foreclosures
    Superior Court Judge Mary Jacobson in New Jersey has given Bank of America, Wells Fargo, Citigroup and other banks permission to resume uncontested foreclosures there. The banks were required to prove they have improved their foreclosure procedures, and they will be monitored. Bloomberg (8/16) LinkedInFacebookTwitterEmail this Story
  Emerging Channels 
  • Consumers want banks to make online security a priority
    More than 70% of respondents in a survey said that banks should make online security a top priority. About 78% of respondents said if subjecting their account access to another level of authentication would help improve security they would be willing to do so, showing that they put security ahead of convenience. "This survey shows, when it comes to online banking, people value security over speed and that they are holding their banks and investment institutions responsible for the safety of their electronic banking transactions and financial data," said Bill Wansley, senior vice president of Booz Allen Hamilton. Bank Systems & Technology (8/16) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Fitch maintains AAA U.S. credit rating
    Fitch Ratings reaffirmed its AAA credit rating for the U.S. and kept the rating's outlook "stable," disagreeing with Standard & Poor's. Fitch's announcement was a vote of confidence in the government's efforts to reduce its budget deficit. Fitch said it will reconsider the rating at year-end. Fitch also did not change its ratings for municipal bonds related to the U.S. government's creditworthiness. Reuters (8/16), The Wall Street Journal (tiered subscription model) (8/17), Bloomberg (8/16) LinkedInFacebookTwitterEmail this Story
  • Analysis: Crisis provides opportunities for Canadian financial firms
    Canadian financial institutions, which are enjoying strong balance sheets, are finding opportunity in the issues plaguing the U.S. and other parts of the world. For example, Toronto-Dominion Bank has agreed to acquire the Canadian credit card portfolio from Bank of America, and Bank of Montreal purchased Marshall & Ilsley. Reuters (8/16) LinkedInFacebookTwitterEmail this Story
  • Other News
  Regulatory Report 
  • Banks raise concerns that rules would kill securitization market
    Major banks are concerned that if proposed risk retention rules are not changed, they could destroy securitization. "We believe the rules as currently proposed embed in the regulatory framework excessive cost and complexity that could impede the revitalization of healthy securitization and housing markets, and potentially unduly restrict credit availability for a majority of consumers, contravening stated policy goals of both Congress and the White House," Tom Hamilton of Barclays Capital wrote. American Banker (free registration) (8/16) LinkedInFacebookTwitterEmail this Story
  Legislative Affairs 
  Career Development 
  • How Disney turns flop movies into billion-dollar bonanzas
    Disney's moviemaking machine is one of the best in the business -- but it's in marketing and merchandizing its films that the company is most impressive. Under studio chief Rich Ross, Disney has focused on creating franchises that lend themselves to international distribution and merchandising, allowing it to make billions of dollars even from movies that underwhelm critics and U.S. audiences. (8/10) LinkedInFacebookTwitterEmail this Story
You don't lead by pointing and telling people some place to go. You lead by going to that place and making a case."
--Ken Kesey,
American author

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