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Women in Banking: Toasting the Future and Jamie Dimon's Mom

10/13/16

Geena Davis made a rousing speech on unconscious bias at the annual gala for our "Most Powerful" honorees. Sheila Bair writes about the importance of hiring and promoting women, while Ghela Boskovich warns that doesn't necessarily give women a voice in their organizations. Also, Avid Motjtabai, Jamie Dimon, Julie Stackhouse and a real-life Peggy Olsen.

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Morning Scan: Stumpf Quits; Living Wills Offer Internal Bailouts

10/13/16

Receiving Wide Coverage ...

Stumpf leaves: Wells Fargo chairman and CEO John Stumpf announced Wednesday he is retiring immediately, as was widely expected following the bank's phony accounts scandal. "The toppling of Mr. Stumpf, 63 years old and just shy of his 10th year as CEO, marks a stunning comedown for a firm that largely passed through the financial crisis unscathed and which was seen as a reliable Main Street lender," the Wall Street Journal commented. ...

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Morning Scan: CFPB Body Blow; Wells Looks to Reboot

10/12/16

Receiving Wide Coverage ... CFPB loses appeal: A federal appeals court ruled Tuesday that the CFPB's structure, in which an unusual amount of power and autonomy is invested in a single director, is unconstitutional and ordered its powers be curbed. "If it stands, the decision from the U.S. Court of Appeals for the District of Columbia would reduce the agency's independence, empowering the White House to supervise the agency and remove its director, in contrast toÂ...

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Morning Scan: Wells Shuffles Execs; Commercial Loan Growth Slows

10/11/16

Receiving Wide Coverage ...

Wells names senior team: Wells Fargo announced several management appointments Monday even as it continues to try to manage the fallout from its phony accounts scandal. Avid Modjtabai, who previously led consumer lending at the bank, has been named head of a new payments, digital and innovation group. Franklin Codel was named to replace her as head of consumer lending. The two managers were named by President and COO Timothy J. Sloan,...

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Morning Scan: Deutsche Cuts More Jobs, Mulls Spinoff

10/07/16

Receiving Wide Coverage ... Deutsche's battle plan: Embattled Deutsche Bank said it was cutting another 1,000 full-time positions in Germany, on top of the 3,000 cuts it announced back in June. Separately, the Financial Times reports Deutsche is working on a public spinoff of a minority stake in its asset management division in order to boost capital. Any IPO would come only after it reaches a settlement with the U.S. Department of Justice over allegations it soldÂ...

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Your Workforce Should Reflect Your Customer Base

10/06/16

Banks must work to attract a diverse workforce through recruiting efforts, and to close the retention gap that sees institutions lose a higher percentage of women leaders compared to those who are men.

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Morning Scan: CFPB to Regulate Mobile Payment Apps

10/06/16

Wall Street Journal Rules for payment apps: Mobile payment apps like PayPal's Venmo and Alphabet's Google Wallet will be covered by the Consumer Financial Protection Bureau's new rules covering prepaid debit cards. While prepaid cards and mobile payment apps serve mostly different demographics and do different things, "the CFPB views the products as requiring similar types of oversight to ensure customers' money is safe," the Wall Street Journal reported. The payment app providers had objected toÂ...

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Five Steps for Wells Fargo to Rebound from Scandal

10/05/16

Wells Fargo has been knocked off its pedestal, but it is imperative that the company move forward and put this episode behind it.

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Morning Scan: Protection for Prepaid Card Users; Living Wills Revised

10/05/16

Receiving Wide Coverage ... Out of the shadows: The Consumer Financial Protection Bureau proposed disclosure and consumer protection rules for prepaid debit cards. Under the proposal, which would take effect in a year, prepaid cards would be required to carry a standardized disclosure of the card's monthly fee as well as details on fees for cash withdrawals, customer service calls, overdrafts and reloads. The cards would also have to provide the same liability protection that appliesÂ...

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Morning Scan: Ending Arbitration at Wells; Property Loan Pullback

10/04/16

Receiving Wide Coverage ...

More pain for Wells: Sen. Sherrod Brown, D-Ohio, said he plans to introduce a bill that would prevent Wells Fargo from forcing customers to use arbitration clauses if they challenge the bank for opening bank accounts without their permission, a move that would make it easier for customers to sue the bank for any damages they may have incurred as a result. "Giving customers back their right to take Wells Fargo to...

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