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December 05, 2008

Jerry Grundhofer's Wish List for the US Banking Industry

Heidi Moore writes for the Wall St. Journal's Deal Journal about last night's American Banker lifetime achievement award to U.S. Bancorp chairman emeritus Jerry Grundhofer.

In his speech, Grundhofer shared a wishlist of 5 items for the banking industry. My favorite of the five is this one:

"That bankers start to understand that banking is a very difficult business. If you collect 99% of your loans, you are an average bank. If you collect 99.5% of your loans, you are a value-added bank. And if you collect 98.5% of your loans, you will find [FDIC chairman] Sheila Bair on your doorstep.”

Fed Reports October Decline in US Consumer Credit

The Federal Reserve has published its latest G.19 Consumer Credit report for October 2008 showing that overall consumer credit decreased at an annual rate of 1.6 percent in October. Revolving credit decreased at an annual rate of 0.2 percent and nonrevolving credit decreased at an annual rate of 2.5 percent.

A Look Back at Blue

In a post to the New York Times' BITS blog titled "A Credit Card Loses Its High-Tech Cred", Jennifer Kingson writes about the American Express Blue card - introduced with a lot of "sizzle" almost ten years ago in 1999. The original contact-based smart chip originally embedded in the original Blue cards is gone - now replaced with an embedded contactless chip instead.

Is There an Editorial Calendar for Payments News?

We're frequently asked - especially this time of year - whether we have an editorial calendar for Payments News. The answer: no, we don't maintain an editorial calendar. Rather, our goal with Payments News is to provide a great daily summary of the news of the day that affects payments professionals around the world.

If you're a regular reader, tell us how we're doing by clicking on Feedback in the menu bar at the top of the page.

Fed Proposes Changes to Regulation Z - Truth in Lending

The Federal Reserve has proposed changes to Regulation Z that would revise the disclosure requirements for mortgage loans. The revisions would implement the Mortgage Disclosure Improvement Act (MDIA) which was enacted in July 2008 as an amendment to the Truth in Lending Act (TILA). Under the MDIA, the proposed rules would become effective on July 30, 2009.

Investor Day Updates - NCR, Online Resources

Yesterday, NCR held an Analyst Day for investors - the presentation slides are available in an SEC filing made by the company.

Online Resources held an Investor Day yesterday - the presentation slides are available online.

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