BankThink

Bank Transfer Day not withstanding, not all the press for America's financial co-ops has been the kind of coverage you laminate and frame. In fact, because of BTD it could be argued that some media coverage of credit unions has been what might best be called "contrarian reporting," or coverage that seeks to run counter to the editorial tide.

M. Troy Freedman, attorney with Richard M. Squire & Associates, LLC, explains why hand-delivery is still king with legal documents.

What Jim Jerving says about credit union branches.

Receiving Wide Coverage ...Another Shake-Up at JPMorgan: Frank Bisignano is leaving the bank to run First Data and Matt Zames will add responsibilities as sole chief operating officer, a title he has shared with Bisignano since July. Bisignano and JPMorgan CEO Jamie Dimon go back a long way, having worked together at Citi during the Weill era. The Journal casts the departure as a significant blow to the bank, starting with the headline ("Dimon Loses…"). Amid JPMorgan's numerous operational and regulatory challenges, the article notes, "Bisignano is the ninth executive since early last year to exit Mr. Dimon's operating committee, an elite group that represents all of the firm's key decision makers." The FT offers a more optimistic take (headline: "JPMorgan promotes Zames"; first sentence: "Jamie Dimon, chief executive of JPMorgan Chase, reshuffled his executive team…"). We link, you decide. Wall Street Journal, Financial Times, New York Times, American Banker

Unrealistic capital requirements and strict deadlines would force megabanks to sell assets, removing their value from the U.S. and global economies permanently.

The Financial Stability Oversight Council, established by Title I of the Dodd-Frank Act, identified seven significant areas of concern on Thursday that policymakers need to address in order to contain threats to the U.S. financial system.

A system where ratings are assigned to a nationally recognized statistical ratings organization by an independent public utility offers the best shot at avoiding another secondary mortgage market meltdown.

Receiving Wide Coverage ...Bank Payday Loan Update: Regulators officially unveiled on Thursday their expected guidance on the payday-style loans or checking account advances offered by a few financial institutions. The guidance, which calls for more underwriting and stringent cooling-off periods between loans, was issued along with "a scathing assessment of the loans" from the OCC, which "warned banks that the loans could pose 'reputational risk,'" reports Dealbook. But proponents of bank payday-style products have argued they prevent needy customers from seeking out loans from less reputable and decidedly unregulated businesses. And a report, profiled today by the Washington Post, finds there is consumer demand for these short-term loans with nearly one in four Americans having used a payday product. "The rise of this kind of borrowing … reflects the needs of a population struggling to make ends meet," the Post notes. Meanwhile, this op-ed in the FT urges more British banks to challenge the burgeoning payday business by offering alternative short-term credit. "The banks have steered clear of high-interest microloans — they fear reputational damage — but I would welcome a responsible high-street challenger to the payday lending market," the author writes. But are there any suitable alternatives?

People — and payment companies — are starting to take Bitcoin seriously.The decentralized virtual currency is overcoming its stigma as a fringe currency for illegal transactions and is stirring up consumer scrutiny of the practices of large payment providers. The payments industry is changing rapidly, but today the movement isn't about payments — it's about data.

After House Financial Services Committee Chairman Jeb Hensarling said on Monday that he would not allow Consumer Financial Protection Bureau Director Richard Cordray to testify on the agency's semi-annual report, Rep. Maxine Waters urged Hensarling to reconsider.