The new Credit CARD Act went into effect yesterday with many restrictions such as universal default, double-cycle billing, and overlimit fees. Aaron McPherson has a great post on the Credit CARD Act and his thoughts on its implications. 

There were many professional opinions of how the customer will be impacted (the consensus – negatively via increased fees) and much talk about personal experiences. I’d like to look at two institutions that have generated some buzz – Citi and USAA, each at opposite ends of the spectrum.

Two weeks ago I put out an informal LinkedIn poll asking "What areas of risk need the greatest investment over the next 12 months?"  I call it an informal poll because the sample was not controlled, but the poll was extended initially  to my network which includes a wide array of risk professionals (both parishioners and consultants) across enterprise risk.  I also extended the question to a couple of international LinkedIn risk groups.  I received  approximately 50 responses and, while at first the results were volatile, as additional responses came in the results settled down.  I created the poll with an analytical suspicion and the poll has verified my thinking.

The AFP Exchange Magazine that landed in my mailbox today contains an article about cash management in 2009 and 2010, which is based on interviews with six corporate treasurers. Not surprisingly, the conversations with this group align completely with the research we did earlier this year - counterparty risk overshadows all other concerns, cash forecasting must be improved, banking relationships will change as rates rise and FDIC coverage changes, and the need for efficiency is greater than ever as expectations of treasurers and their staff increase. Looking forward to 2010, this group plans to rationalize banking relationships, continue to focus on safety and soundness, and invest in technology to improve efficiency.

Margaret Weichert, First Data's SVP of Product Marketing and Business Development delivered a good keynote address to open the conference today, refreshingly contrarian in its unapologetic advocacy of innovation, even (or especially) in hard economic times.  She did a good job of debunking some of the most common reasons why bankers avoid innovation.