ABA Banking Journal
October 16, 2015

This ABA Banking Journal newsletter is a free, twice-monthly supplement to the ABA Banking Journal magazine intended to help you stay on top of industry and policy news. You can also stay abreast of banking news by visiting aba.com/BankingJournal, home to ABA Daily Newsbytes and other email bulletins.

Industry News
By the end of this year, over one billion people—almost one in five of the global adult population—will have used their mobile phone for banking purposes. By 2020, it will be two billion, by which time it will represent 37% of all adults worldwide. (Forbes)
 
Wells Fargo & Co. agreed to buy $32 billion in assets from General Electric Co. and take on about 3,000 employees as the industrial giant retreats from financial services. (Bloomberg)
 
ABA President Rob Nichols discusses plans to make a career in banking cool again—through a combination of smarter regulation and more innovation. (Financial Times)
 
D+H
Banks nationwide are rolling out a new way to try to keep customers a little safer. The industry has launched a new domain, .bank, which allows companies to have websites that end in .bank instead of .com. (Cleveland.com)
 
The NFIB Small Business Optimism Index reached 96.1 points in September, up 0.2 points from August’s reading. Seven of the ten components posted gains on the month, while three fell. (ABA Banking Journal)
 
More than four in 10 U.S. millennials—those aged 18 to 34—say they are "chronically stressed" about money, and that money stress is spilling over into their emotional well-being, leisure activities, personal relationships and physical health, according to a Bank of America/USA Today survey. (ABA Banking Journal)
 
Mortgage applications tumbled 27.6% from last week, obliterating the prior week’s drastic jump in applications due to the implementation of the new TILA-RESPA integrated disclosure rule, according to the latest Mortgage Bankers Association’s Weekly Mortgage Applications Survey. (HousingWire)
 
USAA, a banking innovation leader, is using technology to help members to think and act on a topic many ignore: financial planning. (American Banker)
 
D+H
Policy News
A majority of the Federal Reserve’s regional reserve banks wanted to raise the interest rate on discount-window loans ahead of the U.S. central bank’s most recent policy meeting. (Wall Street Journal)
 
California Gov. Jerry Brown has signed legislation creating statewide regulations for medical marijuana, but dispensaries still face potential problems with the federal government and banks. (Los Angeles Times)
 
The banking industry is aiming to win more rollbacks of the 2010 Dodd-Frank financial overhaul by having them ride on year-end legislation. (Roll Call)
 
Testifying before the House Financial Services Committee, CFPB Director Richard Cordray signaled that the bureau and other financial regulators are working on guidance for a formal ‘hold-harmless’ period to facilitate compliance after the TILA-RESPA integrated disclosures take effect. (ABA Banking Journal)
 
PULSE, a Discover company
ProcessUnity Incorporated
Reps. Ed Royce (R-Calif.) and Patrick Murphy (D-Fla.) introduced a bill to require the Office of Financial Research to release an annual plan for its work that year, to coordinate its research with regulatory agencies and to better manage cybersecurity. (ABA Banking Journal)
 
PULSE, a Discover company
Events
October 25-28
Kansas City, MO
 
November 8-10
Los Angeles
 
 
 

 

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