ABA Banking Journal
November 11, 2016

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
In a letter to President-Elect Trump, ABA Chairman Dorothy Savarese and ABA President and CEO Rob Nichols congratulated Trump on his election and urged his administration to pursue bipartisan policies that promote economic growth, a thriving housing market and safe, convenient banking innovations. (ABA Banking Journal)
The Republican sweep of the White House and Congress could break the current gridlock over national policy in a potential boon to the U.S. economy, St. Louis Federal Reserve bank President James Bullard said on Thursday. (Reuters)
Human fallibility is now one of the biggest risks that banks and financial institutions must manage in mobile financial services, according to a new report from the risk mitigation workgroup of global industry association Mobey Forum. (Finextra)
Verint Systems
Banks are cutting costs these days — hit by high compliance costs and an interest rate that the Fed keeps delaying raising — and those costs are hitting vendors like DH Corp., Fiserv Inc. and Fidelity National Information Services Inc, who have all seen their bank clients backing off on technological upgrades. (PYMNTS)
Fintech companies are banks’ only salvation if they are to fix security challenges that persist because of legacy IT systems and infrastructure, The Bunker's CTO, Phil Bindley, says, adding that fintech companies can create safer services, reducing both technical issues and cybercrime. (IT Pro Portal)
PayPal has announced that users of the digital payment service will be able to use Apple's voice-activated AI personal assistant to send and request money among friends and family. The company says it expects the number of peer-to-peer transactions to increase over the holiday period, and predicts more than 17 million transactions in December alone. (MacRumors)
iGen Is Coming. Prepare Now.
Harland Clarke
The first wave of iGen (aka Generation Z) turns 21 in 2018. Their relationship with technology, combined with the expectations this relationship has fostered, poses big challenges for financial institutions.
Learn More
Policy News
The Supreme Court on Tuesday weighed whether cities can sue banks under the Fair Housing Act for predatory lending, even if foreclosures that stem from such loans affect a city only indirectly. The case before the justices was brought by Miami after the 2008 financial crisis. The city said that discriminatory mortgage lending practices by Bank of America and Wells Fargo had led to a disproportionate number of defaults by minority home buyers and, in turn, to financial harm to the city. (The New York Times)
Should the OCC decide to grant a federal charter to nonbank fintech companies, as many have suggested and speculated, the agency will hold chartered nonbanks to the "same high standards" that banks are expected to meet, Comptroller of the Currency Thomas Curry said. He added that the agency would issue a paper "soon" outlining its thoughts on the subject and inviting public comment. (ABA Banking Journal)
Computer Services Inc
Thomson Reuters
In what some have described as the most exhausting election in modern history, the American people have chosen to retain Republican control in the U.S. Senate, only marginally shrink the Republican majority in the House of Representatives and elect businessman Donald Trump as the 45th president of the United States. (ABA Banking Journal)
President-elect Donald Trump’s transition team says the next administration will work to "dismantle" the Dodd-Frank financial reform law. A section devoted to financial regulations on his official transition website makes clear President Trump would work to undo President Obama’s landmark Wall Street regulation law. (The Hill)
Are Complex Legacy Platforms Holding You Back?
Naylor Association Solutions
To put it simply, yes, absolutely! And they’re costing you significant new growth opportunities, delivering frustrating customer experiences and driving down efficiencies throughout your organization. Instead, your core solution could actually deliver a competitive advantage.
Learn how.



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