ABA Banking Journal
November 25, 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 blow to the Obama administration's labor-law plans, a federal court has blocked the start of a rule that would have made an estimated 4 million more American workers eligible for overtime pay heading into the holiday season. The U.S. District Court in the Eastern District of Texas granted the nationwide preliminary injunction, saying the Department of Labor's rule exceeds the authority the agency was delegated by Congress. (New York Times)
 
Online and mobile payments are certainly growing in popularity—just not as fast some may think. In all likelihood, you’ll still be hearing "the check’s in the mail" from many small businesses for at least the foreseeable future. (Washington Post)
 
We are delighted to present an ABA Banking Journal special report in our November/December 2016 issue on some of the latest innovative frontiers in banking and technology. (ABA Banking Journal)
 
Sales of previously owned homes hit a nearly 10-year high in October as job creation and rising wages released a flurry of unexpected pent-up demand. Existing-home sales, completed transactions that include single-family homes and townhouses, increased 2 percent to a seasonally adjusted annual rate of 5.6 million last month, the highest level since February 2007, and up from 5.49 million in September, the National Association of Realtors (NAR) said this week. (The Hill)
 
QwickRate
Verint Systems
The Consumer Financial Protection Bureau (CFPB) filed a petition last week asking the full panel of the D.C. Circuit Court of Appeals to review its October ruling that found the agency's structure unconstitutional. In its 132-page request, CFPB called the court’s decision "dramatic and unprecedented."(The Hill)
 
Laurie Stewart’s bank is in the other Washington—Washington state, that is. But her connection to both legislative centers—in the state capital of Olympia, as well as in our nation’s capital—has positioned her as a leader in advocating for the banking industry. (ABA Banking Journal)
 
We're seeing a slow down investment in Q3 for fintech startups, according to CBInsights Pulse report. Venture capital investment in fintech companies dropped 52% year over year to $2.4 billion globally. Why? CBInsights says investment has slowed largely because there haven't been any inspiring billion-dollar plus exits or financial rounds in the fintech category to spur investment. (Fast Company)
 
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
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Policy News
In a letter to the heads of the federal banking agencies, ABA President and CEO Rob Nichols said it was time for regulators to revisit the numerous asset thresholds at which different regulatory frameworks begin to apply. Several years after these thresholds have been implemented, Nichols said regulators should consider whether the thresholds are meeting their supervisory purposes or "unintentionally limiting economic growth." (ABA Banking Journal)
 
The $50 billion asset threshold in the Dodd-Frank Act for designation as a systemically important financial institution was a "mistake," former Rep. Barney Frank (D-Mass.) said in a radio interview yesterday. "That’s too low," he said. "That was a mistake. We should have made it much higher." Frank tossed out $125 billion as an alternative, noting that he also regretted not indexing the threshold to inflation. (ABA Banking Journal)
 
Computer Services Inc
Thomson Reuters
ABA wrote to Rep. Scott Tipton (R-Colo.) last week, supporting a bipartisan bill that would allow banks — with a customer’s consent — to record personal information by swiping a customer’s driver’s license or personal identification card. (ABA Banking Journal)
 
Mary Jo White, the head of the Securities and Exchange Commission, announced last week that she would step down two years before the end of her term, clearing the way for President-elect Donald Trump to reshape the way Wall Street is regulated. (Washington Post)
 
New Year, New Growth!
D+H
With 2017 here, banks are strategically planning how to reach new audiences, grow market share, and stay competitive. Is your core banking platform helping or hindering your progress? Download the free ebook, Digital Growth: The Paradox of Legacy Platforms, to learn more about the current state of digital banking and why banks are changing cores.
Learn how.
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