Welcome to the ABA Banking Journal newsletter, 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
While payroll processor ADP released a survey earlier this week touting the addition of 205,000 jobs to the U.S. labor market last month, the official numbers released today are not quite so robust. Government data released today shows that the economy added 151,000 jobs — less than the blockbuster growth of recent months but enough to keep the recovery on solid ground, especially when combined with an unemployment rate of 4.9 percent. (Washington Post)
Visit https://www.washingtonpost.com/news/wonk/wp/2016/02/05/economy-expected-to-have-added-190000-jobs-in-january to view the full article online.
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Policy News
During a sometimes-heated roundtable conversation this week, ABA staff and member bankers raised important concerns about the Financial Standards Accounting Board’s proposed Current Expected Credit Loss model for loan loss accounting. FASB board members said they would address several of ABA’s concerns as the final standard is issued and implementations proceeds over the next few years. (ABA Banking Journal)
Visit http://bankingjournal.aba.com/2016/02/aba-raises-cecl-concerns-during-long-awaited-fasb-meeting/ to view the full article online.
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This week, the House passed an ABA-backed bill that would make it harder for bank regulators to order banks to close certain accounts. The legislation, which passed by a vote of 265 to 159, is squarely aimed at "Operation Choke Point," a controversial government effort to force banks to stop doing business with certain types of companies. (The Hill)
Visit http://thehill.com/policy/finance/268223-house-passes-bill-to-curb-operation-choke-point to view the full article online.
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The U.S. economy could suffer with inflation remaining too low if recent volatility in financial markets persists and signals a slowdown in the global economy, the Federal Reserve’s second-in-command said this week. Fed Vice Chairman Stanley Fischer, however, warned about jumping to conclusions given that some past bouts of financial market turbulence have not harmed the world’s largest economy. (Fortune)
Visit http://fortune.com/2016/02/01/stanley-fischer-federal-reserve/ to view the full article online.
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Training
Feb 14-17
Palm Desert, CA
Feb 28-Mar 1
Feb 29-Mar 1
Washington, DC
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