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
As businesses spend billions of dollars a year trying to protect their data from hacking that’s costing trillions, they face another threat closer to home: data theft by their own employees. That’s one of the findings in a survey to be published today by management consultant Accenture Plc and HfS Research. (Insurance Journal)
Visit http://www.insurancejournal.com/news/international/2016/06/27/418402.htm to view the full article online.
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Banks approaching the $10 billion asset threshold face a daunting compliance challenge—not just a first examination with a higher level of scrutiny, and not just an entirely new supervisory agency (the Consumer Financial Protection Bureau), but also a necessary transformation of both personnel and operations. (ABA Banking Journal)
Visit http://bankingjournal.aba.com/2016/06/breaking-through-10-billion/ to view the full article online.
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Policy News
ABA sent a memo this week to members of Congress opposing an amendment to the financial services agencies spending bill. The amendment would strike a provision in the bill requiring the Consumer Financial Protection Bureau to study the costs and benefits to consumers of eliminating arbitrations in consumer financial contracts in favor of class action lawsuits. (ABA Banking Journal)
Visit http://bankingjournal.aba.com/2016/07/aba-cfpb-must-examine-consumer-cost-benefit-of-arbitration-rule/ to view the full article online.
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In response to recent high-profile compromised communications sent through the SWIFT communications network, the American Bankers Association — together with the Financial Services Information Sharing and Analysis Center and other financial groups — today issued a statement with insight and analysis on the incidents, as well as recommendations for mitigating cyber risks. (ABA Banking Journal)
Visit http://bankingjournal.aba.com/2016/07/aba-fs-isac-issue-statement-on-swift-compromises/ to view the full article online.
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ABA today applauded the passage of H.R. 1270, the Restoring Access to Medication Act. The bill expands the range of health care products and services covered by health savings accounts and increases the amount individuals can contribute each year. ABA recently released a guide for banks administering HSA programs which includes an introduction to HSAs and overviews of how to open an account, make contributions and close zero-balance or inactive accounts. (ABA Banking Journal)
Visit http://bankingjournal.aba.com/2016/07/aba-applauds-passage-of-hsa-legislation/ to view the full article online.
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The Federal Reserve today approved the capital plans of 30 out of 33 large banks participating in the Comprehensive Capital Analysis and Review. Only two banks — both foreign — saw their plans rejected, while one U.S. bank won a conditional "non-objection." The Fed’s annual CCAR evaluates the capital planning processes and capital adequacy of the largest banks, including their proposed capital actions such as dividend payments, share buybacks and issuances. (ABA Banking Journal)
Visit http://bankingjournal.aba.com/2016/06/7878/ to view the full article online.
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Training
July 13-15
New York, NY
September 18-20
Scottsdale, AZ
September 19-21
Charleston, SC
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