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
American consumers are safer today than they were one year ago thanks to the swift adoption of EMV technology, ABA SVP Jess Sharp wrote in an op-ed this week. Since last October, more than 700 million chip cards have been issued and payment networks report that in that time, counterfeit card fraud has been cut in half among merchants using chip card readers. (The Hill)
Visit http://thehill.com/blogs/congress-blog/economy-budget/298239-emv-one-year-later to view the full article online.
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The U.S. economy expanded at a slightly faster pace in the spring than previously reported, aided by new-found strength in business construction. The Commerce Department said Thursday the gross domestic product, the broadest measure of the economy, expanded at an annual pace of 1.4 percent in the April-June quarter. That is up from a previous estimate of 1.1 percent growth. (New York Times)
Visit http://www.nytimes.com/aponline/2016/09/29/us/politics/ap-us-economy-gdp.html to view the full article online.
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Investors betting on consolidation as the best path to improve bank performance have unleashed a wave of shareholder activism at banks. In 2015 alone, activists launched 22 campaigns aimed at U.S. banks both small and large, up from eight in 2009, according to Thomson Reuters activism data. And beyond these formal campaigns, hedge fund investing in banks continues to rise. (ABA Banking Journal)
Visit http://bankingjournal.aba.com/2016/09/how-proactive-outreach-helps-banks-engage-with-activist-shareholders/ to view the full article online.
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Car loans, mortgages and saving for college are the top reasons consumers plan to consult their bank over the next year, according to a new survey by the American Bankers Association. Two in five Americans indicated they may contact their bank about these or other important financial decisions within the next 12 months. (ABA Banking Journal)
Visit http://www.aba.com/Press/Pages/092816ConsumerSurvey.aspx to view the full article online.
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After analyzing more than 500,000 public Venmo payments, researchers at student loan marketplace LendEdu determined that a slice of pizza and a small flying stack of money were the most frequently used emojis. It makes sense given the app's majority base of millennial users, but Venmo isn't just for booze and food. Two of the top 30 most frequently used emojis were related to rent, another to utilities, and three to various car expenses. (Bloomberg)
Visit http://www.bloomberg.com/news/articles/2016-09-29/this-is-what-millennials-actually-use-venmo-for to view the full article online.
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As we approach the fall and harvest season for many parts of the country, I’m reminded of the resiliency and productiveness of U.S. farmers and ranchers, writes Steve Apodaca. I’m also reminded how we as ag bankers know our customers and our communities, and how we care for and help both. This is despite the challenges we face, including, but not limited to, burdensome regulations, unfair competition from the Farm Credit System and credit unions, and much more. (ABA Banking Journal)
Visit http://bankingjournal.aba.com/2016/09/ag-bankers-produce-for-their-customers-and-communities/ to view the full article online.
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The San Francisco branch of the Federal Reserve has a game on its website that lets you play at being Chair of the Federal Reserve. After tinkering with it, I've come to some conclusions: Modeling the economy is a mug's game, short-term interest rates are a poor tool for steering the economy, and I should never be given the job of running a central bank, writes Mark Gilbert. (Bloomberg View)
Visit https://www.bloomberg.com/view/articles/2016-09-26/how-i-trashed-the-economy-when-i-was-head-of-the-fed to view the full article online.
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Policy News
The Federal Reserve proposed easing "stress-test" requirements for banks with less than $250 billion in assets, a major piece of good news for U.S. regional banks. Fed governor Daniel Tarullo, speaking at Yale University on Monday, said banks with less than $250 billion in assets that don’t conduct significant nonbank or international activity would be exempt from the "qualitative" part of the Fed’s annual stress tests. (Wall Street Journal)
Visit http://www.wsj.com/articles/fed-to-ease-stress-tests-for-regional-banks-1474904701 to view the full article online.
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The House passed a GOP-backed bill Wednesday night to delay the Obama administration’s controversial overtime rule from taking effect Dec. 1. The Regulatory Relief for Small Businesses, Schools and Nonprofits Act passed mostly along party lines by a vote of 246-177, delaying for six months the rule that makes 4.2 million Americans eligible for overtime pay. (The Hill)
Visit http://thehill.com/blogs/floor-action/house/298425-house-votes-to-delay-obamas-overtime-rule to view the full article online.
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Federal Reserve Chair Janet Yellen said Wednesday that the central bank has no "fixed timetable" for raising interest rates but she believes the economy is ready for a rate hike by the end of the year. She said during an appearance before the House Financial Services Committee that when the Fed met last week, a majority of her colleagues believed it would be appropriate to raise rates before the end of this year. (New York Times)
Visit http://www.nytimes.com/aponline/2016/09/28/us/politics/ap-us-yellen-congress.html to view the full article online.
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Training
Oct 16
Nashville, TN
Oct 16-18
Nashville, TN
Atlanta, GA
Oct 23-27
Atlanta, GA
Oct 31-Nov 4
Washington, DC
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