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
A federal appeals court ruled on Tuesday that the structure of the U.S. agency charged with guarding consumers' finances is unconstitutional, fueling an election-year political fight over one of the signature government responses to the 2007-09 financial crisis. The U.S. Court of Appeals for the District of Columbia Circuit threw out a $109 million penalty against PHH Corp in 2014, saying the structure of the Consumer Financial Protection Bureau gives its sole director too much power. (New York Times)
Visit http://www.nytimes.com/reuters/2016/10/11/business/11reuters-usa-court-cfpb.html?_r=0 to view the full article online.
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Manufacturing is having a moment. From custom 3-D printed cars to bandages that can provide health readings to photonics technology that is making Hollywood sci-fi fantasies real, manufacturers are deploying cutting-edge technology to improve their processes, offer better products and boost the productivity of the American economy. (ABA Banking Journal)
Visit http://bankingjournal.aba.com/2016/10/how-banks-drive-growth-in-american-manufacturing/ to view the full article online.
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People who need to send cash to friends or relatives to, say, split the monthly bills or pay one another back after a night out, finally have better options. Even with the rise of person-to-person money transferring apps such as Venmo, most people still have to wait at least a day before money can be transferred from their Venmo accounts to their actual bank accounts. Because of that and other lags, many people still use actual cash when handling these smaller transactions. (Washington Post)
Visit https://www.washingtonpost.com/news/get-there/wp/2016/09/30/how-electronic-payments-are-finally-speeding-up/ to view the full article online.
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Results from the September 2016 Survey of Consumer Expectations painted a mixed picture of future expected economic conditions. Inflation expectations declined at both the short-term and the medium-term horizons. (Federal Reserve Bank of New York)
Visit https://www.newyorkfed.org/newsevents/news/research/2016/an161011 to view the full article online.
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Policy News
The Consumer Financial Protection Bureau should preserve and expand the role banks play in providing small-dollar credit to customers — not restrict banks from making these loans, ABA said in a comment letter last week in response to the bureau’s proposal to curtail short-term, small-dollar consumer loans. (ABA Banking Journal)
Visit http://bankingjournal.aba.com/2016/10/aba-urges-cfpb-to-protect-small-dollar-loans-by-banks/ to view the full article online.
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Eighty-three percent of bankers say that implementing FASB’s Current Expected Credit Loss standard will require substantial changes to policies, procedures or technology systems, according to a survey conducted by the American Institute of CPAs. Of those, 20 percent believe CECL will be the biggest accounting change their bank has ever undergone. (ABA Banking Journal)
Visit http://bankingjournal.aba.com/2016/10/bankers-anticipate-substantial-changes-as-a-result-of-cecl/ to view the full article online.
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The minutes of the September meeting of the Federal Reserve’s Open Market Committee released Wednesday explained why three Fed board members had dissented from the majority’s "close call" decision to keep rates unchanged. The highly anticipated transcript provides insights into internal and external developments, illustrating the "unusual uncertainty" that policy makers must contend with. (Bloomberg View)
Visit https://www.bloomberg.com/view/articles/2016-10-12/a-fed-divided-against-itself 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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