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
Since taking office, President Donald Trump has been swift to issue no less than six executive orders and memos (and counting) that could directly impact the regulation of the banking industry. With the president stating flatly that "we’re going to be doing a big number on Dodd-Frank" shortly after being sworn in, it may come as no surprise that major news media outlets have described these early steps as a "rollback" of Dodd-Frank. (ABA Banking Journal)
Visit http://bankingjournal.aba.com/2017/03/trumps-executive-actions-and-their-impact-on-banks/ to view the full article online.
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"Sheltered Harbor" allows financial institutions to securely store and quickly retrieve account information after an incident. It acts as a firewall of sorts, supplementing the defenses financial institutions already have by separating the information away from their own networks. The consumer data is stored and kept private by each institution, and is encrypted and protected from changes. Sheltered Harbor is also distributed, with no central repository of information. (ABA Banking Journal)
Visit http://bankingjournal.aba.com/2017/03/how-sheltered-harbor-provides-safety-from-the-cyber-storm/ to view the full article online.
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Billing disputes account for 17 percent of consumer complaints about credit cards, with identity theft and fraud concerns accounting for an additional 10 percent, according to the Consumer Financial Protection Bureau’s periodic summary of consumer complaints. Other credit card complaint topics include account closures, interest rate disputes and late fees. (ABA Banking Journal)
Visit http://bankingjournal.aba.com/2017/03/cfpb-credit-card-complaints-focus-most-often-on-billing-fraud to view the full article online.
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After Stan Jenks graduated from Western Illinois University, he became a teacher, a profession that the Monmouth, Ill., native was quite happy to pursue. A year later, when Security Savings Bank, also based in Monmouth, came calling with a job opportunity, he decided to give banking a chance. The year was 1976 and since then, Jenks and Security Savings Bank haven’t looked back. (ABA Banking Journal)
Visit http://bankingjournal.aba.com/2017/03/a-teacher-turned-banker/ to view the full article online.
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In an increasingly digital world, an individual’s personal data can be as valuable—and as vulnerable—to potential wrongdoers as any other possession. Despite the risk-reducing impact of good cybersecurity habits and the prevalence of cyberattacks on institutions and individuals alike, a Pew Research Center survey finds that many Americans are unclear about some key cybersecurity topics, terms and concepts. (Pew Research Center)
Visit http://www.pewinternet.org/2017/03/22/what-the-public-knows-about-cybersecurity/ to view the full article online.
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Policy News
Excessive regulation discourages investors from launching de novo banks, thus reducing capacity for economic growth and financial choices for consumers and businesses across the country, ABA Chairman-Elect Ken Burgess said in congressional testimony last week. Burgess—chairman and co-founder of FirstCapital Bank of Texas in Midland—was the only banking industry representative to speak before the House Financial Services Subcommittee on Financial Institutions and Consumer Credit. (ABA Banking Journal)
Visit http://bankingjournal.aba.com/2017/03/burgess-regulatory-overload-hinders-new-bank-startups to view the full article online.
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The Federal Reserve, which raised its benchmark rate this week for the second time in three months, this time to a range between 0.75 percent and 1 percent, is finally moving toward the end of its nine-year-old economic stimulus campaign, which began in the depths of the financial crisis. But Janet L. Yellen said at a news conference after the decision was announced that the Fed did not share the optimism of stock market investors and some business executives that economic growth is gaining speed. (New York Times)
Visit https://www.nytimes.com/2017/03/15/business/economy/fed-interest-rates-yellen.html to view the full article online.
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In an amicus brief filed in the case of PHH Mortgage v. Consumer Financial Protection Bureau earlier this month, the Department of Justice reversed its position on the constitutionality of the CFPB’s structure, asserting that the Bureau’s structure with a single director removable only "for cause" should be invalidated. (ABA Banking Journal)
Visit http://bankingjournal.aba.com/2017/03/doj-reverses-position-on-cfpb-structure-in-amicus-brief to view the full article online.
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