The essential question for any board risk committee can be boiled down to two words: What if? And these days, one of the burgeoning what-if questions focuses on the risk of a global recession.

Since the ABA Banking Journal Podcast last checked in on the Current Expected Credit Loss standard—which is coming into effect for many banks and the vast majority of bank assets on Jan. 1, 2020—there have been several key developments.

In a press conference LAST week, ABA President and CEO Rob Nichols joined Reps. Ed Perlmutter (D-Colo.), Steve Stivers (R-Ohio) and Earl Blumenauer (D-Ore.) in congratulating members of the House for passage of the SAFE Banking Act, a landmark bill that would help to rectify the differences between federal and state law with regard to cannabis in the 33 states that have voted to legalize it.

Six in 10 lenders saw an increase in small and midsize business lending fraud over the past two years, according to a study from LexisNexis Risk Solutions, with an average increase of 7.3%.

With a key exception of the Consumer Financial Protection Bureau’s remittance rule set to expire in July 2020, a group of Republican lawmakers wrote to CFPB Director Kathy Kraninger urging the bureau to "take every available step" to ensure that consumers may continue to access remittance services.

ABA joined a group of financial trade associations in a letter to Senate Banking Committee leaders endorsing the Illicit Cash Act, a bipartisan bill that would create a secure beneficial ownership registry of legal entities, to be overseen by the Financial Crimes Enforcement Network and the Treasury Department.

Heated competition for bank funding is an increasingly important focus for community bank leaders, according to an annual survey by the Federal Reserve, the FDIC and the Conference of State Bank Supervisors.

... and more insights from ABA’s Regulatory Compliance and Policy Inbox in the latest issue of the ABA Banking Journal.

 

October 10, 2019
Webinar: Banking Hemp: The Current and Future Landscape

October 17, 2019
Webinar: Security Trends for 2020: Best Practices for Mitigating Risk

October 29, 2019
Webinar: How to Buy Fintech, Partnering for Innovation

Nov. 4, 2019 - Jan. 10, 2020
Facilitated Training: Managing Interest Rate Risk

Nov. 11, 2019 - Jan. 31, 2020
Facilitated Training: CRCM Exam Online Prep

November 20, 2019
Webinar: The Role of Consultants in Successful Model Validation

December 7-10, 2019
ABA/ABA Financial Crimes Enforcement Conference
Washington Marriott Wardman Park, Washington, DC