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This ABA Banking Journal newsletter is 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 stories, digital exclusives, the ABA Banking Journal Podcast and more.
While fintech firms may lead in raw account openings, they are not displacing primary banking relationships at scale.
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In an environment with higher-yielding options, how can banks compete for effectively for deposits? On this episode of the ABA Banking Journal Podcast, Marc Womack, who leads the U.S. consumer deposits franchise at TD Bank, discusses his approach to maximizing data, customizing deposit offerings, developing valuable product bundles and using both physical and digital touchpoints to meet consumer needs.
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Banks are seeking new options to integrate with traditional delivery channels to better offer innovative products and experiences.
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As the credit union low-income designation, or LID, has become widespread and is increasingly exploited by large, commercially active institutions, its interaction with other policy frameworks — particularly deposit insurance, tax policy and lending constraints — must be considered.
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As external requirements ease, regulators may look more closely to internal audit as a source of assurance — raising the stakes for audit committees to engage with its findings.
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The April Personal Income and Outlays report from the U.S. Bureau of Economic Analysis showed that the headline personal consumption expenditures (PCE) price index rose by 3.8% year over year, slightly below expectations of 3.9% and up from March’s 3.5%.
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ABA made several recommendations to the Treasury Department and IRS to modernize and streamline the electronic delivery framework for brokers and barter exchanges, including adopting an opt-out model, establishing consistent rules across forms, and providing flexibility in handling delivery failures.
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The Federal Communications Commission voted 3-0 to issue an ABA-backed proposal that would impose stronger “know your upstream provider” requirements on voice service providers that allow calls to pass through their network.
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ABA recently joined four other associations to express support for proposed reforms to the Consumer Financial Protection Bureau’s regulations of the mortgage industry.
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Recent actions by the Office of the Comptroller of the Currency make clear that federal law preempts an Illinois law restricting interchange fees, so a federal court should reverse its ruling finding otherwise, ABA, Illinois Bankers Association and other plaintiffs said in a new legal filing.
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The Federal Housing Administration will continue to require three credit reports for single-family loans, the U.S. Department of Housing and Urban Development announced yesterday.
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The Federal Reserve has released a formal proposal to create “payment accounts” — also known as “skinny” master accounts — for payment services.
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