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.
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The four largest nationwide banks—JPMorgan Chase, Bank of America, Citigroup and Wells Fargo—have implemented or agreed to implement the Bank On National Account Standards for bank products that are low-cost, low-fee and overdraft-free. (ABA Banking Journal)
The FDIC has proposed a change in deposit insurance assessments that implements a Dodd-Frank Act provision requiring banks with over $10 billion in assets to be responsible for recapitalizing the FDIC insurance fund to 1.35 percent of insured deposits after it reaches a 1.15 percent reserve ratio. (ABA Banking Journal)
The House passed ABA-backed legislation requiring the Department of Labor to wait to finalize its controversial rule redefining who counts as a fiduciary under the Employee Retirement Income Security Act until after the SEC acts on its own rule. (ABA Banking Journal)
The Department of Education finalized a rule that would limit the kinds of arrangements colleges can make with banks that disburse funds to students from federally guaranteed student loans. (ABA Banking Journal)