ABA Banking Journal
September 15, 2017

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 and other email bulletins.

Industry News
Apple has unveiled its latest smartphone: the iPhone X. While this new device sports the expected updated design and sharp screen, it also contains upgrades that could affect banks. (ABA Banking Journal)
 
Available since June through banks, this Tuesday saw the launch of the new Zelle app (formerly known as clearXchange.) Backed by more than 30 banks, the app offers free person-to-person payments, comign in as a strong rival for existing payment apps like Venmo, Apple Pay and Square Cash. (CNN Money)
 
Forbes reports that Bitcoin prices have continued to drop in response to China's plan to shut down exchanges. (Forbes)
 
In an interview with Bloomberg Televison, former Citigroup leader Vikram Pandit predicted that developments in technology could see some 30 percent of banking jobs disappearing in the next five years. (Bloomberg)
 
Data Center, Inc. (DCI)
Verint Systems
Local and international banks in the United Arab Emirates are sharing cybersecurity data in an effort to fight hackers. According to Fortune, the UAE Banks Federation (UBF) and U.S.-based Anomali are partnering gather and analyze cybersecurity data from 13 banks. (Fortune)
 
In the wake of Hurricanes Harvey and Irma, U.S. financial institutions are finding damage (and consequently loss estimates) are not as devastating as predicted. (Reuters)
 
Here is a glimpse at the technologies driving bank innovation today — as well as a look ahead to the technologies coming down the pipeline that will change the way banking is done over the next 10 years. (ABA Banking Journal)
 
Wells Fargo's Mike Mayo told CNBC that the world underestimates how strong U.S. banks are, going as far as to say the banking industry has fully rebounded. (CNBC)
 
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Policy News
A group of three Democratic lawmakers — Reps. Gregory Meeks (D-N.Y.), Joyce Beatty (D-Ohio) and Dwight Evans (D-Pa.) — have introduced H.R. 3741, a bill that would codify and enhance the Minority Bank Deposit Program, which encourages minority- and women-owned banks and credit unions serving low-income communities to become depositaries and financial agents. (ABA Banking Journal)
 
The Federal Emergency Management Agency estimates that the total cost to the National Flood Insurance Program following Hurricane Harvey could total as much as $11 billion, exceeding the program’s current borrowing authority and likely requiring Congress to approve an increase. (ABA Banking Journal)
 
Computer Services Inc
LexisNexis Risk Solutions
On Wednesday, Keith Noreika, acting head of the Office the Comptroller of the Currency, said he is not ready to accept fintech charter applications, according to Reuters. (Reuters)
 
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