ABA Banking Journal
February 2, 2018

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
According to the latest forecast from the Atlanta Fed, the economy is on track to put up blockbuster growth numbers in the first quarter. While the Atlanta Fed's tracker has shown to have reliability issues in the past, if the forecast holds, it would be the best quarter since the Great Recession ended in 2009. (CNBC)
 
The combination of tax reform, expectations of regulatory relief and healthy household balance sheets is likely to extend the current U.S. economic expansion through 2019, setting a new postwar record, says Ellen Zentner — chief U.S. economist for Morgan Stanley — in the latest episode of the ABA Banking Journal Podcast. (ABA Banking Journal)
 
The U.S. Secret Service is warning banks across the country about a new means of robbing ATMs, previously seen in Europe and Mexico, but now hitting the U.S for the first time in a coordinated way. "Jackpotting" combines a physical intrusion of the machine along with a malware attack to empty ATMs in a matter of seconds. (ABC News)
 
Data Center, Inc. (DCI)
Basys Processing, Inc.
The payments ecosystem has grown more diverse as technology has improved and new ways to pay have been introduced to the market. A combination of emerging technologies and rising customer expectations are driving these changes. Financial institutions are leveraging technology to make payments faster, easier and safer. (ABA Banking Journal)
 
Jill Castilla’s bank, Citizens Bank of Edmond in Oklahoma, has a one-branch strategy — but lots of big ideas for innovative ways to serve customers. The latest idea is a bankerless "bank hub" located in one of Oklahoma City’s hippest neighborhoods that will use technology to deepen personal relationships with local businesses. Castilla shares the concept in the latest ABA Banking Journal Podcast. (ABA Banking Journal)
 
This overview of Bitcoin may help to explain the cryptocurrency's wild ride, from an initial price of less than a cent in 2010, to crossing $19,000 last month. (Bloomberg)
 
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Policy News
A federal appeals court today upheld the constitutionality of the Consumer Financial Protection Bureau’s leadership structure — a single powerful director who can be removed by the president only "for cause," not at will — reversing a three-judge panel’s decision in 2016. (ABA Banking Journal)
 
The House approved two ABA-advocated bills this week. The bills are: H.R. 1426, a bipartisan bill that would provide greater flexibility to banks chartered under the Home Owners’ Loan Act and H.R. 1457, which would facilitate mobile account opening and other digital account procedures requiring photo IDs. (ABA Banking Journal)
 
Moody's Analytics
ProcessUnity Incorporated
Federal Reserve Chair Janet Yellen led her last policy meeting this week and while policymakers left rates unchanged, the Fed said inflation is "expected to move up this year." Yellen has spent 14 years at the Federal Reserve — the last four as chair, the first woman to lead the central bank. (NPR)
 
The House has voted unanimously to pass the American Bankers Association-supported H.R. 4292, which would extend the submission cycle for large bank resolution plans — also known as "living wills" — to once every two years and require timely regulator feedback. (ABA Banking Journal)
 
Harland Clarke
7 Rules for Killer (and Impactful) KPI Building
Seven best practices for determining which key performance indicators are critical to your financial institution’s success.
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