ABA Banking Journal
March 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
As a result of the fintech and regtech evolution—or, dare I say, revolution—of using emerging technology to improve compliance and risk management activities, as well as overall business operations, many question whether technology will replace certain risk management jobs. The answer is a mix of both yes and no. Emerging technology should not be viewed as the threat of job elimination, but rather as a tool that can help one maintain a competitive advantage in their role. (ABA Banking Journal)
The newest episode of the ABA Banking Journal Podcast offers insights from four speakers at this week’s National Conference for Community Bankers in Honolulu. Co-hosts Evan Sparks and Shaun Kern conducted the interviews live in the conference’s exhibit hall. (ABA Banking Journal)
Data Center, Inc. (DCI)
Basys Processing, Inc.
There has been a lot in the financial press recently about Libor—the London interbank offered rate—and efforts to identify and implement alternatives to Libor. With the publication of a reference rate such as Libor, bank customers are better able to judge whether the rate being charged is competitive. (ABA Banking Journal)
During congressional testimony Thursday, Federal Reserve Chairman Jerome Powell said, "There’s no evidence the economy is currently overheating." He added that a gradual increase in interest rates will help balance unemployment and inflation. (Bloomberg)
Creating the Optimal Online Experience for Mortgage Customers Webinar
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Policy News
A bill passed on Feb. 27 will mean some relief for banks related to capital requirements. The bill, H.R. 4296, calls for easing operational risk capital requirements for banks and was introduced by Rep. Blaine Luetkemeyer (R-Mo.). (Bloomberg BNA)
Customer data is a critical component of virtually every modern business—but a new European regulation is about to fundamentally change data privacy for companies worldwide. Finalized in 2016 and touted by some as the biggest shakeup to data privacy since the creation of the internet, the General Data Protection Regulation—or GDPR—is a sweeping overhaul of how the European Union’s 28 member states will approach the protection and use of personal data by corporate entities. Importantly, its jurisdiction extends beyond the borders of Europe, allowing EU citizens and residents to pursue legal actions against companies outside the EU for violations. (ABA Banking Journal)
The Treasury Department issued a report recommending important changes to the Dodd-Frank Act’s orderly liquidation authority, which provides a mechanism for the FDIC and Federal Reserve to wind down a systemically important but failing financial institution with minimal harm to the broader financial system. The report focused on creating a new title of the Bankruptcy Code for SIFIs while retaining OLA for truly extraordinary cases. (The Wall Street Journal)
Computer Services Inc
ACL Services
In a letter to the U.S. Postal Regulatory Commission today, ABA urged the PRC to reconsider its decision to make the statutory consumer price index cap the floor for future rate increases, rather than the ceiling as the statute requires. ABA’s comments came as part of the PRC’s 10-year review of the system. (ABA Banking Journal)
This episode of the ABA Banking Journal Podcast tackles the shortage of qualified appraisers — especially in rural areas, where lenders are seeing delays of several months in getting appraisals for commercial real estate and agricultural transactions. (ABA Banking Journal)
The American Bankers Association and six other financial trade organizations wrote to House leaders today underscoring the need for businesses across all industries to be held to the same data protection and breach notification standards currently adhered to by regulated financial institutions. (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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