ABA Banking Journal
March 29, 2019

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
Micah Bartlett’s views on “relationship banking” are formed by a fundamental insight: most people have a fraught emotional relationship with money. For most customers, he says in the latest ABA Banking Journal Podcast, finances cause anxiety, not empowerment. (ABA Banking Journal)
The Federal Reserve Bank of New York has set up a fintech advisory group, bringing together expertise from the worlds of financial services, technology, academia and non-profits. The group is designed to give Fed leaders a clear point of contact with senior representatives and thought leaders from the fintech sector. (Finextra)
The Clearing House has released a set of eight “business principles” that will govern the operation of its RTP network, a new real-time core payments system. The principles—which TCH said were informed by input from community banks, credit unions and corporate end users—emphasize openness, accessibility and transparency. (ABA Banking Journal)
Data Center, Inc. (DCI)
More and more often, consumer and business expectations are not being set by financial institutions. Instead, the likes of Google, Amazon and Apple have been driving customers' expectations for immediacy and frictionless experiences. Now, with the advent of the cloud and the rise of banks as service platforms, smaller banks can expand their technology easily and cost-effectively. (ABA Banking Journal)
U.S. consumer spending rebounded less than expected in January and incomes rose modestly in February. The data suggested the economy was fast losing momentum after growth slowed in the fourth quarter. (CNBC)
Federal Reserve Bank of New York President John Williams, one of the U.S. central bank’s top policy makers, downplayed fears of recession risks being signaled by bond markets. (Bloomberg)
Jack Henry & Associates, Inc.
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Policy News
By a vote of 45 to 15, the House Financial Services Committee today advanced the ABA-backed Secure and Fair Enforcement Banking Act, which would address the issue of providing financial services to cannabis-related businesses. (ABA Banking Journal)
The FDIC has announced the appointment of six new members to its Advisory Committee on Community Banking. With the new appointments, 12 of the panel’s 18 members are CEOs of ABA member banks. (ABA Banking Journal)
To mitigate the risk of data breaches like the Equifax breach in 2017, the Federal Trade Commission should have civil penalty authority to enforce the consumer privacy requirements of the Gramm-Leach-Bliley Act, the Government Accountability Office said in a report. (ABA Banking Journal)
Mortgage Guaranty Insurance Corporation
Cummins Allison
Rep. Steve Watkins has introduced the Enhancing Credit Opportunities for Rural America Act, which would end taxation of interest earned from agricultural real estate loans. This ABA-advocated bill would provide rural bankers with the same tax status as Farm Credit System lenders when making loans secured by ag real estate. (ABA Banking Journal)
The director of the Consumer Financial Protection Bureau (CFPB) will reverse some of her predecessors’ efforts to reduce the size and stature of four advisory boards, according to an agency announcement. (The Hill)
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Mar 30-Apr 5, 2019
Compliance School – Foundational 
Tucson, AZ
Mar 31-Apr 1, 2019
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Apr 7-9, 2019
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