ABA Banking Journal
July 19, 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.

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This Isn’t Your Dad’s Economy: Americans are Struggling and Community Banks Can Help
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Industry News
The latest findings from the FINRA Foundation’s National Financial Capability Studysuggest that key measures of Americans’ financial capability may have plateaued after six year of substantial improvements. The new study found that both the amount and quality of financial education correlated positively with behaviors indicative of financial capability. (Think Advisor)
Midsize banks are at an inflection point: Their ranks are growing as banking sector consolidation continues, and while these banks are ramping up their risk and compliance functions, they don’t need the same kinds of programs as the largest banks. (ABA Banking Journal)
Finance chiefs from the Group of Seven rich democracies issued a stark warning this week that cryptocurrencies like Facebook’s Libra should not be allowed before “serious regulatory and systemic concerns” are put in check. (Associated Press)
Data Center, Inc. (DCI)
As more and more people rely solely on digital channels to meet their banking needs, the importance of social media as a two-way communication channel grows. (ABA Bank Merketing)
A Maryland initiative to help residents with education loans purchase their first home and wipe out college debt at the same time is taking off. Maryland SmartBuy has helped home buyers pay off a total of $7 million in student debt since its inception in 2016, while aiding in the purchase of 216 homes with mortgages totaling more than $47 million. (Washington Post)
Loomis US corp
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Policy News
This op-ed, co-authored by by ABA President and CEO Rob Nichols and CUNA CEO Jim Nussle, calls on COngress to address the cannabis banking problem by passing the SAFE Banking Act which would allow banks and credit unions to better serve their communities. (FOX Business)
In a significant move, the Financial Accounting Standards Board has voted to propose a delay for the implementation of the current expected credit loss standard until January 2023 for certain companies. (ABA Banking Journal)
Following an executive order by President Trump, the Treasury Department and IRS have issued guidance expanding the preventative care benefits that may be provided by high-deductible health plans linked to Health Savings Accounts for a range of chronic conditions. (ABA Banking Journal)
A bipartisan bill that cleared the House last week would let first-time homebuyers pay a bit less at closing if they go through homeownership counseling. Called the Housing Financial Literacy Act, the measure would apply to first-time homebuyers who take out a mortgage backed by the Federal Housing Administration. (CNBC)
Computer Services Inc
Cummins Allison
The Consumer Financial Protection Bureau has released an advisory to financial institutions for reporting suspected elder financial exploitation. (ABA Banking Journal)
Business email compromise schemes—though which fraudsters target businesses and their fund transfers—generated more than $300 million a month in illicit revenue during 2018, according to the Financial Crimes Enforcement Network. As it works to combat this type of fraud, the agency issued a trend analysis of business email compromise schemes, as well as an updated advisory for financial institutions. (ABA Banking Journal)
The ABA and 52 state associations wrote to the heads of the financial regulatory agencies urging them to allow the early adoption of relief provisions included in the recently finalized capital simplification rule. The rule simplifies the Basel III regulatory calculations for all but the very largest banks, simplifying the treatment of assets subject to common equity tier 1 threshold deductions and limitations on minority interest. (ABA Banking Journal)
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July 26-29, 2019
CRCM Exam Prep
Chicago, IL

Aug 19-22​, 2019
Risk Management School - Advanced 
Reston, VA 

Aug 19-23​, 2019
Risk Management School - Foundational 
Reston, VA 

Sep 16-18, 2019
CFO Exchange
Louisville, KY

Sep 22-24, 2019
Bank Marketing Conference
Austin, TX

Sep 22-27, 2019
Trust Schools​ - Foundational, Intermediate and Advanced 
Atlanta, GA

Sep 23-25, 2019
Insurance Distribution Exchange
Austin, TX

Oct 27-29, 2019
ABA Annual Convention
Seattle, WA




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