ABA Banking Journal
January 17, 2020

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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Industry News
The nation’s banks stopped $22.3 billion in fraudulent transactions in 2018—almost $9 out of every $10 of attempted fraud—according to the new American Bankers Association’s 2019 Deposit Account Fraud Survey Report. (ABA Banking Journal)
 
Now that the famed Apple Card has been in the market for nearly 10 months, what can we learn from Apple’s foray into the banking—or more specifically, the credit card space? (ABA Bank Marketing)
 
Americans are spending more with digital payments and credit cards than ever before, as convenience and technology have relegated cash and checks more to the periphery. While the convenience of these new methods of payment is clear, they also increase the risk of personal information, online activities and purchases being shared. (CNBC)
 
“When you think about what’s happening in America, there’s a bifurcation that’s happening,” says Orvin Kimbrough on the latest ABA Banking Journal Podcast. “You have more and more people pushing to the upper echelons of economic continuum, and you have many more who are pushing to the lower end, and the middle group is being squeezed.” (ABA Banking Journal)
 
Minority-owned businesses were more likely to report financial challenges compared to white-owned businesses, according to a study released today by the Federal Reserve Bank of Atlanta. (ABA Banking Journal)
 
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Policy News
During a recent House Financial Services subcommittee hearing, lawmakers on both sides of the aisle expressed serious concerns about the economic effects of the Financial Accounting Standards Board’s current expected credit loss standard on the cost and availability of credit for consumers. (ABA Banking Journal)
 
Federal Reserve Governor Lael Brainard, the agency’s point person for the Community Reinvestment Act modernization process, outlined the Fed’s approach to revising CRA rules and explained why the Fed did not join the notice of proposed rulemaking issued last month by the OCC and the FDIC. (ABA Banking Journal)
 
After Senate Banking Committee Chairman Mike Crapo (R-Idaho) raised concerns last month about the ABA-supported SAFE Banking Act, ABA responded to those concerns and urged him to advance the SAFE Banking Act or similar legislation on cannabis banking this year. (ABA Bankiing Journal)
 
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The Federal Reserve has announced the members of its 2020 Community Depository Institutions Advisory Council, which includes several ABA member bankers. (ABA Banking Journal)
 
Building on previous warnings about risks associated with home retrofitting loans financed through tax assessments, the Federal Housing Finance Agency is requesting public input on additional steps to deal with the “continued threat” that these loans pose to homeowners and the housing finance system. (ABA Banking Journal)
 
Now that the OCC and FDIC have formally issued their proposal to modernize Community Reinvestment Act rules, the OCC is requesting public input and bank-specific data to help determine how the proposal might be revised to achieve CRA’s purpose. (ABA Banking Journal)
 
Events

Jan 26-29, 2020
Insurance Risk Management Forum
Carlsbad, CA

Feb 9-12, 2020
Conference for Community Bankers
Orlando, FL

Feb 23-25, 2020
Wealth Management and Trust Conference
Orlando, FL

Mar 22-23, 2020
Mutual Community Bank Forum
Washington, DC

Mar 23, 2020
Emerging Leaders Forum
Washington, DC

Mar 23-25, 2020
Washington Summit
Washington, DC

Mar 25, 2020
Women's Leadership Forum
Washington, DC

 

 
 

 

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