Consumers lost $201 million to romance scams in 2019, an increase of nearly 40% from a year prior, according to new data from the Federal Trade Commission’s Consumer Sentinel Network. The FTC received more than 25,000 reports about romance scams in 2019—nearly triple what the agency received in 2015. (ABA Banking Journal)

With $1.57 billion in assets, HAB Bank isn’t big—but it’s a community bank with global reach. The New York-based institution provides correspondent banking services for 140 banks in 20 countries, primarily in South Asia and East Asia. Saleem Iqbal discusses how HAB Bank competes in this global marketplace. (ABA Banking Journal)

Sentiment among U.S. small businesses advanced in January for the third time in the last four months as owners grew more upbeat about sales prospects, indicating the economy started the new year on steady footing, according to the National Federation of Independent Business optimism index. (Washington Post)

The key question that will determine who wins and who loses in this digital age of banking: “Who controls the customer relationship?” (ABA Banking Journal)

Interest rates should stay where they are as the economy grows and the consumer continues to be in good shape, Philadelphia Federal Reserve President Patrick Harker said in a speech this week. (CNBC)

In testimony before a House Financial Services subcommittee this week, ABA SVP Naomi Mercer highlighted the strides banks have made toward building a more diverse, equitable and inclusive workforce and discussed some of the challenges they face in this area. (ABA Banking Journal)

The Small Business Administration has issued an interim final rule amending various regulations governing its business loan programs, including changes to the popular 7(a) program. (ABA Banking Journal)

The FDIC recently announced several ABA-advocated changes to its Deposit Insurance Application Procedures Manual. The agency will now permit de novo banks to give prior notice when making any material change or deviation from their business plan within the first three years of operation, rather than requiring prior approval. (ABA Banking Journal)

Federal Reserve Chairman Jerome Powell called on Congress this week to reduce the U.S. federal budget deficit to ensure the central bank could adequately respond to a financial crisis or recession. (The Hill)

The Federal Reserve Bank of New York has published its final calculation methodology for determining the daily compounded averages of the Secured Overnight Financing Rate, as well as the daily SOFR index that will allow users to calculate average rates over customer time periods. Beginning on March 2, the New York Fed will publish daily three compounded average of SOFR, with tenors of 30, 90 and 120 days, as well as the daily index. (ABA Banking Journal)