ABA Banking Journal
February 28, 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.

Industry News
Given their extraordinary and unnecessary tax benefit, large credit unions should be held accountable for meeting the needs of the very communities they were created to serve in the first place. (ABA Banking Journal)
The index of pending home sales increased 5.2% in January following a decline the month prior, according to the National Association of Realtors. This was the second strongest monthly increase in over two years, but came off a significant decline in December. (Marketwatch)
With just 44,000 residents, how did the town of Columbus, Indiana, become one of the nation’s leading architectural destinations—ranked sixth of all U.S. cities for architectural innovation and design? The answer: a community bank president named J. Irwin Miller. (ABA Banking Journal)
The CFPB has launched a webpage with resources to help taxpayers save their refunds, including information encouraging taxpayers to save their refunds, and details various types of accounts in which taxpayers can deposit their refunds for savings. (The Hill)
Data Center, Inc. (DCI)
Computer Services Inc
As part of its new “United States of Work” series spotlighting 10 workers across the country, NPR’s Marketplace program featured Kate Bellino, a 24-year-old new account representative at Colorado-based FirstBank. (ABA Banking Journal)
The total debt burden for Americans over age 70 increased 543% from 1999 through 2019, to $1.1 trillion, according to new data from the Federal Reserve Bank of New York. Similarly, those in their 60s saw debt, such as mortgages and auto loans, balloon by 471% to $2.14 trillion. (CNBC)
Former Toyoya exec Chris Ballinger came away from a year of crunching numbers at the company's innovation hub with a new mission. He's launched a non-profit that aims to turn cars into rolling wallets able to autonomously make and receive payments in a virtual currency. (Bloomberg)
Loomis US corp
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Policy News
In a speech at the Federal Reserve Bank of Atlanta, Federal Reserve Governor Michelle Bowman discussed how the Fed can help boost transparency and provide more clarity to community banks about relationships with vendors and third-party service providers. (ABA Banking Journal)
A recent deposit insurance application by Rakuten—a major Japanese e-commerce company—for its U.S. bank subsidiary Rakuten Bank America could pose potential risks for the Deposit Insurance Fund if approved, the American Bankers Association cautioned in a letter to FDIC Chairman Jelena McWilliams. (ABA Banking Journal)
As part of its ongoing efforts to educate policymakers and the public about large credit unions’ abuse of their tax exemption, ABA—through its Explore Credit Unions campaign—is launching a new series of ads designed to highlight how large credit unions have lost their way.(ABA Banking Journal)
Appraisal Institute
Cummins Allison
In a letter to the federal banking agencies, Sens. John Thune (R-S.D.) and Tammy Baldwin (D-Wis.) made a bipartisan appeal for greater regulatory flexibility that would allow community financial institutions to work with farmers and ranchers during a challenging time in the agricultural economy. (ABA Banking Journal)
As expected, the Federal Housing Finance Agency has issued a request for input on Federal Home Loan Bank membership. (ABA Banking Journal)
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