ABA Banking Journal
June 19, 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
Podcast: Minority Banks and Financial Inclusion
First Independence Bank was founded 50 years ago to help rebuild Detroit’s economy in the wake of damaging urban violence. Today, in a new era of economic hardship due to the coronavirus pandemic, and protests and unrest in response to incidents of racial injustice, minority depository institutions continue to have a unique role in serving distressed communities. (ABA Banking Journal)
 
Marketers Can Have a Big Influence on Bank Diversity
Banking is the economic structure that can empower a person financially to fulfill their basic needs, as well as achieve their wildest dreams and desires. As marketing professionals, our aim is to help our institution find the story that works to reach as many people as possible with a message that expresses how we can add value to them in a tangible way. (ABA Bank Marketing)
 
How Privacy-Enhanced Technologies Can Make Financial Crime Compliance More Effective
Financial institutions will need to break out of old paradigms and adopt improved information sharing strategies that enable more efficient criminal investigations. (ABA Risk and Compliance)
 
Data Center, Inc. (DCI)
Computer Services Inc
Jack Henry & Associates, Inc.
New Deposits at a Fraction of the Cost
By utilizing two key Jack Henry solutions, the SilverLake System® core processing platform and the Banno Digital Platform™, St. Louis-based Midwest BankCentre launched a separately branded digital institution (Rising Bank) in only six months. In its first year, Rising gathered over $130 million in new deposits at a fraction of the cost of traditional branch banking.
Read the Celent case study.
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Policy News
Sen. Moran Introduces ABA-Backed Brokered Deposit Modernization Bill
Sen. Jerry Moran (R-Kan.) introduced an ABA-backed bill to replace current restrictions on brokered deposits with an asset growth restriction that ABA said better reflects today’s financial services environment. (ABA Banking Journal)
 
ABA Voices Strong Opposition to CU Bank Acquisition Proposal
In a letter to the National Credit Union Administration, ABA vigorously opposed a proposal that would formalize a process for credit unions to purchase taxpaying banks, a practice “growing at an alarming rate” in recent years. (ABA Banking Journal)
 
FHFA Calls on Congress to Pursue Housing Finance Reform in Annual Report
In the Federal Housing Finance Agency’s annual report to Congress today, the agency outlined several legislative steps it is seeking to reform the nation’s housing finance system. (ABA Banking Journal)
 
Appraisal Institute
Cummins Allison
Newgen Software Inc
Anxious about dealing with the PPP loan forgiveness process challenges?
Here’s how financial institutions, like yours, can overcome challenges and help small businesses:
· Proactive customer communication
· Forgiveness data assessment
· Process automation
· Risk and compliance management
Newgen can help. Watch a demo
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Training

June 23
Webinar: You Bought It, So Why Don’t They Use It? Technology and the Consumer

June 24
Webinar: Military Families and Affordable Housing

June 29
Webinar: Moving Forward with Mortgage

June 29 - October 16
Facilitated Online Training: Money and Banking

July 6 - 31
Facilitated Online Training: The Banking Industry

July 6 - October 23
Facilitated Online Training: Consumer Lending

July 7
Webinar: Post Pandemic DE&I Landscape for Community Banks

July 8
Webinar: The Emerging Core Provider Landscape

July 9
Webinar: Fintech Lending Partnerships in a Post COVID-19 World

July 13 - September 4
Facilitated Online Training: Introduction to Agricultural Lending

July 20 - November 6
Facilitated Online Training: General Accounting

July 27 - November 13
Facilitated Online Training: Analyzing Financial Statements

July 28-30
Live and On-Demand: Risk and Compliance Virtual Conference

July 29
Webinar: Growth Strategies for Any Economic Environment

 
Coronavirus News
When Will Retail Banking Return to ‘Normal’? Should It?
The time is right to leverage the experiences of the past few months to make significant and sustainable changes to the branch environment. (ABA Banking Journal)
 
Fed: Small Businesses Face Heightened Risk of Failure Due to Pandemic
The coronavirus pandemic poses “acute risks” to the survival of many of the nation’s small businesses, the Federal Reserve said in its semiannual monetary policy report. (ABA Banking Journal)
 
ABA: Amid Pandemic, Banks Delivering Funds Quickly to Consumers, Businesses
Throughout the coronavirus pandemic, banks have driven “unprecedented speed and efficiency” in delivering COVID-19 relief, including the CARES Act Economic Impact Payments and Paycheck Protection Program forgivable loans. (ABA Banking Journal)
 
J.D. Power Studies: Bank Digital Transformation Paid Off During Pandemic
New findings from several J.D. Power mobile and online banking studies underscore the importance of banks’ digital transformation efforts ahead of the COVID-19 outbreak in the U.S. (ABA Banking Journal)
 
SBA Streamlines PPP Forgiveness Application for Many PPP Borrowers
The Small Business Administration has released a three-page “EZ” Paycheck Protection Program loan forgiveness application requiring less documentation and fewer calculations than previously required. (ABA Banking Journal)
 
Powell: COVID-19 Affecting Availability of Coins for Banks
The coronavirus pandemic has affected the regular flow of coinage through the economy and the availability of coins for banks, Federal Reserve Chairman Jerome Powell said this week. (ABA Banking Journal)
 
 

 

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