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.
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)
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)
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.
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)
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)
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)
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)
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)
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)
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)