ABA Banking Journal
July 31, 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.

Coronavirus News
Beyond the immediate changes required by social distancing, the COVID-19 pandemic has “accelerated things that were in progress for a long time,” says Frank Sorrentino, chairman and CEO of ConnectOne Bank. (ABA Banking Journal)
 
With the economy still experiencing significant disruptions due to the coronavirus pandemic, the Federal Reserve will maintain the target range for the federal funds rate at 0 to 0.25%, the Federal Open Market Committee announced today. (ABA Banking Journal)
 
Although it’s unclear when the negative effects of COVID-19 will be fully played out, one thing is certain: The traditional third-party risk management, or TPRM, practices that financial institutions have relied on are inadequate going forward. (ABA Banking Journal)
 
The American Bankers Association today released a research study examining banks’ construction lending activity. Based on a study examining construction lending at the end of 2019, as well as interviews with bankers both pre-COVID-19 and after the pandemic erupted in the U.S., the report shows that more than 90% of bank respondents reported at the end of 2019 that their construction lending business had grown or remained stable over the past two years.(ABA Banking Journal)
 
With the World Health Organization’s recent recognition of evidence that the novel coronavirus can be aerosolized in particles that remain in the air for long periods over long distances, how do banks need to adjust their COVID-19 risk mitigation procedures? (ABA Banking Journal)
 
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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.
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Industry News
Just as the world is becoming an increasingly connected place, society’s reliance on desktops to surf the Web has been replaced by smartphones and tablets. Add a global pandemic to the mix and consumer reliance on mobile technology has grown even more significantly over the last few months. (ABA Banking Journal)
 
Admit it. Your marketing vision for 2020 quickly faded to fuzzy before slipping entirely out of focus this year, didn’t it? You are not alone. Deviating attention quickly to urgent priorities, like a pandemic, paired with quite a bit of economic uncertainty, often leads to shifting budgeting realities as well. (ABA Banking Journal)
 
Appraisal Institute
Cummins Allison
In a recent email to the Marketing Money Podcast, a listener asked: How and where do you gain all of the knowledge on the issues you cover on bank marketing? Although this sounds like a set-up for a full brag-a-thon on what we know, it actually got us thinking. Where did we learn what we now practice? How does one acquire expansive marketing and communication skills? (ABA Banking Journal)
 
Policy News
The Consumer Financial Protection Bureau today issued a request for information seeking on ways to create a regulatory environment that expands access to credit and ensures consumers and communities are protected from discrimination in all aspects of credit transactions. (ABA Banking Journal)
 
The Federal Reserve announced it will extend temporary U.S. dollar swap lines and the temporary repurchase agreement facility for foreign and international monetary authorities through March 31, 2021. (ABA Banking Journal) 
 
The OCC will take a “serious look” at certain bank decisions not to lend to oil and gas projects in the Arctic, Acting Comptroller of the Currency Brian Brooks said in a letter to Sen. Dan Sullivan (R-Alaska) last week. The letter, which was reported by Politico, came in response to concerns by Sullivan about financing for Alaska petroleum projects. (ABA Banking Journal)
 
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The American Bankers Association joined several financial trade associations today in a letter to Acting Comptroller of the Currency Brian Brooks expressing concerns about the OCC’s plans to move forward with a narrow-purpose payments charter, noting that they would strongly oppose efforts to do so. (ABA Banking Journal)
 
In an interpretive letter today, the OCC said that national banks and federal savings associations may provide cryptocurrency custody services for their customers. The OCC noted that it considers such services to be a modern form of traditional bank activities. (ABA Banking Journal)
 
The Small Business Administration today issued a procedural notice providing detailed instructions for Paycheck Protection Program lenders on the PPP forgiveness process. The notice outlines processes for submitting decisions on PPP borrower loan forgiveness applications to SBA, requesting payment of the forgiveness amount determined by the lender, SBA loan forgiveness reviews and payment of the loan forgiveness amount determined by SBA. (ABA Banking Journal)
 
Training

August 3 - October 23
Facilitated Online Training: CTFA Exam Online Prep

August 3 - September 4
Facilitated Online Training: Managing the Bank's Investment Portfolio

August 3 - 28
Facilitated Online Training: Building Customer Relationships

August 12
Webinar: Critical Risk Management Issues and Insights for Corporate Trustees

August 13
Webinar: The ABCs of Open APIs: The Opportunity for Your Bank

 
 

 

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