ABA Banking Journal
November 6, 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.

The vast majority of Americans, 83%, are looking for advice or guidance from their primary retail banks as their financial stress has increased during the pandemic, according to a recent study from J.D. Power. (ABA Banking Journal)
 
Go on the offensive on social media and take advantage of creative branding opportunities, as well as provide clear communications to your team members and clients. (ABA Banking Journal)
 
What happens when borrowers transition out of coronavirus-related mortgage forbearance and into other forms of loss mitigation assistance? (ABA Banking Journal)
 
Data Center, Inc. (DCI)
Computer Services Inc
To encourage greater participation in the Main Street Lending Program, the Federal Reserve has announced several actions it has taken to make MSLP loans available to more businesses. (ABA Banking Journal)
 
As part of its review of Paycheck Protection Program loans totaling $2 million or more, the Small Business Administration will begin sending loan necessity questionnaires that will inform SBA’s evaluation of borrowers’ good-faith certification of their economic need. (ABA Banking Journal)
 
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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Industry News
Homeownership, savings and holding down a job are three keys to financial well-being and moving out of generational poverty, so that’s what Southern Bancorp focuses on in its home Mississippi and Arkansas Delta region, one of the nation’s poorest. On the ABA Banking Journal Podcast, Southern CEO Darrin Williams talks about the bank’s high-touch focus on pairing in-depth financial counseling with a Bank On-certified checkless checking account to help reach the unbanked in the Delta. (ABA Banking Journal)
 
As consumer spending and credit card purchases plummeted in the second quarter, the share of U.S. cardholders that paid their credit card balance in full reached record levels, according to ABA’s latest Credit Card Market Monitor. (ABA Banking Journal)
 
Privacy issues matter more than ever, especially in light of European and U.S. regulations regarding how consumer information can be aggregated, shared and used to market products and services. (ABA Banking Journal)
 
Appraisal Institute
Cummins Allison
Policy News
The Commodity Futures Trading Commission has finalized a rule that exempts from clearing requirements certain swaps entered into by financial holding companies with less than $10 billion in assets. (ABA Banking Journal)
 
The Department of Labor has finalized—with significant revisions—a rule that would confirm Employee Retirement Income Security Act requirements for plan fiduciaries to select investments and investment courses of action based solely on financial considerations relevant to the risk-adjusted economic value of a particular investment or investment course of action. (ABA Banking Journal)
 
The CFPB has published a portion of its long-awaited Fair Debt Collection Practices Act rulemaking to modernize and clarify rules around third-party debt collection. (ABA Banking Journal)
 
In a comment letter this week, the American Bankers Association urged the Federal Communications Commission not to impose additional restrictions on the ability of banks and other businesses to contact their customers with account-related information. (ABA Banking Journal)
 
Columbia Business School Executive Education
Leadership in Transformative Times (Live Online)
How should a leader operate in crisis conditions to help their organization survive and thrive?

Drawing on two of Columbia Business School Executive Education’s most prominent leadership faculty’s research, this virtual program teaches participants to approach the present crisis with authenticity and agility and to draw out the best in themselves and their teams in making the right strategic moves.

The program begins November 30.

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