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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 California Consumer Privacy Act, which took effect at the beginning of 2020 and has had both regulatory and statutory amendments since then, has been described as “GDPR for California,” and it has effects far beyond the Golden State. (ABA Banking Journal)
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Educate your followers, while humanizing your bank’s brand and building trust. (ABA Banking Journal)
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It’s vital to verify data across sources to create a comprehensive 360-degree view of specific businesses. (ABA Banking Journal)
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U.S. law enforcement agencies took action against more than 2,300 money mules over the last two months as part of the third annual Money Mule Initiative, a coordinated operation between the Department of Justice, the FBI, the U.S. Postal Inspection Service and six other federal law enforcement agencies. (ABA Banking Journal)
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Nasdaq has filed a proposal with the Securities and Exchange Commission to adopt new rules for companies listed on the stock exchange that would require them to “publicly disclose consistent transparent diversity statistics regarding their board of directors.” (ABA Banking Journal)
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In a comment letter to the CFPB filed late Tuesday, ABA offered feedback on ways to prevent credit discrimination under the Equal Credit Opportunity Act and create a regulatory environment that expands access to credit. (ABA Banking Journal)
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With COVID-19 continuing to have a widespread effect on the economy, banks could see steep losses in the years ahead—but that shouldn’t stop them from “reimagining the future and making bold bets,” according to a new report released by Deloitte. (ABA Banking Journal)
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Rising corporate debt, vulnerabilities in short-term wholesale funding markets and commercial real estate were among several risks flagged by the Financial Stability Oversight Council in its new annual report. The report noted that “risks to U.S. financial stability remain elevated compared to last year,” and that “the global outlook for economic recovery is uncertain, depending on the severity and the duration of the ongoing pandemic.” (ABA Banking Journal)
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Consumer Sentiment declined in November to 76.9, according to the University of Michigan Consumer Sentiment Index. November’s figure is 21.7 points below the November 2019 index. The Current Economic Conditions Index rose 1.3 points to 87.0 but the reading is 24.6 points below the November 2019 index. The Consumer Expectations Index fell 8.7 points to 70.5 and was 16.8 points lower than a year ago. (ABA Banking Journal)
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