ABA Banking Journal
February 12, 2021

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
Criminals do not need to bother scouring the depths of the dark web to dig up this personal information. Too often, it’s sitting out in the open for all to see.
 
From offering bitcoin rewards checking to meeting the unique credit needs of gig workers and sole practitioners, Quontic Bank depends on innovative ideas and execution.
 
Eighty-two percent of small business firms applied for a PPP loan, according to the Fed's 2021 Small Business Credit Survey Report on Employer Firms.
 
Data Center, Inc. (DCI)
Computer Services Inc
The economic upheaval caused by the pandemic has meant financial distress and hardship for many, and this, coupled with the necessity of physical distancing, has inevitably had a significant effect on how people view their financial situations and how they choose to manage their money. Two Wisconsin banks have taken extra steps to adjust their branch services.
 
As an early-career CPA, Carissa Rodeheaver began her community banking career as a trust administrator nearly three decades ago. Now, she’s at the same bank, as chairman, president and CEO of Oakland, Maryland-based First United Bank and Trust.
 
Credit card monthly purchase volumes rebounded strongly in the third quarter of 2020, jumping more than 20% from the prior quarter despite challenges from the pandemic-induced recession, according to ABA’s latest Credit Card Market Monitor.
 
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
As banks prepare for the eventual cessation of the London Interbank Offered Rate, the OCC released a self-assessment tool for banks to evaluate their preparedness for transitioning away from Libor to an alternate reference rate, such as the Secured Overnight Financing Rate.
 
ABA strongly opposes a proposal by the National Credit Union Administration that would expand the definition of “service facility” and erase the distinction between service to select groups and service to underserved areas as delineated in the Federal Credit Union Act.
 
ABA and a coalition of financial trade associations have voiced their support for allowing customers to access financial records and to share that data securely.
 
First Source
Naylor Association Solutions
In a letter to industry earlier this week, the New York Department of Financial Services confirmed that banks may receive credit under New York’s state-level Community Reinvestment Act for certain activities intended to address and mitigate the effects of climate change.
 
ABA has joined a broad coalition of housing and civil rights organizations in a letter urging lawmakers to include $25 billion in direct assistance to struggling homeowners in the next COVID-19 relief bill.
 
The Securities and Exchange Commission is seeking feedback on potential ways to improve the resilience of money market funds in the face of economic instability.
 
Columbia Business School Executive Education®
Leadership Essentials (Live Online)
This four-day virtual program from Columbia Business School Executive Education enables new and mid-level leaders to develop their essential leadership abilities, including team leadership, emotional intelligence, conflict management, and leading change.
 
Participants emerge from the program with fresh insights into how to be better decision makers, leaders of people and groups, and agents of organizational change.
 
The program begins June 7.

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Training

February 16
Webinar: Risk Management Challenges and Opportunities: 2021 Outlook

February 16 - March 12
Facilitated Training: Marketing Planning

February 16 - 17
Virtual Conference: Conference for Community Bankers

February 17
Webinar: Mortgage eClosing: Paving the way with eSignatures

February 17
Webinar: Breaking Money Silence on Equity and Inclusion

February 22 - March 26
Facilitated Training: Introduction to Trust Products and Services

February 22 - May 16
Facilitated Training: IRA Online Institute

February 23
Webinar: Social Media for Insurance Agents in the COVID-19 Age

February 24 - 25
Virtual Conference: Wealth Management and Trust Conference

March 4
Webinar: Split-Interest Charitable Trusts as Estate Planning Tools

March 8 - April 2
Facilitated Training: Bank Lines of Business

March 8 - June 25
Facilitated Training: Consumer Lending

 
 

 

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