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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.
In 1903, Maggie Lena Walker became the first Black woman to charter a U.S. bank when she opened the St. Luke Penny Savings Bank in Richmond, Virginia, as the bank’s first president. On the latest episode of the ABA Banking Journal Podcast, historian Shennette Garrett-Scott tells the story of Walker and her mission to help Black women find financial empowerment and professional career opportunities.
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With the 117th Congress preparing to tackle additional coronavirus relief, as well as a broad range of other policy items, ABA has released its 2021 Blueprint for Growth. Developed by ABA’s Government Relations Council and approved by the board of directors, the banker-driven Blueprint focuses on four overarching policy priorities: supporting a robust post-pandemic recovery, forward-looking efforts to drive a healthy economy, serving all communities, promoting innovation and consistent regulation.
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The housing market has been a relative bright spot in an otherwise highly disrupted economy.
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From the ongoing generational wealth transfer to new “wealthtech” solutions and investor demands for sustainability and diversity, big changes are happening in the wealth management sector.
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Fast-paced digital transformation has meant increased compliance concerns.
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Out of nearly 1.7 million round 3 PPP loans, more than 1.3 million first and second draw loans have gone to small businesses with 10 or fewer employees.
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The Financial Crimes Enforcement Network has issued an advisory alerting banks to economic impact payment fraud. The advisory describes EIP fraud, associated red flags and how to report suspicious activity. Authorities have detected a wide range of EIP-related fraud, according to the advisory.
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Sen. Bob Menendez (D-N.J.) this week reintroduced the Improving Corporate Governance Through Diversity Act, a bill that would require public companies to disclose annually the self-reported racial, ethnic and gender composition and veteran status of their board members, board nominees and executive officers, as well as whether they have adopted policies or strategies to promote board and executive diversity.
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In response to shifting market dynamics and increasing competition in the financial services industry, the Federal Reserve is contemplating changes to its framework for antitrust analysis, Fed Governor Michelle Bowman recently told attendees at ABA’s virtual Conference for Community Bankers.
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As Congress considers an additional COVID-19 rescue bill, ABA joined a coalition of 17 other financial trade groups calling on lawmakers to include language in the bill to ensure that any economic impact payments will be protected from assignment or garnishment.
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The Senate has confirmed Tom Vilsack to serve as agriculture secretary by a bipartisan vote of 92 to 7. Vilsack previously served in the role during the Obama administration. In letters to Vilsack and other top policymakers, ABA and a broad coalition of agricultural trade organizations emphasized the need to protect crop insurance from harmful cuts as the Biden administration develops its FY 2022 budget proposal.
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The Federal Reserve is “looking very carefully” at whether and how it might issue a digital dollar, Fed Chairman Jerome Powell told members of Congress.
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