ABA Banking Journal
July 30, 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.

FINASTRA®
Corporate Banking: Benefits of Moving to Open APIs
Financial institutions are facing increasing pressure to innovate – with client expectations and the pandemic accelerating the need for better banking experiences. Whether it’s about improving workflows, collaborating with industry-leading solution providers, offering better services and connectivity or adhering to regulations, open APIs could be the answer. This infobrief discusses a survey across almost 150 banks looking at the benefits of open APIs, and how banks can best adopt them to embrace change successfully.
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Industry News
As small and middle market businesses seek to capitalize on a post-COVID bounceback, new survey research from Umpqua Bank shows that the business outlook is positive as firms have made substantial changes to respond to COVID.
 
Progress on vaccinations has continued to strengthen indicators of economic activity and employment, the Federal Open Market Committee said this week, adding that while the sectors most adversely affected by the pandemic have shown improvement, they have not fully recovered.
 
George Floyd’s murder triggered statements—and DEI actions—at banks of all sizes. More than a year later, how have banks changed?
 
Data Center, Inc. (DCI)
Western Union Business Solutions
With the right blend of people, empowerment, customized solutions and technology, banks are well-positioned to be heroes by growing with small businesses and supporting their efforts.
 
Credit applications have largely rebounded to their pre-pandemic levels after a significant drop during the crisis, though there was substantial variation in the path to recovery for different credit types, according to a new research brief from the Consumer Financial Protection Bureau.
 
From its origins as one of the original “mobile banks” in the 1990s—designed to serve truckers across the country through a network of truck stops—TAB Bank has evolved into an innovative digital bank serving businesses across sectors and around the country. President and CEO Curt Queyrouze discusses the bank's vision on this podcast episode.
 
Jack Henry & Associates, Inc.®
Grow Your Commercial Base
Need efficiencies and growth in your commercial base today? If so, you are not alone. Many banks are still relying on manual processes, siloed data systems, and error-prone spreadsheets to process escrow deposits. But now you can utilize an online deposit escrow management system as part of an efficient digital strategy. Don’t miss this prime opportunity to gain efficiencies and generate new revenue streams.
Video: Attract new commercial customers with online escrow deposit management.
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Policy News
The Small Business Administration has released guidance on how it will accept Paycheck Protection Program loan forgiveness applications directly from borrowers—bypassing the lending institutions—for loans of $150,000 or below.
 
ABA and a coalition of financial trade groups wrote in support of the Adjustable Interest Rate (Libor) Act to address “tough legacy” contracts that currently reference Libor but lack adequate fallback language and can’t be amended to add it.
 
The OCC announced that Darrin Benhart has been tapped to serve as climate change risk officer at the agency, a newly created position focused on promoting climate change risk management at banks.
 
Wolters Kluwer Financial Services
Capco
A U.S. central bank digital currency “is unlikely to be an equally effective tool for all of the purposes for which it has been advanced, or even to be effective for some stated purposes at all,” the Clearing House said in a recently published paper.
 
As advocated by ABA, the Conference of State Bank Supervisors has published model state regulatory prudential standards for nonbank mortgage servicers.
 
In a letter sent ahead of a House Committee on Financial Services markup, ABA expressed support for H.R. 4590, the Promoting New and Diverse Depository Institutions Act, introduced by Rep. Jake Auchincloss (D-Mass.).
 
Columbia Business School Executive Education®
The Strategic Leader Program (Live Online): How to Excel as Your Responsibility Increases
Designed for leaders transitioning to senior executive roles, this six-day program from Columbia Business School Executive Education broadens your knowledge, perspective, and understanding of strategic leadership, equipping you to deal with the demands of the more complex and disruptive environment of tomorrow.
 
The program offers concepts and tools that will enable you to enhance your personal, strategic, and interpersonal effectiveness.
 
The program begins October 4.

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Training

August 2 - 13
Virtual School: Risk Management School - Foundational

August 2 - September 3
Facilitated Training: Managing the Bank's Investment Portfolio

August 4
Webinar: Understanding Blockchain and Cryptocurrency

August 16 - September 10
Facilitated Training: Marketing Planning

August 17
Webinar: Managing Compliance Under Pressure

August 17 - 19
Virtual School: 2021 Payments Strategy School

August 17 - 27
Virtual School: Risk Management School - Advanced

August 19
Webinar: Socially Responsible Investing

August 25
Webinar: Compliance Management for First-Line Operations

September 2
Webinar: Nonprobate Transfers: Advantages and Disadvantages

 
 

 

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