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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.
Credit loss estimation is complicated, and CECL’s lifetime loss objective makes it even more so. While a robust quantitative impact study is still needed, this study suggests the countercyclical regulatory transition mechanism should be made permanent.
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An interagency final rule is designed to improve the sharing of information about cyber incidents that may impact the nation’s banking system and requires banks to notify their primary federal regulator.
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The ABA Foundation launched its 2022 financial education campaign, which consists of four programs—Teach Children to Save, the Lights, Camera, Save! video contest, Safe Banking for Seniors and Get Smart About Credit.
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As the FDIC chief prepared to resign before her term was up, she discussed the agency’s progress on innovation, financial inclusion and more.
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Sustainable finance, operational resilience and digitization are the top three regulatory topics financial services senior executives say they expect their boards and executive committees to spend the most time on in 2022, according to Deloitte’s newly released Financial Markets Regulatory Outlook. The report surveyed 93 senior executives and non-executives at financial services firms.
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A new survey from TD Bank and Strategic Treasurer found that 81% of bank respondents see cyber fraud as the top concern with respect to the global economy.
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In a statement for the record shared ahead of a House Financial Services subcommittee hearing on stablecoins, ABA agreed with a recent report from the President’s Working Group on Financial Markets that action is “urgently needed” to address gaps in regulation of the stablecoin market.
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In response to the Financial Crimes Enforcement Network’s proposed rule for a beneficial ownership registry, ABA said in a comment letter to FinCEN that it is difficult to determine how the reporting requirements will fit with bank responsibilities because it is only the first of three regulations to implement the registry.
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The CFPB has issued a request for information seeking comments on fees associated with financial products and services offered by banks and non-bank financial institutions, including overdraft fees, insufficient funds fees, credit card fees, remittance fees, prepaid account fees and mortgage fees, among others. Comments on the RFI will be due March 31.
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Following the departure of Jelena McWilliams from the FDIC, Acting Chairman Martin Gruenberg outlined the agency’s shift in priorities for the year ahead.
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The House has passed the America Competes Act, a bill aimed at boosting American economic competitiveness against China, which included as an amendment the SAFE Banking Act—an ABA-supported bill that would enable banks to serve legitimate cannabis businesses in states where it is legal.
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The Federal Reserve Bank of Boston and the Massachusetts Institute of Technology’s Digital Currency Initiative have published a white paper detailing their work on the first phase of a project—called “Project Hamilton”—designed to explore the idea of a central bank digital currency.
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