ABA Banking Journal
February 25, 2022

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
During the CoreConnection session at ABA’s Conference for Community Bankers, core provider CEOs sounded notes that will sound familiar to those following the work of ABA’s Core Platforms Committee: open APIs, access to data and flexible and transparent contracts.
 
Ultimately, bankers must meet businesses where they want to bank—whether it’s in-person, desktop or mobile—and deliver the same experience across all channels.
 
Total household debt increased 2.2% in the fourth quarter of 2021, rising by $333 billion to land at $15.58 trillion, the Federal Reserve Bank of New York reported this month.
 
Data Center, Inc. (DCI)
Western Union Business Solutions
To encourage bank-driven innovation and connect banks with innovating entrepreneurs to tackle banking’s toughest problems, ABA will invest in Canapi Ventures’ second fund and serve as a critical link between Canapi and the nation’s community banks.
 
Banks focusing on innovation in their processes, people and technology will be well placed to implement effective BSA/AML compliance programs.
 
A recent study found that just over 75% of millennials are opting for will-based estate plans and 18.8% are using a trust-based estate plan.
 
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Policy News
ABA has told the Department of Justice that the 1995 bank merger competitive review guidelines are outdated and do not take into account the competitive effects of online banking and competition from nonbanks.
 
While the Federal Reserve seeks public comment on the benefits and risks of creating a central bank digital currency, Fed Governor Michelle Bowman said that she “intends to keep an open mind” about a CBDC but that the use case for it is not readily apparent to her.
 
In a letter to G20 finance ministers and central banks governors, the Basel, Switzerland-based Financial Stability Board outlined its priorities for 2022. The FSB said it will be focusing on supporting financial market adjustments to a post-COVID-19 world, harnessing the benefits of digitalization and addressing financial risks from climate change.
 
Wolters Kluwer Financial Services
Capco
As the Financial Crimes Enforcement Network works to update its anti-money laundering framework, ABA urged FinCEN to continue working with regulators, law enforcement and the financial sector to keep up with evolving financial products, technologies and developments related to illicit finance.
 
The Securities and Exchange Commission has proposed changes to modernize and improve disclosure about repurchases of an issuer’s equity securities that are registered under the Securities Exchange Act of 1934.
 
The crypto-asset market could reach a point where it presents a threat to global financial stability, according to a new report released by the Basel, Switzerland-based Financial Stability Board.
 
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