ABA Banking Journal
April 8, 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
A focus on diversity, equity and inclusion doesn’t just help banks’ customers—it also helps them grow, hire and remain compliant.
Banks should have a step-by-step plan on how to handle cyber-attacks, including securing whatever data possible and quickly notifying law enforcement.
The FDIC and the Financial Crimes Enforcement Network recognized three teams for excellence in a recent “tech sprint” to develop solutions for banks and regulators to help measure the effectiveness of digital identity proofing—the process used to collect, validate and verify information about a person.
Data Center, Inc. (DCI)
Western Union Business Solutions
When it comes to their private banks, millennials are not happy.
While many larger banks have created “chief diversity officer” roles over the past several years, that role has been more of a rarity at smaller banks. Until now.
Cyberattack rates across financial services increased 20% in the second half of 2021 from the same period a year earlier and increased 41% from the first half of 2021, according to a recent report from LexisNexis Risk Solutions.
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Policy News
The Minnesota Department of Commerce has blocked the acquisition of Lake Area Bank—a state chartered bank—by Royal Credit Union.
Speaking at a recent industry event, Acting Comptroller Michael Hsu warned that “there is a gap with regards to large regional banks” when it comes to resolvability, and signaled his desire for additional reforms to ensure financial stability in the event of a large regional bank failure.
Wolters Kluwer Financial Services
ABA and the Bank Policy Institute filed a comment letter on two proposals issued recently by the Securities and Exchange Commission concerning insider trading and share repurchase disclosure modernization.
As the CFPB looks to implement Section 1071 of the Dodd-Frank Act—which calls for the collection of small business lending data—Rep. Nydia Velazquez (D-N.Y.) introduced H.R. 7351, an ABA-advocated bill that would amend the Consumer Protection Act to give the CFPB supervisory authority over nonbanks making small business loans.
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