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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 stories, digital exclusives, the ABA Banking Journal Podcast and more.
Family-owned businesses, especially those crossing the mark of $10 million in annual revenue, often have unique banking needs. They have the freedom to make long-term investments, but they also face challenges associated with funding for growth, complex family dynamics and the need to manage liquidity events for family members.
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A popular program that has banked thousands now offers financial education and credit counseling.
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The ABA Foundation announced that roughly 33,000 bank volunteers from 800 banks have reached more than 1.2 million people through financial education programs.
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OpenSky, a division of Capital Bank, based in Rockville, Maryland, offers a secured credit card as part of its mission “to help everyone better their credit score and realize the value of improved credit,” notes the bank’s winning entry in the website redesign category of the 2023 Brand Slam Awards.
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“When we’re able to take banking to them, at a place where they already have trust with their employer, that’s a bridge,” says Jennifer Huffman of Atlantic Union Bank’s workplace banking product. “From there we’re able to grow that relationship.”
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Federal Home Loan Banks awarded approximately $266.9 million in affordable housing funds in 2022—approximately 24% less than in 2021—to assist low- or moderate-income households, the Federal Housing Finance Agency said.
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Regulators announced the 2024 thresholds for whether higher-priced mortgage loans are subject to special appraisal requirements, as well as the new thresholds for certain truth in lending and consumer leasing requirements.
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The banking sector remains sound overall and most banks continue to report capital levels above regulatory requirements, the Federal Reserve said.
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ABA and 17 associations asked the Department of Labor for an extension of the public comment period for a proposed new rule that would extend fiduciary status to advice on rollovers and investments related to commodities and insurance products like fixed annuities.
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Rep. Andrew Garbarino (R-N.Y.) and Sen. Thom Tillis (R-N.C.) introduced a resolution of disapproval to overturn the Securities and Exchange Commission’s cyber incident reporting rule, which the SEC adopted in July and which requires public companies to disclose material cybersecurity incidents within four business days.
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ABA joined 243 national, state and local industry trade associations to urge the Department of Labor to withdraw its proposed rule that would significantly increase the number of employees who are subject to overtime and minimum wage requirements.
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The proposed interagency Community Reinvestment Act modernization rule is unnecessarily complex, overly prescriptive and would result in a significantly greater regulatory burden for all banks, especially community banks, Federal Reserve Governor Michelle Bowman said.
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