ABA Banking Journal
July 12, 2024

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.

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Industry News
How monetary policy has pushed the Secured Overnight Financing Rate toward the top of the Fed’s target range.
 
Board expertise evolves with the times. Having a director with cybersecurity expertise on a board is a high-return, low-effort action that materially strengthens the boardroom.
 
To signal a productive partnership, six questions that BaaS banks should expect to hear from fintech companies.
 
Data Center, Inc. (DCI)
Raymond James & Associates
It is never too early for banks to assess and take steps to mitigate their risk.
 
In this episode of the ABA Banking Journal Podcast, Andrea Mitchell, a top fair lending attorney, reviews the latest trends in redlining enforcement. 
 
Classic cars provide bankers with an attractive niche for parking loans.
 
Jack Henry & Associates, Inc.®
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Policy News
The House Committee on Education and the Workforce has advanced a resolution to overturn a Department of Labor final rule that expands fiduciary status to nearly all financial professionals.
 
The Consumer Financial Protection Bureau has released a proposed rule to amend Regulation X’s mortgage servicing provisions, which would result in a major overhaul of the existing default servicing framework.
 
The ABA and three financial sector associations expressed support for a House attempt to overturn President Biden’s veto of H.J. Res. 109 — a Congressional Review Act resolution that would override a Securities and Exchange Commission staff accounting bulletin that changes the way banks and other publicly traded entities are expected to account for digital assets held in custody.
 
Galileo Financial Technologies
REDI Enterprise Development, Inc.
On July 5, the White House Office of Information and Regulatory Affairs released its Spring 2024 Unified Agenda of Regulatory and Deregulatory Actions, or URA. This semi-annual report details each federal agency’s upcoming plans to issue or rescind regulations.
 
Several states have adopted or are considering legislation that risks fracturing the national banking system, and these state laws may conflict with federal laws intended to combat money laundering and terrorist financing, three House lawmakers said in a recent letter to Treasury Department officials. 
 
The Basel Committee on Banking Supervision has approved a disclosure framework for banks’ exposure to crypto as the world’s central banks look to support market discipline and ensure sufficient information is available to evaluate risks. The committee set an implementation date for member jurisdictions of Jan. 1, 2026, and plans to publish details later this month.  
 
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