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April 10, 2018
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The Virginia Banking eNewsletter is a monthly supplement to Virginia Banking magazine, intended to help you stay on top of industry knowledge via current trends data and insights. From the VBA
In 2000, the Jump$tart Coalition for Personal Financial Literacy began promoting April as Financial Literacy Month. In 2003, April was declared as Financial Literacy Month for the first time by the U.S. Senate and Financial Literacy Day on the Hill was founded. The goal of Financial Literacy Month is to highlight the importance of financial literacy as an essential life skill.
Virginia business executives hope the recently enacted federal tax reforms will spark a surge in economic activity and higher profits. Called the nation’s biggest reform in the U.S. federal tax code since 1986, the Tax Cuts and Jobs Act passed by the Congress and signed by President Trump in December will change the way American companies and individuals are taxed on this year’s income. Here, VBA President & CEO Bruce Whitehurst discusses how the reform will affect the banking business. (Virginia Business)
Industry News & Trends
In the latest American Bankers Association Washington Update, "Stepping Up Our Political Engagement," ABA’s new Chief Political Strategist Rob Engstrom discusses how ABA is recognizing and elevating the importance of banker political engagement, from launching a new voter education effort to establishing criteria for candidate support.
Financial literacy is one of those K-12 topics that's hot right now and April is Financial Literacy Month. Under pressure from activists and policymakers, more states are requiring financial training for students. But does that training pay dividends for young people later on in their lives? (Education Week)
Generation Z — with their lack of debit and credit cards, their absence of bank accounts and their preference for in-person shopping — poses a challenge to Amazon. But sources say Amazon is in early discussions with banks to create a product similar to checking accounts for youngsters and those who eschew credit cards. (Bloomberg)
The Federal Reserve raised interest rates by a quarter of a percentage point late last month and signaled that the central bank is on track to raise rates twice more in 2018. Fed Chair Jerome H. Powell expressed optimism about the current economic picture and said officials were trying to strike a balance on raising rates. (New York Times)
The latest edition of "Richmond Fed at a Glance" includes an economic education feature for national financial literacy month, which began April 1, along with information on apprenticeships and a profile of Federal Reserve Chairman Jerome "Jay" Powell.
The recently passed bipartisan legislation known as the Economic Growth, Regulatory Relief, and Consumer Protection Act (S.2155) will help make sure small lenders can provide mortgages and other credit to hardworking Americans and small businesses. The bill also creates significant new consumer protections.
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