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August 16, 2024 |
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 Features
The financial sector stands on the brink of its own Great Resignation — this one led by the executive suite, as many finance CEOs are approaching retirement age or have the option to move onto their boards of directors. Despite the high stakes, more than half of boards and CEOs are not completely confident their succession planning is adequate.
Private-credit funds have long supported middle-market businesses, typically providing debt below banks’ senior debt in a borrower’s capital structure. Since the pandemic, however, private credit has increasingly lent at the senior level and encroached on other traditional bank markets, raising questions for banks about whether the shift is cyclical or a more permanent one that requires rethinking their own business models.
Q/ My bank returned a large dollar check that the bank had paid in mid-November 2023 to the bank of deposit after determining that it was altered/fictitious, but it was denied as a late return. My bank then provided a letter of indemnification with another request for return of the funds. The bank of deposit responded that there are no funds to send back. Is there another option my bank can pursue?
Any new federal laws of artificial intelligence in the financial services sector should preempt state requirements and clearly exclude banks from duplicative obligations, the ABA and 21 state bankers associations said in a joint letter to the U.S. Treasury Department.
The FDIC has published the initial submission dates for certain banks to file resolution plans under new requirements adopted in June. Under the new rule, banks with at least $100 billion in assets must submit a strategy that describes their resolution from the point of failure through the sale or disposition of the franchise.
The ABA’s Check Fraud Claim Directory is now the ABA Fraud Contact Directory, an expanded, online resource that helps banks connect with other institutions to resolve warranty breach claims for checks as well as claims for unauthorized and/or fraudulent transfers for wires, ACH, real-time payments or FedNow.
The ABA and five bankers and financial technology associations requested that banking agencies push back the public comment deadline for a recent request for information, or RFI, on bank partnerships with financial technology companies.
The FDIC has issued a financial institution letter to notify banks about recent amendments to the prohibited transaction class exemption 84-14 rule, better known as the QPAM exemption.
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