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January 17, 2025 |
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 Features
On the inaugural episode of the ABA Fraudcast, former ABA Chair Dan Robb, president and CEO of Jonesburg State Bank in Missouri, describes the recent targeting of his bank by fraudsters who texted thousands of residents of his community, seeking access to customer accounts. What followed for Robb and his team were fast lessons on all the areas his bank was prepared for, and a few challenges that were surprising.
In one of his last speeches before exiting his current role, FDIC Chairman Martin Gruenberg said he was worried that "memories are short" when it comes to the factors that led to past banking crises. "We should not allow the current relative stability of the banking and financial systems to lull us into a false sense of complacency," he said.
If there is one word that best describes what we can look forward to in the compliance world in 2025, it’s unpredictable. There is so much we don’t know about the banking environment next year, even though we have (some) clarity on the political environment. The uncertain regulatory environment makes board-management communication even more important.
On this episode of the ABA Banking Journal Podcast, veteran bank board members and executives Jenn Docherty and Virginia Varela discuss how bank boards can position their banks for success in a challenging environment. They discuss the importance of sourcing diverse expertise and how board members can start and lead difficult conversations about where their banks need to go, creating space for new ideas and giving management more flexibility — and more incentives — to innovate.
The ABA and 52 state bankers associations are urging President-elect Trump to halt work on all open regulatory actions during his first day in office and conduct a comprehensive review of regulations created in the past four years, pointing to what they said has been an onslaught of "questionable and unnecessary policy actions."
The Consumer Financial Protection Bureau has finalized a rule removing medical debt and medical bills from credit reports. The rule also prohibits lenders from considering medical information when making lending decisions.
Senate Banking Committee Chairman Tim Scott (R-S.C.) released his list of committee priorities for the 119th Congress, which include re-examining Biden-era banking regulations and developing a regulatory framework for digital assets.
The Consumer Financial Protection Bureau has announced it has officially recognized the Financial Data Exchange as a standard-setting body under the bureau’s financial data-sharing regulation. FDX is the first organization to be given recognition.
The Justice Department issued a final rule that prohibits certain transactions and restricts others that could allow foreign access to bulk U.S. sensitive personal and government-related data. The rule targets "countries of concern," including China, that could have access to such data. Routine financial activities are exempted, but for banks, it still may cover third-party vendors operating in countries of concern. It also places restrictions on certain covered individuals.
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