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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.
Amid the coronavirus pandemic, cybersecurity and fraud analysts have noted an uptick in “money mule” scams. Banks increasingly need to be on the lookout for the telltale signs of these scams. (ABA Banking Journal)
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A record 3.3 million Americans applied for unemployment benefits last week, the Labor Department said, as restaurants, hotels, barber shops, gyms and more shut down in a nationwide effort to slow the spread of the deadly coronavirus. That was the biggest jump in new jobless claims in history. (Washington Post)
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Bankers have a menu of potential alternative reference rates, each of which requires attention to understand. (ABA Banking Journal)
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The federal financial regulators today issued a joint statement urging financial institutions to offer “responsible small-dollar loans to both consumers and small businesses.” (ABA Banking Journal)
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In a bipartisan letter, Reps. Gregory Meeks (D-N.Y.) and Blaine Luetkemeyer (R-Mo.) joined the chorus of voices—including FDIC Chairman Jelena McWilliams—calling for the Financial Accounting Standards Board to suspend and delay its Current Expected Credit Loss standard amid the coronavirus pandemic. (ABA Banking Journal)
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The Federal Reserve on Friday released 2019 financial statements—independently audited by KPMG—for the combined system, including the 12 Federal Reserve Banks and the Board of Governors. The Fed banks held a combined $4.2 trillion in assets at year-end, up $116 billion from 2018. (ABA Banking Journal)
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Bankers recommend nuts-and-bolts strategies to help banks respond to the coronavirus pandemic. (ABA Banking Journal)
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ABA joined several financial and mortgage industry trade associations in a letter to the Federal Reserve, HUD, FHFA, the CFPB, the U.S. Treasury Department and the White House to provide the industry’s view on responding to the many challenges COVID-19 poses to the mortgage markets and to borrowers. (ABA Banking Journal)
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Banks should act immediately to ensure their social media strategies are updated, actively managed and supportive of customer needs.(ABA Bank Marketing)
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To help banks focus on responding to their customers’ needs during the coronavirus pandemic, the Consumer Financial Protection Bureau announced it will postpone certain data collections for CFPB-related rules. (ABA Banking Journal)
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As the Senate moved closer to passage of a coronavirus relief package this week, ABA joined a coalition of financial services trades in a letter to U.S. Small Business Administrator Jovita Carranza seeking “clear and consistent guidance” on how SBA intends to enact forthcoming changes to its 7(a) loan program. (ABA Banking Journal)
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Acknowledging the significant burdens that banks are currently facing as they provide assistance to customers during the coronavirus pandemic, the Federal Financial Institutions Examination Council announced a 30-day extension for institutions for the Call Report due on March 31. (ABA Banking Journal)
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Amid the global coronavirus pandemic—and a massive response by policymakers—how can community banks best meet customer and employee needs while managing their balance sheets and loan portfolios? (ABA Banking Journal)
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