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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.
In recent years, high-profile class action settlements have been criticized for delivering little to no monetary relief to plaintiffs, instead providing coupons, injunctive relief or “cy pres” relief in which the defendant makes charitable donations, while making large fee awards to attorneys. (ABA Banking Journal)
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With Cybersecurity Awareness Month coming up in October, ABA and banks nationwide are preparing to launch the largest consumer education campaign in ABA’s history: #BanksNeverAskThat. (ABA Banking Journal)
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The Consumer Financial Protection Bureau has announced the appointment of new members to its Community Bank Advisory Council. (ABA Banking Journal)
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In an interpretive letter, the OCC gave institutions under its supervision the greenlight to hold deposits that serve as reserves for “stablecoins.” (ABA Banking Journal)
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ABA has outlined possible features of a public-private partnership that could certify third-party technology providers. (ABA Banking Journal)
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The Federal Reserve has released two hypothetical economic and financial market scenarios that it will use in the next round of bank stress tests for the nation’s largest financial institutions. (ABA Banking Journal)
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With the COVID-19 pandemic disrupting the circulation of coins nationwide, the U.S. Coin Task Force—of which ABA is a member—has published new resources for retailers, financial institutions and armored carriers to use to help encourage circulation. (ABA Banking Journal)
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ABA and 51 state bankers associations urged the Treasury Department and the Small Business Administration to create a streamlined a Paycheck Protection Program loan forgiveness process. (ABA Banking Journal)
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Banks will win clients during and following the pandemic by providing in-person experiences that combine smart health protections, engaging personal interactions and useful technology enhancements. (ABA Banking Journal)
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The number of homes backed by Fannie Mae and Freddie Mac that are 60 or more days past due jumped from 0.92% to 4.08% at the end of the second quarter, due to the COVID-19 pandemic and the forbearance programs being offered to the affected borrowers, according to the Federal Housing Finance Agency’s recent foreclosure prevention report. (ABA Banking Journal)
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Though business conditions and outlooks have improved, Business Roundtable survey says the path to economic recovery remains fragile. (Washington Post)
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