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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.
The Treasury Department announced a $9 billion investment into community development financial institutions and minority depository institutions through the Emergency Capital Investment Program, which Congress funded in the spending and COVID-19 recovery bill passed at the end of 2020.
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Leslie Callaway, CRCM, CAFP, director of compliance outreach and development; Mark Kruhm, CRCM, CAFP, senior compliance analyst; and Rhonda Castaneda, CRCM, senior compliance analyst, ABA Regulatory Policy and Compliance, provide answers to some important questions.
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Before there could be bank buildings, there had to be banks, and the United States didn’t have any when it declared its independence.
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On the latest episode of the ABA Banking Journal Podcast — sponsored by Risk Proof, a PwC product — architecture critics Catesby Leigh and Anthony Paletta debate and illuminate two great traditions in U.S. bank design: classicism and modernism.
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In banking, we are the relationship builders, the trusted sources and the personal interaction—whether in-person or via social, video, chat or other mediums. So how do we bridge the gap between in-person and digital interactions?
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As the Financial Crimes Enforcement Network prepares to create a new beneficial ownership registry, ABA made several recommendations that should guide the agency as it develops the database—including that FinCEN ensure usability and ease of access for reporting companies, law enforcement and financial institutions.
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ABA urged the IRS to delay the use of new draft forms W-4P and W-4R, which are used to determine the appropriate amount of federal income tax to be withheld for various types of retirement distributions.
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In a significant move, the Federal Reserve proposed new guidelines that it will use when evaluating requests for master accounts with the Fed or access to the agency’s financial services.
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ABA submitted a letter of support for H.R. 2561, the Promoting Access to Capital in Underbanked Communities Act of 2021, which would establish a three-year phase-in period for new banks to comply with federal capital standards.
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The Federal Reserve is focused on addressing “long-standing disparities” in unemployment “because they weigh on the productive capacity of our economy,” Federal Reserve Chairman Jerome Powell said during remarks at an industry event.
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The Federal Housing Finance Agency finalized a rule requiring Fannie Mae and Freddie Mac to develop resolution plans to facilitate their rapid and orderly resolution in the event that the FHFA is appointed receiver—similar to the resolution plans that the nation’s largest banks are required to develop.
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On Jan. 1, Congress passed the National Defense Authorization Act. Included in the law were several anti-money laundering provisions collectively known as the Anti-Money Laundering Act of 2020, or AMLA—the first significant changes to the Bank Secrecy Act since the USA Patriot Act was adopted nearly 20 years ago.
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