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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 most effective strategies for banks will have digital and brick-and-mortar channels working together to provide the greatest possible convenience and flexibility.
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The variety of forward-looking term rates now available means that banks will have choices to offer when transitioning from Libor.
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FDIC-insured banks and savings institutions earned $76.8 billion in the first quarter of 2021, a 315.3% increase from a year ago, the FDIC reported in its latest Quarterly Banking Profile.
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Nicole Kitowski started her career at Associated Bank as a teller in high school. Nearly three decades later, she brings that experience on the front lines to her role as Associated’s chief risk officer.
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Economic activity expanded at a moderate pace from early April to late May, at a somewhat faster rate than the prior reporting period as consumer spending strengthened due in part to increased COVID-19 vaccinations, according to the Federal Reserve’s fourth Beige Book release of the year.
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Banks and credit unions are the most trusted financial institutions, according to a new survey released by Morning Consult, with 61% of consumers saying they “naturally trust banks.” By comparison, 51% tend to trust insurers, 48% tend to trust payment companies and 36% tend to trust investment and wealth management providers.
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ABA has submitted recommendations to the Internal Revenue Service on tax issues that are in need of interpretive guidance for the upcoming fiscal year.
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Senator John Kennedy (R-La.) and Sen. Kevin Cramer (R-N.D.) introduced a bill, the No Red and Blue Banks Act, that would prohibit the General Services Administration from “awarding contracts to certain insured depository institutions that avoid doing business with certain companies that are engaged in lawful commerce based solely on social policy considerations.”
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During a more-than four-hour oversight hearing of the nation’s largest banks, Rep. Trey Hollingsworth (R-Ind.) commended the 727,000 workers employed by the firms—as well as the 2 million employees working in the U.S. financial services industry—for their efforts during the pandemic.
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As the OCC reviews recent interpretive letters on digital assets and trust charters, “everything’s on the table,” current Acting Comptroller Michael Hsu told reporters—including reviewing provisional approvals already granted under prior acting agency leadership.
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The Federal Reserve has issued a final rule amending Regulation D, which addresses reserve requirements of depository institutions.
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The Treasury Department recently released its “Green Book,” which contains details on the tax changes that the Biden administration is proposing to help fund the budget for the coming fiscal year.
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