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.
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Risk management doesn’t always mean defending the bank from outside forces. Just like in horror movies, it can get a lot scarier when the threat comes from inside the house.
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The Bank On movement for financial inclusion continues to accelerate. In July, the Cities for Financial Empowerment Fund—which developed the Bank On standards and which certifies deposit accounts that meet them—announced that more than 100 depository institutions now offer Bank On-certified accounts.
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ABA has released a report on cryptocurrency for bankers that discusses its origins, uses, technological underpinnings and the industry surrounding it. The report also includes information on existing and emerging regulatory issues around cryptocurrency, what to expect in the next year as well as some considerations for banks as they approach the crypto sector.
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The number of Bank On-certified accounts has nearly doubled since October 2020, when, at ABA’s Annual Convention, ABA President and CEO Rob Nichols encouraged all banks to offer a certified account.
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Greg Cunningham still vividly remembers the long and meaningful conversation he had on May 26, 2020 with his CEO, U.S. Bancorp’s Andrew Cecere.
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Now that most of the country is emerging from a year-long lockdown, we can look back with a fresh eye to see what we learned, and which innovations are likely to persist.
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The Commodities Futures Trading Commission’s Market Participants Division and Division of Market Oversight emphasized to market participants and swap execution facilities the importance of an orderly transition away from Libor.
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ABA has issued a members-only staff analysis of the government-wide policy priorities for anti-money laundering and countering the financing of terrorism that the Financial Crimes Enforcement Network released June 30.
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The Federal Reserve, FDIC and OCC are seeking comments on a joint proposal designed to manage risks associated with third-party relationships, including relationships with financial technology-focused entities.
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As part of regulators’ efforts to facilitate the ongoing transition away from Libor, the Commodity Futures Trading Commission’s Market Risk Advisory Committee today recommended “SOFR First” as a market best practice.
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Testifying before House lawmakers, Federal Reserve Chairman Jerome Powell maintained that the Fed’s overall monetary policy stance remains “appropriate” even amid rising inflation concerns, and that “patience” will characterize the agency’s approach moving forward.
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ABA, the Consumer Bankers of America and the National Association of Federally Insured Credit Unions urged the Fed to outline specific capital, liquidity and risk management requirements for master account access.
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