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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.
Banks of all sizes are hearing from many customers that they want exposure to the fast-growing but volatile cryptocurrency market. Vast Bank recently became the first nationally chartered, FDIC-insured bank to offer crypto banking.
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The unequal tax treatment of credit unions is driving acquisitions of community banks—making it more attractive in many instances for a bank to choose a credit union as its buyer.
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With ransomware attacks increasingly targeting significant infrastructure providers, it’s critical for banks to be prepared.
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FDIC-insured banks and savings institutions earned $70.4 billion in the second quarter of 2021, a 281% increase from a year before at the height of the COVID-19 pandemic, the FDIC reported in its Quarterly Banking Profile.
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With Congress expected to begin considering a new tax reporting requirement that would require banks to report information on account flows to the Internal Revenue Service as early as next week, bankers are urged to contact their lawmakers to oppose the proposal.
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The Federal Reserve has published a paper highlighting how community banks can partner effectively with fintech companies.
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In a comment letter to the Federal Reserve, ABA offered feedback on a recent proposal to revise Regulation J to accommodate the new FedNow Service, which is expected to go live in 2023.
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The Small Business Administration clarified that its Paycheck Protection Program direct forgiveness portal remains optional for lenders and borrowers, although SBA encouraged lenders to opt-in to the program, which it said has accepted more than 600,000 applications in under a month.
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As expected, the CFPB has formally withdrawn a proposal that would extend the effective date of two final rules issued under the Fair Debt Collection Practices Act, which governs the activity of third-party debt collectors.
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The Federal Housing Finance Agency has announced that Fannie Mae and Freddie Mac will be required to submit annual “equitable housing finance plans” by the end of the year.
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