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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 award-winning #BanksNeverAskThat anti-phishing consumer education campaign is back with refreshed content for 2021. On the latest episode the ABA Banking Journal Podcast, bank marketer Megan Kenley discusses Bank of Utah’s experience, some of the results seen from participating (including helping a customer recognize and stop a money mule scam) and how Bank of Utah will adapt the campaign materials for its 2021 participation.
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The frothy housing market can create challenges for borrowers and lenders. Bankers can help by alerting borrowers up-front to the risks.
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The FDIC launched its new mission-driven bank fund, through which private investors have the opportunity to support mission-driven banks that support low- and moderate-income, minority and rural communities. Mission-driven banks—which include minority depository institutions and community development financial institutions—will be able to make pitches to the fund for potential investments that will help them build size, scale and capacity to provide affordable financial products and services and stimulate economic and community development.
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Some bank leaders believe that focusing on climate can help banks gain relevance, especially with younger customers.
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Moving from a ‘check the box’ mentality to a system that better protects consumers and banks.
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As the COVID-19 pandemic has continued the push for more technology in banking, one of the people working to help banks digitize has been ABA SVP and senior counsel for contracts and technology Tom Greco, who was recently profiled in an article for Vanguard Law Magazine.
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In an overwhelming, bipartisan vote this week, the House Rules Committee agreed to include the SAFE Banking Act—an ABA-supported bill that provides clarity to financial institutions seeking to serve legitimate cannabis businesses—as an amendment to the National Defense Authorization Act.
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In a statement for the record shared ahead of a House Financial Services subcommittee hearing on consumer access to personal financial data, ABA emphasized that it fully supports customers’ ability to access and share their financial data in a secure, transparent manner that gives them control.
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ABA, along with more than 40 trade associations, sent a joint letter to House leadership expressing concerns about a controversial tax reporting provision floated by the Biden administration that would expand mandatory IRS reporting on bank account transactions.
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Following misunderstanding about Freddie Mac’s rules for purchasing mortgages secured by group homes, the Department of Housing and Urban Development and the Federal Housing Finance Agency released a policy clarification.
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In remarks at a recent industry event, Acting Comptroller of the Currency Michael Hsu called for coordination between regulatory agencies to address the significant changes that are taking place in the banking industry, particularly those related technology, payments and the rise of cryptocurrencies and decentralized finance.
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Treasury Secretary Janet Yellen called on House Ways and Means Committee Chairman Richard Neal (D-Mass.) to include in the reconciliation package the Biden administration’s controversial provision that would require financial institutions to report information to the IRS on gross inflows and outflows on customer accounts above a de minimis level of $600—a provision strongly opposed by ABA.
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