ABA Banking Journal
November 5, 2021

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.

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Is it Time to Embrace Fintech Collaboration?
In any industry that is subject to disruption by technology, velocity is critical. Fintechs are known for excelling at the rapid development of new technology and, not surprisingly, many financial institutions are starting to embrace fintech collaboration. Discover how fintechs are advancing the financial services industry, why banks may want to consider exploring fintech partnerships, and how leveraging relationships with existing vendor partners can help.
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Industry News
Banks worldwide are beginning to experience the benefits of implementing a global multibank strategy, including access to an integrated view of cash management across the entire global enterprise, powered by data and analytics, AI and cloud technologies.
 
In the wake of COVID, which digital and branch management changes are with us for good?
 
As older Americans—those born before 1965—hold 65% of deposit balances in the U.S., banks have continued to offer more products with terms that are favorable to them, according to the ABA Foundation's 2021 Older Americans Benchmarking Report.
 
Data Center, Inc. (DCI)
Western Union Business Solutions
One in 10 American workers have quit their jobs since spring—fueling upheaval in the labor market and presaging big changes in workplace practices.
 
A Cleveland Fed report finds that—despite consolidation—bank branch proximity has remained stable and, in some cases, improved.
 
Meet newly elected ABA Chair Scott Anderson. On the podcast, Anderson discusses his goals for ABA during his chairmanship and his perspective on being “creatively entrepreneurial” as a banker.
 
Jack Henry & Associates, Inc.®
Evolve and Adapt to Your Customers' Needs With Innovative Technology
For generations, banks have remained at the center of people’s financial lives. As technology continues to progress, evolving and adapting with that technology is critical to your institution’s success. Your customers need you to understand their needs and guide them with individualized digital experiences. By doing so, you’ll not only deliver an exceptional customer experience but strengthen connections with your customers, too.
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Policy News
In a statement for the record shared ahead of a House Financial Services subcommittee hearing on cyber threats and consumer data, ABA offered support for legislation that “closes regulatory gaps that put the financial system and consumers at risk.”
 
In a statement for the record submitted for a House Financial Services Fintech Task Force roundtable on “buy now, pay later” fintech products, ABA emphasized that banks are committed to providing safe credit including through BNPL products “that have appropriate consumer protections.”
 
The Financial Stability Board has provided an update on its efforts to enhance the resilience of the nonbank financial intermediation, or shadow banking, sector.
 
Wolters Kluwer Financial Services
Capco
Acting Comptroller of the Currency Michael Hsu warned that the “rebundling of banking services by fintechs and the fragmented supervision of universal crypto firms pose significant medium- to long-term risks to consumers, businesses and financial stability.”
 
In a highly anticipated report, President Biden’s Working Group on Financial Markets—in conjunction with the FDIC and the OCC—examined potential risks and regulatory gaps around stablecoins, and offering recommendations for mitigating these risks.
 
The FDIC announced that it is creating a new office to support its engagement with mission-driven banks, including minority depository institutions and community development financial institution banks.
 
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Training

November 8 - March 11, 2022
Facilitated Training: General Accounting

November 14 - 17
Conference: Agricultural Bankers Conference
Duke Energy Convention Center, Cincinnati, OH

November 16
Webinar: Bank Trends in Safeguarding Seniors' Financial Lives

November 18
Webinar: ESG Investing: How to Support Clients in Socially Responsible Investing

November 29 - December 17
Facilitated Training: Building Customer Relationships

December 2
Webinar: Recent Developments in 2021 for Estate and Trust Administration

December 6 - April 1, 2022
Facilitated Training: Analyzing Financial Statements

December 7
Webinar: 401(k) Plan Administration – Is There an Easier Way?

December 16
Webinar: Risk Management: Takeaways From 2021 and What to Watch for in 2022

 
 

 

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