ABA Banking Journal
March 10, 2023

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.

Industry News
Back with a vengeance: The challenges of check fraud
Understanding the rules surrounding returns is more important than ever, as the number of fraud cases skyrockets.
 
Top 10 strategies for practicing allyship during meetings
Women win because their ideas are heard, allies win because they’re seen as inclusive leaders and banks win because with more ideas on the table, innovation will soar.
 
Report: Banks remain stable amid economic turbulence
Financial conditions have tightened since June 2022 and are significantly tighter than a year ago, and while banks have seen some slowdown in revenue growth, the sector remains strong overall, the Federal Reserve said in its semiannual Monetary Policy Report to Congress.
 
Data Center, Inc. (DCI)
Raymond James & Associates
Practical data privacy compliance amid regulatory swirl
With more than 130 data protection regulations already in place, achieving and maintaining privacy compliance has become one of the most challenging imperatives in business today.
 
Data privacy part 2: A patchwork of state laws
While the focus of each state has a unique flavor with varying eligibility thresholds, banks should consider some common threads.
 
Survey: Businesses see growth potential in newer payments systems
Financial leaders in business and government expect contactless cards and digital wallets to continue growing in popularity over the next two years, with many believing that offering newer payment options will be a differentiator for their operations, according to a new survey by U.S. Bank.
 
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
Final set of SECURE Act implementing revisions to Form 5500 released
The U.S. Department of Labor recently issued its third set of finalized forms revisions to Form 5500 (Annual Return/Report of Employee Benefit Plan) and Form 5500-SF (Short Form Annual Return/Report of Employee Benefit Plan).
 
ABA responds to IRS guidance on stock buyback excise tax
Responding to initial IRS guidance on the provision for stock buyback excise taxes within last year’s Inflation Reduction Act, ABA recommended that one-year carryforward and carryback periods should be granted for net preferred stock issuances.
 
House Republicans seek answers on CFPB’s credit card fee rule
A proposal by the CFPB to limit credit card late fees would have negative economic consequences for consumers and the agency needs to explain the process it used to draft the rule, Rep. Andy Barr (R-Ky.), House Financial Services Committee Chairman Patrick McHenry (R-N.C.) and 16 House Republicans said in a letter to the agency.
 
Jack Henry & Associates, Inc.
Capco
Climate financial risk advisory group holds first meeting
Taking climate change into account is prudent risk management, Treasury Secretary Janet Yellen said during the inaugural meeting of the Climate-related Financial Risk Advisory Committee
 
Gruenberg: Rising interest rates could cut into bank profitability
The current interest rate environment has had “dramatic effects” on the profitability and risk profiles for banks’ funding and investment strategies, FDIC Chairman Martin Gruenberg said recently.
 
Lawmakers raise concerns about balance sheet treatment of crypto custody assets
Rep. Patrick McHenry (R-N.C.) and Sen. Cynthia Lummis (R-Wyo.) asked the banking agencies for clarification regarding an April 2022 staff accounting bulletin issued by the Securities and Exchange Commission.
 
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Training

March 13 - May 19
Facilitated Training: Introduction to Mortgage Lending

March 15
Webinar: Model Risk Management for Asset/Liability Management and Liquidity Modeling

March 15
Webinar: Addressing Check Fraud: Exploring Tools to Protect Your Customers

March 16
Webinar: Preparing for Always-On Operations with the FedNow Service

March 16 - April 17
Virtual School: Virtual Financial Statement Analysis Workshop

March 20 - 22
Conference: Washington Summit
Marriott Marquis, Washington, DC

March 20 - 23
School: Compliance School – Intermediate
Emory Conference Center, Atlanta, GA

March 20 - 24
School: Compliance School – Foundational
Emory Conference Center, Atlanta, GA

March 20 - 24
School: Wealth and Trust School Level 2
Emory Conference Center, Atlanta, GA

March 20 - April 14
Facilitated Training: Marketing Management

March 20 - April 21
Facilitated Training: Managing the Bank's Investment Portfolio

March 20 - May 26
Facilitated Training: Legal Foundations in Banking

March 21
Webinar: Rethinking Retirement in a Dynamic Environment

March 23
Webinar: The Deposit Difference

March 28
Webinar: CECL is Finally Here – Final Tips for Banks in their Transition

March 29
Webinar: Sharpen Your Competitive Edge with Farmer Mac

April 6
Webinar: The ABCs of Funding Education — for This Generation and the Generations to Come

 
 

 

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