ABA Banking Journal
August 25, 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
Reinforcing employee cyber risk awareness is as critical to the maturity of your program as the products in your cyber tool set.
 
In light of the August 2023 downgrade by Moody’s of several U.S. banks, as well as commentary by Fitch Ratings on the banking sector, ABA’s Office of the Chief Economist is providing a brief assessment of the rating agency comments and highlighting critical flaws in some of the assumptions impacting their analyses.
 
Small-business owners’ concerns about the health of their bank have eased significantly in recent months, with more than half saying they are not concerned at all, according to a new survey of small-business attitudes about banking by the National Federation of Independent Business.
 
Data Center, Inc. (DCI)
Raymond James & Associates
The role of the bank marketing function is continuing to evolve to become more critical to overall enterprise, according to a new ABA survey of bank marketers. However, a considerable gap still exists between the broad and growing responsibilities of the function compared to how marketing is measured and evaluated. 
 
Banks are taking steps to reexamine their relationships with depositors, borrowers.
 
Consumers believe supply-side issues were the most important factors driving the pandemic-era surge in inflation, according to a recent Liberty Street Economics blog post.
 
Jack Henry & Associates, Inc.®
A Digital vs. Traditional Account Opening Experience
Attracting new accountholders and staying competitive demands effective origination beyond the four walls of your branch. Rather than replicating analog processes online, reimagine a new accountholder experience with technology that minimizes friction, boosts fully funded accounts, prioritizes digital convenience, and enhances your accountholder experience through a digital-first lens.
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Policy News
Two recent policy developments could fundamentally alter banks’ Community Reinvestment Act programs, and policymakers should avoid finalizing proposed changes to the CRA rules until these issues are resolved, ABA and the Bank Policy Institute said in a letter to regulators.
 
Nearly two dozen lawmakers from both political parties have signed on as cosponsors to ABA-backed legislation that would make it easier for farmers, ranchers and rural families to access affordable real estate credit.
 
A proposed interagency rule to regulate the quality of algorithmic models used in real estate valuations would likely overburden — and therefore discourage — the very technology it is seeking to regulate, ABA said.
 
Jack Henry & Associates, Inc.
Capco
ABA urged the ISSB to focus on the development of resources and coordination of industry-specific activities related to implementing recently released corporate disclosure standards on general sustainability and climate-related issues.
 
The Securities and Exchange Commission announced it would reopen public comment for a proposed rule that seeks to enhance protections of customer assets managed by registered investment advisers.
 
Bipartisan legislation to create a neighborhood homes tax credit would address the needs of families throughout the country who are struggling to purchase homes as costs continue to rise and the supply of homes remains limited, ABA said in comments to committee leaders in the House and Senate.
 
United States of America National Veterans Legal Service®
Notice of Proposed Class Action Settlement in PACER Fees Class Action
If you paid fees to access federal court records on PACER at any time between April 21, 2010 and May 31, 2018, a proposed class action settlement may affect your rights.
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