ABA Banking Journal
September 22, 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.

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Industry News
On the latest episode of the ABA Banking Journal Podcast, two bank leaders explore how the ERGs provided by ABA for bankers to benefit from this kind of resource at banks that may not be large enough to host an ERG in-house.
 
Whether sponsoring large-scale events or supporting local-level initiatives, banks can strengthen their brand presence and attract new customers while demonstrating a genuine commitment to the well-being of their communities.
 
Prices for both consumers and producers increased again in August, according to the latest CPI and PPI readings from the Bureau of Labor Statistics.
 
Data Center, Inc. (DCI)
Raymond James & Associates
The bank compliance function stands on the brink of fundamental change driven by digital technology. This transformation has already begun and is likely to accelerate sharply as generative AI drives new thinking about both the compliance challenges and the compliance solutions of the future.
 
ABA announced the recipients of its annual Bruning and Blanchfield Awards, the association’s premier awards presented for significant contributions to agricultural banking.
 
Information provided by Federal Reserve and FDIC regulators can reduce the likelihood of depositors pulling their money following a bank run, but that same information coming from politicians is likely only to affect their electoral base, according to a new analysis.
 
Jack Henry & Associates, Inc.®
A Digital vs. Traditional Account Opening Experience
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Policy News
The House Financial Services Committee advanced legislation that would increase congressional oversight of the FinCEN and prohibit the Federal Reserve from issuing a central bank digital currency.
 
A bipartisan group of senators introduced a new version of a bill to enable financial institutions to serve legitimate cannabis businesses in states where it is legal.
 
In a letter to Senate leaders, ABA expressed support for a proposed resolution of disapproval seeking to overturn the CFPB’s final rule implementing Section 1071 of the Dodd-Frank Act.
 
Jack Henry & Associates, Inc.
Capco
ABA offered recommendations to improve proposed interagency guidance for how financial institutions may incorporate reconsiderations of value, or ROV, processes for residential real estate valuations into established risk management functions.
 
Artificial intelligence could cause larger changes in the U.S. financial system than the social media-fueled Silicon Valley Bank run, Senate Banking Committee Chairman Sherrod Brown (D-Ohio) said during a committee hearing on the use of AI in the financial services sector.
 
The Treasury Department published a set of nine voluntary principles to promote consistency among financial institutions that have made commitments to reduce greenhouse gas emissions through their financing and investment decisions.
 
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