ABA Banking Journal
April 5, 2024

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.

Federal Reserve System®
What’s next for the FedNow® Service
The FedNow Service launched in July 2023 with 35 financial institutions live on the instant payments network. Today, that number has grown to over 600 financial institutions, with more joining each day.
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Industry News
Understanding how to budget, save, invest, access credit, think about debt, pay taxes and read paychecks is critical to functioning as a productive member of society.
 
Banks can maximize every aspect of the site, and every floor and wall surface of the building, including signage, for visibility, awareness, community traffic and visitor absorption of information.
 
The banking agencies and the Justice Department are shifting how they assess and review bank mergers and acquisitions. ABA's Hu Benton discusses what bankers need to know about potential deals and offers amid the wave of policy changes.
 
Data Center, Inc. (DCI)
Raymond James & Associates
What history tells us about Federal Reserve interest rate decisions in presidential election years.
 
Set aside that annual risk assessment as soon as it is complete, or actively consult it throughout the year?
 
Whether working with an internal team or an external bank marketing agency, always insist on starting with a brief before creating, evaluating and testing.
 
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
Warning that “consumers will lose” if the CFPB’s overdraft proposal is finalized, ABA and 52 state bankers associations urged the CFPB to withdraw it. The proposal would re-classify overdraft as “credit,” despite Congress’ determination 50 years ago to the contrary, and would permit financial institutions to offer overdraft under the existing Regulation E framework only if their overdraft fee is below a “breakeven” fee or a “benchmark” fee set by the agency. 
 
A federal judge in Texas on Friday issued a preliminary injunction against enforcing new rules implementing the Community Reinvestment Act in a lawsuit brought by the American Bankers Association and other business groups.
 
Banking regulators are no longer seeing the liquidity pressures on banks that they saw following the failure of Silicon Valley Bank last year, Federal Reserve Vice Chairman for Supervision Michael Barr said.
 
Galileo Financial Technologies
REDI Enterprise Development, Inc.
A new U.K. regulation requiring banks to reimburse customers for losses resulting from push payment fraud “deserves greater discussion and debate” in the U.S., particularly when the fraud is powered by artificial intelligence, Acting Comptroller of the Currency Michael Hsu said.
 
The Department of Labor finalized its proposed amendments to prohibited transaction class exemption 84-14, better known as the QPAM exemption.
 
Recent proposals to reform the regulatory approval process for bank mergers and acquisitions may actually make the problem worse, as policymakers have put improving the speed for reaching decisions on merger applications “lower on the list of priorities,” Federal Reserve Governor Michelle Bowman said.
 
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Training

April 5
Webinar: ABA Economic Insights Series: State of the Economy, April 5, 2024

April 8 - May 31
Facilitated Training: Managing Interest Rate Risk

April 10
Webinar: MRM Insights: Five Key Model Risk Management Priorities for 2024

April 11
Webinar: How Generative AI Can Be Used in Banking Risk and Compliance

April 15 - 17
Conference: American Mortgage Conference
Marriott Savannah Riverfront, Savannah, GA

April 16
Webinar: Building & Restoring Trust Through Community Conversations

April 17
Webinar: Seacoast Bank’s Recipe for Growth and Transformation

April 17
Webinar: 2024 Regulatory Updates and Compliance Challenges – Part 2

April 20 - 21
School: Financial Statement Analysis Workshop
Southern Methodist University, Dallas, TX

April 21 - 26
School: Commercial Lending School – Foundational
Southern Methodist University, Dallas, TX

April 21 - 26
School: Commercial Lending School – Advanced
Southern Methodist University, Dallas, TX

April 21 - 26
Virtual School: Wealth and Trust School Level 1

April 23
Webinar: What Every Advisor Needs to Know to Be Successful

 

 
 

 

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