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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.
Following the pandemic, there was a notable shift in the share of small businesses reporting they were not interested in credit. The share increased from just over 50 percent on average in the decade preceding the pandemic to slightly more than 60 percent over the past few years. However, this is not the first time such a shift has been observed.
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The FDIC released guidance this month aimed at community banks that emphasizes banks’ responsibility to operate in a safe and sound manner when engaging with third-party firms.
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The debit card “is still king” when it comes to overall customer use and satisfaction, according to a new survey by J.D. Power. The survey found that 72% of customers say they use a debit card at the point of sale, which was higher than other payment options, such as cash, credit cards and digital wallets.
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In a recent survey of ABA bank marketers, CRM usage was ranked as the most used marketing technology tool by responding banks. However, half of those banks who have deployed CRM platforms reported that it has not been utilized to its full potential.
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Data-driven personalization is a strong enabler for banks to engage account holders while enhancing their satisfaction, loyalty, retention and profitability.
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The ABA Foundation announced recently that DeKalb, Mississippi-based Commercial Bank became the 1,000th bank to participate in its free financial education programs. The foundation offers four national programs to help banks support the financial well-being of their customers and communities.
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The Federal Reserve’s proposal to lower debit card transaction interchange fees for the first time since 2011 is drawing cheers from the retail industry lobby — and jeers from a wide swath of the rest of the American public.
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While the Office of the Comptroller’s recovery planning guidelines currently apply to banks with at least $250 billion in assets, expanding the guidelines to cover banks with at least $100 billion in assets should be on the table, Acting Comptroller of the Currency Michael Hsu said.
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In a recent letter, the ABA shared banker feedback on a Financial Crimes Enforcement Network request for information about the potential consequences of a possible change to the Customer Identification Program rule.
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The ABA urged the Office of Management and Budget to condition renewal of a form that facilitates beneficial ownership information collection on the Financial Crimes Enforcement Agency first increasing its estimated compliance burden on banks.
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The Federal Trade Commission should stay the effective date of a new final rule to ban the use of noncompete clauses in employee contracts while a federal court considers a legal challenge to the regulation, the ABA, 59 national trade associations and hundreds of state and local business groups said last week in a joint letter to the agency.
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The Federal Housing Administration issued a new policy requiring FHA-approved lenders to report a “significant cybersecurity incident” to the Department of Housing and Urban Development within 12 hours of detecting the incident.
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