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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.
Despite the high stakes, more than half of boards and CEOs are not confident their succession planning is adequate.
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Banks are experiencing an epidemic of identity scamming. In 2023, the Federal Trade Commission reported a 14 percent increase in fraud losses compared to 2022 with imposter scams accounting for nearly $2.7 billion of the more than $10 billion in annual losses attributed to fraud.
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Financial institutions face a challenge in effectively conveying to consumers fraud warnings and helping consumers better understand how scams play out, according to a recent report on payment scams authored by the Government Accountability Office.
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So-called “digital twins” are dynamic, virtual replicas of complex systems. Organizations often use them for scenario planning because they blend real-world elements with simulations and a constant flow of data, helping evaluate the consequences of different decisions.
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While banks may have turned more judicious in terms of overall branch-capital allocations, they wisely continue to maintain investment levels in top-tier markets.
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Banks reported tighter standards for both commercial and industrial loans and commercial real estate loans during the second quarter of 2024, although demand for C&I loans remained unchanged while demand for CRE loans weakened, according to the Federal Reserve’s senior loan officer opinion survey.
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The ABA joined the Independent Community Bankers of America and 75 state bankers associations in urging the Federal Communications Commission to discontinue its requirement that banks obtain certain types of Weiss safety ratings to be eligible to provide a letter of credit to telecommunications provider recipients of the FCC’s Rural Digital Opportunity Fund.
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The Consumer Financial Protection Bureau’s new compliance deadlines for its Section 1071 small-business data collection rule will help avoid confusion and unnecessary burden and ensure that data are collected consistently across financial institutions, the ABA said in a letter to the bureau.
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At least 35 states have taken up proposed bills on cryptocurrency and other digital assets in 2024, with several states adopting laws on issues ranging from crypto mining to banning the use of a central bank digital currency, according to a new analysis by the National Conference of State Legislatures.
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A Consumer Financial Protection Bureau public inquiry into so-called “junk fees” associated with mortgage closing costs mischaracterizes the fully disclosed and required fees charged by mortgage providers, the ABA and nine associations said in a joint letter to the bureau.
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During a recent meeting, Deputy Secretary of the Treasury Wally Adeyemo urged the leadership of the 11 Federal Home Loan Banks to do more to support the development of affordable housing, the Treasury Department said.
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As the Office of the Comptroller of the Currency considers changes to banks’ recovery planning requirements, they should tailor such requirements to banks’ distinctive business models and risk profiles, the American Bankers Association and Bank Policy Institute said in a joint letter.
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