ABA Banking Journal
September 6, 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.

Jack Henry & Associates, Inc.®
7 Benefits of Embracing Digital Transformation
For traditional banks, the imperative to modernize digital offerings is not just about staying relevant. It’s about survival. Your accountholders aren’t the only ones affected by outdated back-office processes and technology – your bank’s support teams also struggle, resulting in decreased morale and higher employee turnover rates. Consider seven benefits that come from providing a modern digital banking experience in this new article.
Read the Article
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Industry News
A series of tax cuts that are poised to expire next year should be on the radar of banks of all sizes.
 
Financial Institutions hold vast amounts of sensitive customer data, manage substantial funds, and operate in an ever-expanding digital environment, making them a prime target for threat actors.
 
Music is still part of bank marketers’ tool kits, but in new ways. “Jingles are dated, walk the fine line between cringy and cool and most marketers, especially in banking, are focused on ROI and data more than branding and creative style jingle marketing,” says John Oxford, chief marketing officer at $17.4 billion Renasant Bank.
 
Data Center, Inc. (DCI)
Raymond James & Associates
A program that has boosted the career prospects of 3,000 and involves 50 institutions. 'It's ok to not know things and learn.'
 
As Generation Z enters the workforce, companies are grappling with how to cater to their remote preferences and entrepreneurial spirit.
 
You’ve heard it many times: Millennials want financial education. What’s not talked about nearly as often: How to help millennials provide valuable financial education to their own children.
 
Jack Henry & Associates, Inc.®
Cybersecurity defense-in-depth using AI and ML
Vital for safeguarding your financial institution from cyber threats, defense-in-depth provides multiple layers of security that can help prevent a cyberattack – ensuring your system is protected and secure even if one layer is breached. When combined, AI and machine learning (ML) empower you with proactive threat intelligence, automate repetitive tasks for quicker threat response, and enhance your ability to predict, prevent, and mitigate cyberattacks.
Safeguard Your Reputation
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Policy News
A proposed rule to establish uniform financial data standards across regulatory agencies is flawed because it failed to consider using CUSIP and ISIN as common identifiers for financial instruments despite their widespread use in the financial system, and because the agencies acted outside their statutory authority in setting a new standard, ABA said.
 
The Consumer Financial Protection Bureau’s proposed interpretive rule governing earned wage access products will discourage banks from offering these products, limiting access to a convenient and potentially free source of small dollar, short-term liquidity, ABA wrote in a comment letter submitted to the CFPB.
 
ABA said it supports a proposal to expand the operating hours of the Fedwire Funds Service to include weekends and holidays, although it urged the Fed to push back the implementation date of the change by one year to 2028.
 
Galileo Financial Technologies
REDI Enterprise Development, Inc.
The Financial Crimes Enforcement Network’s proposed changes to the Bank Secrecy Act program rule requiring financial institutions to establish and maintain risk-based anti-money laundering programs are unlikely to bring about meaningful reform as banks would need to divert resources away from AML efforts into filling out paperwork.
 
The Federal Reserve Bank of Philadelphia announced that President and CEO Patrick Harker will step down on June 30, 2025, in accordance with the Fed’s mandatory age and length-of-service policies. The Philadelphia Fed has retained the executive search firm Spencer Stuart to help find its next president.
 
The Community Development Financial Institutions Fund’s revised application process will make it difficult for many mission-focused CDFI banks to achieve recertification unless further changes are made, according to a joint letter by ABA, Community Development Bankers Association and Independent Community Bankers of America.
 
Servbank®
Superior Subservicing Starts Here
Servbank cares about your customers. We treat them like an extension of you, offering a caring, convenient experience branded with your logo. Our near-instantaneous issue resolution ensures satisfaction across all interactions. We prioritize compliance, providing the regulatory strength expected from a depository institution. Partner with Servbank, the bank subservicer that mitigates exposure and minimizes risk while keeping you compliant. Let us cover you and your customers with exceptional service.
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Training

September 9 - November 8
Facilitated Training: Legal Foundations in Banking

September 10
Webinar: Hot Topics in Sanctions Requirements and Enforcement Actions

September 12
Webinar: ABA Bank Performance Webinar Series: September 12, 2024

September 12
Virtual Conference: Diversity, Equity and Inclusion Summit

September 17
Webinar: Couples and Conflict: Tactics for Identifying and Managing Differences

September 18
Webinar: The 2024 Fraud Landscape Fall Update

September 23 - November 15
Facilitated Training: Introduction to Agricultural Lending

September 24
Webinar: Rising Above the Waters: Ensuring Flood Compliance for Commercial Loans

October 8 - 10
Conference: ABA/ABA Financial Crimes Enforcement Conference

October 14 - 17
School: Risk Management School – Advanced
Emory Conference Center, Atlanta, GA

October 14 - 18
School: Risk Management School – Foundational
Emory Conference Center, Atlanta, GA

October 14 - 18
School: Compliance School – Advanced
Emory Conference Center, Atlanta, GA

October 16
Webinar: 2024 Regulatory Updates and Compliance Challenges - Part 4

 
 

 

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