ABA Banking Journal
October 4, 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.

Industry News
Cost of funds shoots to top of community bankers’ concerns in 2024
Amid persistent inflation and core deposit competition, community bankers expand their pools of funding sources.
 
Podcast: When going through a core conversion pays off
Most bankers dread the thought of a core conversion, but once that decision is made, the process can open up new opportunities for strategic growth. On this episode of the ABA Banking Journal Podcast, Webster Five CIO Kate Megraw discusses her bank’s conversion and what she learned. 
 
Workplace banking: A multiplier for new-account sales 
Bankers are continually seeking venues to bolster new-account growth. And in those efforts, a simple truth of mathematics always holds: More is greater than less. So where can bankers find opportunities to accrue accounts in multiples? One option lies in workplace banking, where a bank creates an offering tailored to the employees of a specific company.
 
Data Center, Inc. (DCI)
Raymond James & Associates
Coming together to address cyber challenges
ABA's partnership with the Treasury Department and Financial Services Sector Coordinating Council aims at serious threats.
 
Bank Community Engagement: Protecting teens from financial scammers
Open communication and education with real examples are the best steps in demonstrating that scams and fraud can happen to anyone.
 
Survey: How bank marketers are using data analytics
While more bank marketers use data analysis in decision-making and planning, challenges and obstacles remain.
 
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.
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Policy News
ABA letter: Claims of bank ‘windfalls’ from Fed raising rates is misleading
A recent analysis by the United Kingdom’s Financial Times claiming that two and a half years of Federal Reserve rate hikes produced a “windfall” for U.S. banks is misleading and falls short of what readers expect from the newspaper, ABA Chief Economist Sayee Srinivasan wrote in a letter to the editor.
 
ABA, associations: FHFA pushing Federal Home Loan Banks away from providing liquidity
Recent actions by the Federal Housing Finance Agency suggest it is seeking to reduce the Federal Home Loan Banks’ role as a key liquidity source for banks and may be ignoring the will of Congress in the process, the ABA and 52 state bankers associations wrote in a letter to the agency.
 
CFPB warns against collection of ‘legally invalid’ medical debt
The Consumer Financial Protection Bureau issued an advisory opinion “to remind debt collectors” that they are prohibited from collecting “inaccurate or legally invalid medical debts” and that they cannot use false or misleading tactics. The advisory is part of a broader push by the Biden administration on the issue.
 
Fed’s Bowman: Regulators should revisit supervisory thresholds for banks
Regulators should rethink whether the current supervisory thresholds for banks remain adequate or whether those metrics should be instead be based on a bank’s business model, activities and risk profile, Federal Reserve Governor Michelle Bowman said at a recent community banking conference in St. Louis.
 
Galileo Financial Technologies
REDI Enterprise Development, Inc.
Fed’s Cook calls for consensus in AI regulation
Federal Reserve Governor Lisa Cook called for a consensus to be reached in the regulation of artificial intelligence, which she sees as poised to have a “substantial effect” on U.S. and global markets. In a speech at a Fed event in Atlanta, Cook said she anticipates an increase in productivity because of AI.
 
HUD to propose longer timeline for reporting cybersecurity incidents
The U.S. Department of Housing and Urban Development has released a draft mortgagee letter that proposes extending from 12 to 36 hours the deadline for lenders to report cybersecurity incidents to HUD.
 
OCC weighs in against Illinois interchange law in rare amicus brief
The OCC submitted an amicus brief supporting the American Bankers Association, the Illinois Bankers Association and others’ request for a preliminary injunction against an Illinois state law restricting interchange fees.
 
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Training

October 6 - 8
Conference: Bank Marketing Conference
Hyatt Regency Chicago, Chicago, IL

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

October 10
Webinar: DEI Open Forum October 2024

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

October 14 - 17
School: Advanced Wealth & Trust School
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 14 - 18
School: Wealth & Trust School Level 1
Emory Conference Center, Atlanta, GA

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

October 16
Webinar: Why Banks Are Banking on Identity

October 17
Webinar: Navigating the New Search Landscape: Google SGE/AI Impact on Banks

October 21 - November 15
Facilitated Training: Marketing Management 

October 22
Webinar: Unmasking Deepfakes: Preventing AI-Driven Deepfake Fraud at Your Bank

October 23
Webinar: Mitigating Loss: Understanding the Fraud Triangle

October 27 - 29
Conference: ABA Annual Convention
New York Hilton Midtown, New York, New York

 
 

 

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