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3 days ago | 
bankingjournal.aba.com | Walt Williams
By Walt WilliamsAt a time when “buy local” resonates with many consumers — particularly younger consumers — mutual banks believe their nontraditional business model is their strongest selling point. However, reaching and educating consumers about what sets mutual banks apart from other financial institutions remains a challenge for the sector.
HEAR THIS: Listen to Gregg Tewksbury and Lori Dufficy discuss Mutuals Matter on an episode of the ABA Banking Journal Podcast from December.
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2 weeks ago | 
bankingjournal.aba.com | Walt Williams |Walt Williams
ABA, the Texas Bankers Association and other plaintiffs announced they have reached an agreement with the CFPB to end a lawsuit over changes to the bureau’s UDAAP exam manual.
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1 month ago | 
bankingjournal.aba.com | Walt Williams
Nearly nine in 10 Americans with a bank account (89%) say they are “very satisfied” or “satisfied” with their primary bank and 93% rate their bank’s customer service as “excellent,” “very good” or “good,” according to an ABA... Consumer credit decreased at a seasonally adjusted annual rate of 0.2% in February, the Federal Reserve reported.
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1 month ago | 
bankingjournal.aba.com | Walt Williams
The Financial Services Information Sharing and Analysis Center this week released a report to help financial service providers predict the challenges and identify the uncertainties involved in implementing generative artificial intelligence solutions. “Charting the Course of AI: Practical Considerations for Financial Services Leaders” is the latest guidance developed by FS-ISAC’s AI Risk Working Group, a group of AI and cybersecurity experts at financial firms.
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1 month ago | 
bankingjournal.aba.com | Walt Williams
Nearly three in four first-time homebuyers (74%) feel optimistic about the current housing market, with nearly half (47%) saving for a down payment despite concerns about housing affordability, according to a new survey by TD Bank. The bank’s survey of first-time homebuyers found that a large majority believe their personal financial situation is stable and that homeownership is important.
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2 months ago | 
bankingjournal.aba.com | Walt Williams
The Financial Crimes Enforcement Network today announced that beneficial ownership reporting requirements are back in effect after a federal court lifted the remaining nationwide injunction against the Corporate Transparency Act and the BOI reporting rule. The new reporting deadline for most affected businesses is March 21. FinCEN said it will assess its options for further modifying deadlines and provide an update before March 21. The CTA requires covered businesses to report their BOI to FinCEN.
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Feb 13, 2025 | 
bankingjournal.aba.com | Walt Williams
The OCC released economic and financial market scenarios for use in its upcoming stress tests for covered institutions, as required by the Dodd-Frank Act. The Producer Price Index increased 0.4% in January from the previous month, the Labor Department reported. The index showed prices increased 3.5% from a year before.
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Jan 29, 2025 | 
bankingjournal.aba.com | Walt Williams
By Walt WilliamsThere is a saying among risk management professionals that you can outsource the task, but you can’t outsource the risk, according to Jaime Manriquez, CIO and CISO at Santa Cruz County Bank. “At the end of the day, the bank itself or the institution is still going to be responsible and accountable for whatever security breach they may have,” he explains.
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Jan 14, 2025 | 
bankingjournal.aba.com | Walt Williams
The Occupational Safety and Health Administration today issued an interim final rule establishing procedures for investigating complaints by individuals who claim their employers retaliated against them for reporting possible violations of the Bank Secrecy Act and sanctions laws. The interim rule does not apply to bank employees, who are covered by the FDIC’s employee protections. The interim rule implements the anti-retaliation provisions of the AML Act.
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Jan 8, 2025 | 
bankingjournal.aba.com | Walt Williams
Several new faces have joined the House Financial Services Committee for the 119th Congress. The committee will be chaired by Rep. French Hill (R-Ark.), with Rep. Maxine Waters (D-Calif.) remaining ranking member The nonfarm private sector gained 122,000 jobs in December and annual pay was up 4.6% year-over-year, according to the ADP National Employment Report. This follows an unchanged November report of 146,000 jobs.
