The federal banking agencies rescinded existing risk management model guidance and replaced it with revised principles that they said better account for a financial institution’s size and complexity. ABA applauded the revisions, noting that banks' use of AI...
The CFPB's new focus on reversing regulatory overreach and reducing unnecessary regulatory burdens will help make financial services more affordable and accessible for consumers, ABA said in response to the bureau’s draft strategic plan.
Overall, generative AI adoption remains widely uneven across the workforce.
In a new letter to the Financial Accounting Standards Board related to implementation issues of the Current Expected Credit Loss accounting standard, ABA emphasized that “a consistent message has emerged: for community banks, CECL costs far outweigh its...
Federal Home Loan Bank members should be allowed to use short-term FHLB letters of credit to secure advances through the Federal Reserve’s discount window, the Council of FHLBs suggested in a recent letter to FHFA Director Bill Pulte.
Industrial production dropped 0.5% in March from the previous month, the Federal Reserve reported. The March figure was up 2.4% from a year prior.
