Author Archives: Kate Young

ABA Urges Flexibility for Investment Fund Reporting

In a comment letter last week, ABA offered feedback on the CFA Institute’s proposed changes to the Global Investment Performance Standards, a voluntary disclosure regime for investment managers. GIPS disclosures are used by some banks to report on the investment performance of bank-sponsored collective investment funds. The proposed amendments, known as GIPS 2020, would go into effect January 1, 2020 ...

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OCC Revises Guidelines for Recovery Planning

The OCC yesterday announced revisions to its guidelines on recovery planning for the large financial institutions it regulates. Specifically, the agency has increased the threshold at which banks are covered by the guidance from $50 billion to $250 billion, and it has decreased the time within which a bank should comply with the guidelines from 18 to 12 months. The ...

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ABA Recommends Revisions to FDIC Unbanked Survey

In a comment letter filed before the holidays, ABA voiced support for the FDIC’s National Survey of Unbanked and Underbanked Households and offered recommendations for ways the survey questions could be improved in 2019. Specifically, ABA agreed with the FDIC’s inclusion of prepaid cards in a survey question about consumers’ experiences with bank accounts, noting that “functionally, prepaid accounts vary ...

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FDIC Seeks Public Comment on Brokered Deposit Regulations

In a move long sought by ABA, the FDIC today issued an advanced notice of proposed rulemaking on brokered deposits and the national rate cap. ABA has been actively engaged with the FDIC on the need to revise the regulations so that they accommodate modern banking and don’t discourage healthy banks from gathering deposits. Written over 30 years ago, brokered deposit ...

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Gallup Poll: Quarter of Americans Victimized by Cybercrime

According to Gallup’s annual crime survey released today, 23 percent of Americans report that they or someone in their household had personal, credit card or financial information stolen by computer hackers in 2018. This reading is consistent with 2017 survey responses showing that 25 percent of Americans had experienced cybercrime. Of the nine types of criminal activity named in the ...

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FS-ISAC Names Steven Silberstein as New CEO

The Financial Services Information Sharing and Analysis Center today named Steven Silberstein as its new president and CEO. FS-ISAC is a nonprofit member-driven organization focused on the resilience and continuity of the global financial services sector. Silberstein joins FS-ISAC from BlueVoyant, a global intelligence firm where he was COO. Prior to that, he served as CEO of Sheltered Harbor, an ...

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ABA Recommends Improvements for FDIC Communications

In a comment letter today, ABA urged the FDIC to make its communications more effective, streamlined and clear by distinguishing critical information and eliminating duplication. ABA also recommended that the FDIC update its communications platforms and data reporting — and limit the use of Financial Institution Letters to communicate only important supervisory and regulatory information. These comments were submitted in ...

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Household Debt Continues Climb

Outstanding household debt increased by 1.6 percent in the third quarter of 2018, rising by $219 billion to land at $13.51 trillion, the Federal Reserve Bank of New York reported today.

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ABA Proposes Solutions to Critical Issues with Deposit Recordkeeping Rule

Following a recent meeting with FDIC Chairman Jelena McWilliams, ABA today sent a letter to the FDIC calling on the agency to address three critical issues related to its deposit recordkeeping final rule. The 2016 rule requires banks with more than 2 million deposit accounts to upgrade deposit recordkeeping systems to facilitate determination of FDIC-insured deposits should they fail. As ...

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