Conduct issues have driven some of the most significant enforcement actions, including those affecting the reputation of the industry, both in the United States and around the world. As regulators and bankers take a close look at conduct risk, the ABA Banking Journal Podcast welcomes the global head of conduct risk at Credit Suisse.
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According to a recent survey of community bankers, cybersecurity was the highest-rated risk concern, with over 96% of community bank CEOs reporting that they considered it an important or very important risk factor for their bank.
How can community banks make wealth management a profitable part of their strategy? At Canandaigua National Bank and Trust in New York, 45% of non-interest income—and 15% of the bank’s total revenue—comes from wealth management, says EVP Sam Guerreri.
Next week, the House is expected to vote on two ABA-backed, bipartisan bills to modernize the anti-money laundering/Bank Secrecy Act regime. The House vote continues what has been a busy fall on BSA reforms.
“Our customers are our most valuable asset,” says Dan Robb, president and CEO of Jonesburg State Bank. “When we see them having trouble getting credit because of regulations that have been put into place, we have to voice that to Congress.”
“There are so many ways we can bring banking to people,” says Ryan James, president and CEO of Surety Bank in Deland, Fla. “Community is not bound by geography. I look at community as shared interest.”
On Sept. 25, the House passed a landmark cannabis bill: the ABA-backed SAFE Banking Act, which would provide clarity to financial institutions seeking to serve legitimate marijuana businesses.
Since the ABA Banking Journal Podcast last checked in on the Current Expected Credit Loss standard—which is coming into effect for many banks and the vast majority of bank assets on Jan. 1, 2020—there have been several key developments.
The mindset of bank compliance officers is shifting to focus on how they can support product innovation and change management, applying their expertise in regulations and process management ultimately to accelerate the innovation process.
Allison Schrager’s career as an economist and journalist seeking to understand financial risk has taken her from Kentucky stud farms and surfing conventions in Hawaii to cruise lines in Florida and the world of the New York paparazzi.