The chip is key to the security of new EMV cards, ABA SVP Jess Sharp said in an American Banker op-ed yesterday rebutting claims that chips should always be paired with PINs instead of signatures for verification.
ABA yesterday offered several recommendations for improving the FDIC’s proposed survey on small business lending.
ABA in a comment letter yesterday to the Bank for International Settlements voiced its support for three of the four recommendations made by BIS’ report on correspondent banking to improve the cross-border payments marketplace, but said that the report ultimately failed to address the central issue of excessive regulatory burden leading to the termination of correspondent banking relationships.
Following three months of no-significant change, the NFIB Small Business Optimism fell 1.3 points to 94.8 in November. Only one of the ten index components posted a gain on the month, while six components posted losses. Labor market conditions remained consistent during the month of November, as 55 percent of business owners reported hiring or
Consumer credit increased in October at a seasonally adjusted annual rate of 5.5 percent, rising to $3.51 trillion. Revolving credit rose at an annual rate of 0.2 percent to $924 billion, and non-revolving credit increased at an annual rate of 7.4 percent to $2.59 trillion. Total outstanding consumer credit increased $16.0 billion, down from last
With FASB’s recent announcement of a 2019 effective date for their CECL impairment accounting standard, Fintellix Solutions and Ardmore Banking Advisors have released a white paper: “Effective CECL Adoption Timelines Confirmed: Expected Cost of Implementation.”
The administrative committee of ABA’s Government Relations Council convenes today in Washington for its fall meeting.
The House Financial Services Committee will meet tomorrow to consider several bills, including the ABA-advocated H.R. 2205, which would establish a national data security and breach notification standard for financial institutions and retailers and is part of ABA’s Agenda for America’s Hometown Banks.
President Obama on Friday signed a long-term highway bill that included several regulatory relief provisions long advocated by ABA.