In 2020, local business conditions were top of mind for community bankers. This year, the lingering effect of COVID-19 on local economies has created a new concern: historic levels of deposits and narrow net interest margins.
In a statement for the record shared ahead of a House Financial Services subcommittee hearing on consumer access to personal financial data tomorrow, the American Bankers Association emphasized that it fully supports customers’ ability to access and share their financial data in a secure, transparent manner that gives them control.
As the COVID-19 pandemic has continued the push for more technology in banking, one of the people working to help banks digitize has been ABA SVP and senior counsel for contracts and technology Tom Greco, who was recently profiled in an article for Vanguard Law Magazine.
In a letter to the Basel Committee on Banking Supervision today, the American Bankers Association said that the global financial system will benefit from the transparency of supervised financial institutions’ involvement in the cryptoasset market, rather than risking driving the market outside the banking system.
The Federal Reserve today published a paper highlighting how community banks can partner effectively with fintech companies.
Banks of all sizes are hearing from many customers that they want exposure to the fast-growing but volatile cryptocurrency market. Vast Bank recently became the first nationally chartered, FDIC-insured bank to offer crypto banking.
The federal banking agencies today released a guide to help community banks asses risks when considering partnerships with fintech companies.
Despite the pandemic, the FDIC has not lost sight of its forward-looking initiatives, FDIC Chairman Jelena McWilliams said today during the Texas Bankers Association annual convention.
In a joint letter to Senate Intelligence Committee leaders today, ABA and two financial trade groups said that several provisions in the Cyber Incident Notification Act of 2021 conflict with cybersecurity requirements already in place for financial institutions.
The FDIC today announced another “tech sprint” to evaluate how well banks can withstand a major disruption of any kind—from natural disasters to cyber incidents.