Regulators and industry groups ramp up discussions.
By Bill Poquette, Editor-in-Chief
In late August last year, the Office of the Comptroller of the Currency released an Advance Notice of Proposed Rulemaking seeking comment on the best ways to modernize the Community Reinvestment Act. A couple of months later, Comptroller Joseph M. Otting was quoted as saying revising the CRA was the No. 1 reason he was lured to Washington from his post as CEO of OneWest Bank in sunny Southern California.
ABA’s Community Bankers Conference in San Diego
By Alaina Webster
American Bankers Association President and CEO Rob Nichols opened the first General Session of the 2019 ABA Conference for Community Bankers by outlining several key issues facing financial institutions as well as ABA’s policy goals for the coming year.
By David M. Wallace
Trust in banks has declined since the global financial crisis a decade ago. And now the conflicting challenges of both protecting and sharing customer data simultaneously, if not done right, risk further undermining that declining trust.
On the other hand, the opportunity to embed the regulatory requirements as best practices should not be missed. Strong data protections and open banking support will separate successful banks from the stragglers.
Abrigo, a provider of compliance, credit risk and lending solutions technologies for community financial institutions, has opened its annual survey to track the market’s progress, preparation and expected impact of the Financial Accounting Standards Board’s new current expected credit loss standard. The new accounting standard, which the financial services industry has heralded as “the biggest accounting change in banking history,” will go into effect on Dec. 15, 2019, for SEC-filing financial institutions.
Chicago-based BAI, an independent nonprofit that seeks to deliver the financial services industry’s most actionable insights, announced a new compliance training curriculum for nonbanks. This self-paced training courseware of more than 100 courses helps financial services leaders navigate new compliance regulations through tailored learning programs that provide real-world scenarios and context to lessons.