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This ABA Banking Journal newsletter is a free, twice-monthly supplement to the ABA Banking Journal magazine intended to help you stay on top of industry and policy news.
You can also stay abreast of banking news by visiting aba.com/BankingJournal, home to ABA Daily Newsbytes and other email bulletins.
With the House Ways and Means Committee currently considering a major tax overhaul bill and a Senate bill expected to be introduced any day now, tax reform took center stage on this week’s episode of the ABA Newsbytes Podcast. Other news this week includes a proposal from the Appraisal Qualifications Board that is expected to ease the rural appraiser shortage over time and a recap of the Fed’s latest quarterly survey on bank lending decisions. (ABA Banking Journal)
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The labor market is tightening and turnover is increasing, but banks are planning to grow employment, according to data from the Crowe Horwath LLP 2017 Bank Compensation and Benefits Survey. Crowe, a public accounting, consulting, and technology firm, conducts the annual survey, now in its 36th year. The survey, which compiled data from 375 banks, also shows salary and bonus benchmarks for 263 job positions. (HR Daily Advisor)
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Even the most independent-minded bank needs a framework its board can use to evaluate potential transactions. (ABA Banking Journal)
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President Trump has named Federal Reserve Governor Jerome Powell as chairman of the Fed. Powell first joined the board in 2012 and has played a major role in bank supervision and payments systems activities while on the board. ABA's Rob Nichols congratulated Powell on his nomination. (ABA Banking Journal)
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Senate Republicans on Thursday unveiled a tax reform bill that breaks with the House in significant ways, taking into account various objections from constituents and special interest groups to the House plan. If the House Republican bill was a first draft of tax reform, the Senate bill is the first rewrite. (The Hill)
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The financial agencies’ long-awaited proposal to tailor the Volcker Rule could come in the spring of 2018, Acting Comptroller of the Currency Keith Noreika told reporters at an industry conference this week. As to what might be included in the proposal, Noreika said he would like to see the Volcker Rule exempt small banks to the extent possible under the statute. (ABA Banking Journal)
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The Federal Reserve will move soon to bring more transparency to stress testing exercises, Fed Vice Chairman for Supervision Randal Quarles told an industry conference this week. Increasing stress test transparency is a long-standing ABA priority.
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