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ABA Banking Journal Podcast
23 minutes | 16 hours ago
How COVID-19 Has Shifted the U.S. Demographic Outlook
Nearly a year into the coronavirus pandemic, demographer Lyman Stone returns to the ABA Banking Journal Podcast to discuss how COVID-19 has reshaped the demographic outlook he provided to Banking Journal readers in early 2020. Stone, who was one of the earliest U.S. analysts to warn about the novel coronavirus starting in late 2019, examines the rise in mortality, the accelerated decline in childbirth and early 2020’s pause on marriages and divorces — and what they might imply for the broader economy.
32 minutes | 8 days ago
The Changing Faces of Wealth Management
From the ongoing generational wealth transfer to new “wealthtech” solutions and investor demands for sustainability and diversity, big changes are happening in the wealth management sector. To help bankers understand these changes, the latest episode of the ABA Banking Journal Podcast — sponsored by NICE Actimize Xceed — features three rising leaders in wealth management that represent the full spectrum of the industry, from independent practices to community banks to large private banking institutions. These three leaders — each of which is being recognized at ABA’s Wealth Management and Trust Conference this week as one of the inaugural class of ABA’s 40 Under 40 in Wealth Management — discuss: What millennial small business owners are looking for as they experience liquidity events. How they’ve pivoted their practices and adopted new technology to accommodate both COVID-19 and changing client desires. Opportunities to educate younger clients and overcome the racial wealth gap. Growing investor demand nationwide for ESG investments in both wealth management and trust banking. Their own career journeys and leadership tips for those entering the wealth management sector. This episode is sponsored by NICE Actimize Xceed.
32 minutes | 15 days ago
Maggie L. Walker's Historic Mission of Financial Empowerment
In 1903, Maggie Lena Walker became the first Black woman to charter a U.S. bank when she opened the St. Luke Penny Savings Bank in Richmond, Virginia, as the bank’s first president. On the latest episode of the ABA Banking Journal Podcast — sponsored by NICE Actimize Xceed — historian Shennette Garrett-Scott tells the story of Walker and her mission to help Black women find financial empowerment and professional career opportunities. Garrett-Scott, the author of Banking on Freedom: Black Women in U.S. Finance Before the New Deal, discusses: How Walker countered impressions that Black women were uniquely risky bank clients. The broader context of African-American banks and what set Walker’s St. Luke Bank apart. The relationships between Black banks and mutual aid societies and fraternal organizations like the Independent Order of St. Luke. How newly professionalized Progressive Era financial regulators threw up hurdles to Black-owned banks and insurers. The St. Luke Bank’s relationships with white-owned banks in Richmond and elsewhere. This episode is sponsored by NICE Actimize Xceed. Additional resources: Read a past Banking Journal feature on Walker as one of nine young bankers who changed America. Read a Wall Street Journal article on Walker’s legacy. View a virtual tour of Walker’s home in Richmond.
23 minutes | 20 days ago
Calvin Coolidge’s Circle of Bankers
A century ago, Calvin Coolidge took office as vice president. When he succeeded to the presidency, he became a rare president with banking industry experience, serving as a lawyer, corporator, trustee and eventually president of a mutual savings bank in Northampton, Massachusetts, for many years. Then, in office, many of his key officials and advisers were also bankers, including Andrew Mellon, Charles Dawes and Dwight Morrow. On this Presidents Day bonus episode of the ABA Banking Journal Podcast — sponsored by NICE Actimize Xceed — Coolidge biographer and bestselling historian Amity Shlaes discusses Coolidge’s personal and professional background, relationships with banks and bankers and how these shaped his economic policy in the 1920s. Read a past Banking Journal excerpt on Coolidge’s banking career. This episode is sponsored by NICE Actimize Xceed.
25 minutes | 21 days ago
How One Community Bank Opens Opportunities for Career Growth
As an early-career CPA, Carissa Rodeheaver began her community banking career as a trust administrator nearly three decades ago. Now, she’s at the same bank, as chairman, president and CEO of Oakland, Maryland-based First United Bank and Trust. On the latest episode of the ABA Banking Journal Podcast — sponsored by NICE Actimize Xceed — Rodeheaver discusses her path to the C-suite and the strategies she employs at First United to provide leadership opportunities to rising generations of community bankers. Rodeheaver also discusses her efforts to bring gender balance to the board at First United and set the right tone from the top. This episode is sponsored by NICE Actimize Xceed.
25 minutes | a month ago
Empowering Bank Employees to Drive Innovation
From offering bitcoin rewards checking to meeting the unique credit needs of gig workers and sole practitioners, Quontic Bank depends on innovative ideas and execution. On the latest episode of the ABA Banking Journal Podcast, sponsored by NICE Actimize Xceed, Casey Christopher talks about how Quontic Bank’s employees deliver that innovation. As possibly the only “chief empowerment officer” in the banking industry, Christopher explains how she helps Quontic’s employees have the resources they need to thrive and deliver results for the bank. This episode is sponsored by NICE Actimize Xceed.
21 minutes | a month ago
A Banker, Turned Software Entrepreneur, Turned Banker
Before returning to banking in 2016 as CEO of Passumpsic Bank, Jim Kisch spent a decade and a half as founder or co-founder of software firms that served the financial industry. On the latest episode of the ABA Banking Journal Podcast — sponsored by NICE Actimize Xceed — Kisch talks about lessons he brought from his tech entrepreneurship career, including lean startup techniques such as Toyota’s “five whys” and focusing on the bank’s “inner space” technology systems to improve efficiency and risk-based pricing. But when Kisch returned to banking, he found that core technology had not evolved much since he’d been a bank CIO earlier in his career. “We had a data center running an identical core platform” to what he was running before,” he says. “There weren’t really many changes to that core platform.” Kisch talks about his work on core evolution at Passumpsic Bank and through his membership on ABA’s Core Platforms Committee. Access resources from ABA’s Core Platforms Committee. This episode is sponsored by NICE Actimize Xceed.
24 minutes | a month ago
Predicting Bank Risk in an Unpredictable Year
What’s top of mind for community bank risk managers in 2021? On the latest episode of the ABA Banking Journal — sponsored by NICE Actimize Xceed — Kristina Schaefer provides an overview of what’s on her radar screen as chief risk officer and general counsel at First Bank and Trust, based in Brookings, South Dakota. Schaefer talks cybersecurity (including the growing risk of social engineering schemes amid banks’ work-from-home environments), credit risk, interest rate risk, fraud and more. A member of ABA’s Emerging Leaders Advisory Board, Schaefer also highlights talent risk as one to watch in 2021 — with more bank employees able to work anywhere, community banks may find out-of-market banks, as well as other companies, competing for their top professionals. Read insights from Schaefer and other bank risk professionals in Top Bank Risks for 2021. Analyze the current state of the industry to keep your bank strong and secure at this critical time of heightened risk at ABA Risk 2021, a virtual event combining ABA’s Risk Management Conference, Insurance Risk Management Forum and Risk Quantification Forum. This episode is sponsored by NICE Actimize Xceed.
25 minutes | 2 months ago
The Year Ahead in Banker Advocacy
On the latest episode of the ABA Banking Journal Podcast — sponsored by NICE Actimize Xceed — ABA Government Relations Council Chair Jim Rieniets outlines policy areas where ABA will focus in 2021. Responding to consumer and business needs through the pandemic remains the top priority, but Rieniets also discusses the outlook for cannabis banking policy, ESG issues and brokered deposits. As president and CEO of Nashville-based InsBank, Rieniets also discusses how InsBank’s technology posture has helped the bank prepare for the COVID crisis, tips for getting involved in bank advocacy and the future of his bank-related filmmaking hobby.
18 minutes | 2 months ago
COVID Vaccines and Viral Variants
On the latest episode of the ABA Banking Journal Podcast — sponsored by NICE Actimize Xceed — ABA SVP Paul Benda provides a COVID-19 situation update. Between spiking case and hospitalization rates, new mutations of the coronavirus and COVID-19 fatigue, “we’re in a very dark period of time,” he says. In this episode, Benda covers: Capacity challenges in many U.S. health-care facilities affecting COVID-19 treatment. The slow pace of U.S. vaccinations and when frontline bank employees might expect to receive one. The growing risk of the so-called United Kingdom and South African SARS-CoV-2 variants, the latter of which may not be prevented by the coronavirus vaccines. Practices banks continue using to protect employees and clients, including face coverings and HVAC filtration. This episode is sponsored by NICE Actimize Xceed.
24 minutes | 2 months ago
2021 M&A Pressures Balanced by Pandemic-Induced Haze
While many expect community bank mergers and acquisitions to resurge in 2021, any impressive percentage growth will be due to the historically low levels seen during the coronavirus pandemic, says Rob Klingler, an Atlanta-based partner at Bryan Cave Leighton Paisner. Expect the 2021 M&A environment to be shaped on the one hand by long-running pressures to sell — including rate compression, succession challenges, liquidity needs and the rising cost of tech investment — balanced on the other hand by concerns about post-pandemic asset quality, the strengths of banks’ core businesses and valuation mismatches. Klingler notes the “underlying tension” between banks’ reserve levels over the past year and the actual performance of their loan portfolios. On the latest episode of the ABA Banking Journal Podcast, Klinger also discusses the growth of virtual due diligence and the importance of face-to-face meetings in negotiating and finalizing deals. Read Klingler's 2021 M&A outlook article.
19 minutes | 3 months ago
One Year Left in the Libor Endgame
The administrator of the London Interbank Offered Rate has made what was expected official: the widely used benchmark will cease publication, with certain Libor tenors ceasing as soon as the end of 2021. With the “Libor endgame” in its final stages, along with a welter of other Libor transition news in recent weeks, ABA VP and ARRC member Hu Benton joins the ABA Banking Journal Podcast to discuss: ICE Libor’s public consultation to cease publication of Libor tenors Supervisory expectations for how banks use Libor in the interim period before the rate ceases What regulators have said about banks’ use of alternative rates to the Secured Overnight Financing Rate, such as Ameribor or commercial paper The adoption of the ISDA protocol on fallback rates for derivatives The importance of educating clients about the Libor transition and what it means for them Resources from the Alternative Reference Rates Committee on SOFR adoption, contract fallbacks and other challenges Additional resources: Resources from the ARRC (contact Hu Benton at email@example.com to join a working group) ABA resources on reference rate transition
27 minutes | 3 months ago
What Recent CCPA Updates Mean for Bankers
The California Consumer Privacy Act, which took effect at the beginning of 2020 and has had both regulatory and statutory amendments since then, has been described as “GDPR for California,” and it has effects far beyond the Golden State as it applies to companies that collect the personal information of California residents, wherever they are headquartered. On the ABA Banking Journal Podcast, ABA VP Kitty Ryan discusses: Circumstances in which CCPA may apply to banks apart from exemptions for data covered by the Gramm-Leach-Bliley Act and the Fair Credit Reporting Act The extent of CCPA’s application outside of California Different compliance approaches banks might take based on their market footprints, business activities and the applicability of exemptions New consumer rights added to CCPA in a successful November 2020 ballot initiative, as well as a newly created California privacy regulator Additional resources: ABA staff analysis of CCPA ABA staff analysis of August 2020 CCPA rules ABA staff analysis of the California Privacy Rights Act, the November 2020 initiative ABA Frontline Compliance Training course on consumer privacy that includes CCPA
25 minutes | 3 months ago
Giving Thanks for Banks in Their Communities
The latest episode of the ABA Banking Journal Podcast continues a pre-Thanksgiving tradition by interviewing the winners of ABA’s 2020 Community Commitment Awards. Each interview explores the winning program or initiative at each bank and provides insights on how they might be implemented or adapted at other banks. These stories present the perfect inspiration as we prepare for the season of thanks and giving. The full episode presents excerpts from each interview. To listen to the full conversation with each Community Commitment Award winner, click on the links below. Affordable housing: Joseph Hernandez, SVP and CRA officer, TIAA Bank, Jacksonville, Florida. Community and economic development: Ira Robbins, president and CEO, Valley Bank, Wayne, New Jersey. Economic inclusion: Tom Kenning, CAO, Alpine Bank, Glenwood Springs, Colorado. Financial education: Kenneth Pabón Astor, coordinator, Finanzas en Tus Manos, Banco Popular, San Juan, Puerto Rico. Protecting older Americans: Lesley Palmer, managing director, community relations, and Casey Waltz, executive director, social media and digital strategy, Mizuho Americas, New York City; and Jeremy Kaplan, executive director, Encore Community Services. Supporting military families: Sammy Stuard, president and CEO, and Charlie Koon, VP and director of military and corporate business development, F&M Bank, Clarksville, Tennessee. Volunteerism: Jim Vaccaro, president and CEO, Manasquan Bank, Wall, New Jersey. Additional resources: Podcast episodes with the ABA Foundation’s 2020 George Bailey Award co-winners, Alex Fennoy and Detra Miller. Read a Q&A with Fennoy and Miller on financial inclusion.
31 minutes | 4 months ago
‘Banking Is Not a Commodity. It’s a Necessity’
For many small businesses, whose owners spend on consumer credit cards and put up personal assets as collateral, the distinction between retail and business banking is blurry. Detra Miller, a veteran of M&T Bank’s retail side, noticed this when working with female and non-white entrepreneurs. On the ABA Banking Journal Podcast’s latest episode, Miller discusses how she pitched M&T Bank on creating a team focused on outreach to minority-owned and women-owned businesses in the Baltimore-Washington area, building bridges to these entrepreneurs and helping them understand banking and access credit. At a moment when the national focus is on financial inclusion, Miller’s work has resonated with its target audience — and been recognized by ABA with the 2020 George Bailey Distinguished Service Award. Additional resources: Read a Q&A with Miller on financial inclusion. Read more about the 2020 ABA Community Commitment Award winners.
29 minutes | 4 months ago
Believing in What Banking Can Do
After a long career as a commercial banker in St. Louis, more than a decade ago Alex Fennoy joined Midwest BankCentre. He helped transform the community bank into one that has won awards—including a 2019 ABA Foundation Community Commitment Award—for its responsiveness to local needs. This year, he was a co-winner of the George Bailey Distinguished Service Award, ABA’s highest individual honor. On the ABA Banking Journal Podcast, Fennoy shares his own career story and discusses how he and Midwest BankCentre have: Pioneered partnerships with local nonprofits and faith-based organizations to expand access to financial services in unbanked areas of the St. Louis region, including co-locating a Midwest BankCentre branch in a historically Black church. Developed a suite of provident small-dollar financial products called “Life Happens” focused on the life needs of low-income families. Additional resources: Read a Q&A with Fennoy on financial inclusion. Read more about the 2020 ABA Community Commitment Award winners. Listen to an ABA Banking Journal Podcast episode with Midwest BankCentre Chairman and CEO Orvin Kimbrough.
23 minutes | 4 months ago
‘Folks Who Are Low-Wealth Also Need Wealth Advisers’
Homeownership, savings and holding down a job are three keys to financial well-being and moving out of generational poverty, so that’s what Southern Bancorp focuses on in its home Mississippi and Arkansas Delta region, one of the nation’s poorest. On the ABA Banking Journal Podcast, Southern CEO Darrin Williams talks about the bank’s high-touch focus on pairing in-depth financial counseling with a Bank On-certified checkless checking account to help reach the unbanked in the Delta. Williams explains $1.6 billion Southern Bancorp’s work as a group of three distinct community development financial institutions. He also discusses its partnerships, which include equity investments from Bank of America, Simmons Bank, BancorpSouth Bank and Regions Bank, among others, and program-related investments from philanthropic organizations and individuals in the mid-South. And as a CEO who entered banking laterally from a career as a lawyer and state legislator, Williams discusses the role of hiring from outside the industry in diversifying the ranks of banking. Additional resources: Bonus clip in which Williams discusses Southern Bancorp’s response to the COVID-19 pandemic and participation in the Paycheck Protection Program. More information about ABA’s call for all banks to offer Bank On-certified accounts.
34 minutes | 4 months ago
With New Justice Barrett, Key Banking-Related Cases Before the Supreme Court
October brings a new Supreme Court term, but October 2020 has not brought only a new term but also a new justice — the third new justice to join the high court in less than four years. On this bonus episode of the ABA Banking Journal Podcast, veteran Supreme Court litigators Sarah Harris, Amy Mason Saharia and Ryan Scarborough join ABA General Counsel Dawn Causey to discuss: How business-friendly different justices — including new Justice Amy Coney Barrett — have been and how their distinct legal philosophies affect their decisions on business matters. How Chief Justice John Roberts’ role as a centrist on the court might be affected by Justice Barrett’s appointment. Key cases the banking industry is watching in the coming term, including cases on the Federal Trade Commission’s restitution authority; Collins v. Mnuchin, which is challenging the Federal Housing Finance Agency’s single-director structure; and Facebook v. Duguid, which covers Telephone Consumer Protection Act issues. Click here for an extended version of this episode, which covers Supreme Court arguments in the era of COVID-19, thoughts on the importance of amicus briefs, court traditions around new justices and memories of the late Justice Ruth Bader Ginsburg.
30 minutes | 4 months ago
Behind the Scenes with a ‘Bank On’ Product
While the FDIC’s latest figures on unbanked Americans show improvement between 2017 and 2019, the headline numbers mask the fact that some demographic categories face substantial disparities in access to mainstream finance. To address this gap, ABA recently encouraged all banks to offer Bank On-certified accounts — safe and affordable transaction accounts designed to meet the needs of unbanked Americans currently offered by 43 banks. On the latest episode of the ABA Banking Journal Podcast, Old National Bank’s Ben Joergens discusses his bank’s experience launching a Bank On-certified account. Joergens explains the behind-the-scenes process of developing ONB EZ Access Checking, which has no minimum balance, five free money orders per month for bill payments, no overdraft fees and a monthly fee of $4.95. He also discusses how customers have responded — particularly customers who didn’t think they would find a bank account that worked for them. ABA Chief Policy Officer Naomi Camper also provides background on Bank On and the development of the standards. This episode is part of a series this fall focused on how banks of all sizes are promoting financial inclusion, making the banking system work for all Americans.
22 minutes | 5 months ago
Building Financial Confidence Through Emergency Savings
A bank account isn’t just dollars and cents on a balance sheet. For bank customers, what’s in (or isn’t in) a bank account can be a source of anxiety. By contrast, says Brian N. Ford, head of financial wellness at Truist Bank, “our research shows that when you have a fully funded account and it’s in the right place, a tremendous amount of confidence will come into your life, regardless of if an emergency ever happens to you in the future.” On the latest episode of the ABA Banking Journal Podcast, Ford discusses how he and his team brought financial wellness education — with a focus on emergency savings as a source of financial confidence — to employees at SunTrust Banks, now Truist after its merger with BB&T. Ford also discusses Truist Momentum, through which Truist’s corporate clients can offer an at-cost financial wellness program as a free employee benefit. This episode is the first in a series this fall focused on how banks of all sizes are promoting financial inclusion, making the banking system work for all Americans.
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