Experts share their advice on how to prepare for the next major IT outage, learn why this Silicon Valley venture capitalist created a monument to failure, and the Olympics are underway-check out these 10 athletes to watch from Team USA. Here's what else you might want to read this week:
"Banks Revisit Incentives as Deposit Competition Stays Hot"
Nearly half the respondents to Bank Director's recent report on compensation and talent claim they're thinking of new ways to incentivize not only loans, but also new deposit accounts. Some institutions are also restructuring commercial bankers' roles to consider clients' financial needs more holistically.
"Surge in Counterfeit Checks Prompts Outcry from Small Community Banks"
Counterfeit checks are creating huge problems for community banks. Part of the problem can be traced to the pandemic and the U.S. Postal Service, but digital technologies also make it easier to create fake checks than ever before.
Frank Abagnale Jr., an expert on check forgery and the inspiration for Steven Spielberg's film "Catch Me If You Can," discussed why forging checks is easier than ever during a recent episode of Banking with Interest. Listen here.
"Lawmakers Say Banks Aren't Doing Enough for Zelle Fraud Victims"
Of course, fake checks aren't the only fraud risks facing banks. During a Senate hearing Tuesday, Democrats argued banks should be doing more to help consumers who get scammed through the service. Sen. Richard Blumenthal, D-CT, chair of the Senate Permanent Subcommittee on Investigations, went so far as to say banks should fully reimburse defrauded customers, and he discussed modifying the Electronic Funds Transfer Act to cover scams involving authorized transfers.
"FDIC Vice Chairman Travis Hill: Basel III Endgame Needs Re-Proposal"
Hill stressed the importance of the OCC, Fed, and FDIC jointly advancing the Basel III endgame proposal during an event at the American Enterprise Institute, claiming the latest version "lacked appreciation for its real-world impacts" and that its flaws warrant another comment period.
"Dueling Economic Visions Come into Focus in 2024 Campaign"
Former President Donald Trump and Sen. J.D. Vance, R-OH, have touted issues like reshoring and tariffs on foreign goods, which one strategist says will benefit community banks over Wall Street. Meanwhile, Vice President Kamala Harris is expected to promote the "new economic thinking" of Democrats, which includes efforts to reduce income inequality and create public options for healthcare and childcare.
"Sen. Bob Menendez to Resign from Senate After Corruption Conviction"
The embattled New Jersey senator and Senate Banking Committee member agreed to step down after his Democrat colleagues threatened to expel him from Congress. Last week, Menendez was convicted of using his position as a U.S. senator to acquire gold, cars, and cash.
"How To Assess Your Community Bank's Physical Security Risk"
Community banks face any number of physical security threats, from ATM breaches to standard robberies. By regularly assessing the security of their branches, this article says, banks will be better prepared to mitigate risks related to their locations and building configurations, among others.
"New York Community Leans on CEO's Connections As It Revamps Leadership"
NYCB has hired nine new executives with ties to CEO and former Comptroller of the Currency Joseph Otting as it tries to right the ship. The embattled institution reported a $323 million loss for the second quarter after increasing credit-loss provisions and posting a sharp rise in net charge offs. It also aims to offload its residential mortgage servicing unit to Mr. Cooper, a non-bank mortgage originator and servicer.
"How Tough Problems Spur Powerful Banking Brands"
Banks seeking to enhance the power of their brands can take their cues from companies like Apple, Whole Foods and Netflix, all of which have, at one time or another, solved huge challenges for their customers.
"GOP Lawmakers, Financial Leaders 'Leery' of Rushing AI Rules on the Sector"
"It's far better we get this right than to be first," House Financial Services Committee Chair Patrick McHenry, R-NC, said during a hearing on AI this week, a sentiment echoed by other GOP lawmakers and industry players.
"If Customers Don't Trust Your Ads, They Won't Trust You"
Trust is everything to today's skeptical consumers. For a community bank to succeed, its advertisements need to reflect openness and clarity, this article says.
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Rob Blackwell
Chief Content Officer and Head of External Affairs
IntraFi
Arlington, VA
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