On the latest episode of the ABA Banking Journal Podcast — sponsored by NICE Actimize Xceed — Wells Fargo Chief Corporate Economist Richard DeKaser digs into the inflation forecast. With the Consumer Price Index rising 5.4% year-on-year in September, questions continue to simmer about how persistent and long-lasting inflation will be. DeKaser explains his view the increase in prices as a function of product and labor shortages — from supply chain kinks to child care gaps — driven by the ongoing fallout from the COVID-19 pandemic that should wane, but he acknowledges that the inflation forecast is one of the most hotly debated topics on the ABA Economic Advisory Committee — which he chairs — and outlines the arguments made by those more concerned about long-lasting inflation. DeKaser also discusses the economic growth trajectory, credit quality conditions and how global conditions may affect the U.S. economic outlook.

ABA Banking Journal Podcast

Just How ‘Transitory’ Will Inflation Be?

On the latest episode of the ABA Banking Journal Podcast — sponsored by NICE Actimize Xceed — Citizens Bank of Edmond CEO Jill Castilla talks about the effects the Biden administration’s controversial proposal for a financial account reporting regime would have on a bank like hers, with $310 million in assets and 55 employees. She talks about the challenge of implementing a system like this alongside current anti-money laundering reporting and 1099 filing at a community bank. Castilla also discusses why she started speaking out about the proposal, which would entail bank reporting to the IRS of gross annual inflows and outflows in financial accounts over a de minimis threshold of $600. Hearing directly from Citizens Bank customers worried about their financial privacy and about the elevated risk of audits over normal transactions motivated Castilla to press the issue. With House Speaker Nancy Pelosi indicating that congressional leaders still plan to include some version of this reporting regime in the social spending bill — which continues to be negotiated on Capitol Hill — ABA continues urging bankers to take action and educate their customers about the proposal. Take action and find customer resources at SecureAmericanOpportunity.com. 

How the IRS Reporting Proposal Would Affect Banks and Customers

On the latest episode the ABA Banking Journal Podcast — sponsored by NICE Actimize Xceed — ABA VP Jonathan Thessin covers what banks need to know about the Biden administration’s COVID-19 action plan, which includes new employer-level vaccination mandates and testing requirements for employees not vaccinated against COVID. Among other topics, Thessin discusses: The scope of the “emergency temporary standard” to be issued by the Occupational Safety and Health Administration that would require employers with 100 or more employees to mandate vaccination or weekly testing for their employees. The potential for legal challenges that may prevent the ETS from being implemented. Under which conditions banks may be classified as federal contractors subject to a separate employee-vaccination mandate. Steps banks can take now to make implementation easier once the ETS is officially issued. This episode is sponsored by NICE Actimize Xceed.Additional resources: Staff analysis of Biden administration COVID action plan (updated Oct. 5, 2021) FAQ on bank-related impacts of COVID action plan (updated Oct. 5, 2021) 

How Will the Biden Vaccine and Testing Mandate Apply to Banks?

 On the latest episode the ABA Banking Journal Podcast — sponsored by S&P Global Market Intelligence — Berkshire Bank President and CEO Nitin Mhatre discusss Berkshire Bank’s “BEST Community Comeback,” a new $5 billion ESG-focused initiative at the Massachusetts-based midsize community bank. “We may not have called it ESG or DEI-type initiatives in the past, but we’ve always done it,” says Mhatre. “It’s really just taking the things we’ve done in the past and translating that into what makes an impact.” Among other topics, Mhatre discusses: Berkshire’s goal of 200,000 “socially responsible” accounts, including Bank On-certified accounts. Why Berkshire no longer finances fossil fuel production, and how it will make future decisions about financing downstream energy businesses and other sectors affected by climate change. How investors have responded to Berkshire’s ESG-related activities. The perspective Mhatre brought to Berkshire after a career at larger institutions like Citi and Webster Bank. This episode is sponsored by S&P Global Market Intelligence. 

Podcast: Inside a Community Bank’s ESG Strategy

The fight on Capitol Hill over the Biden administration’s controversial tax proposal is likely to go on for another four to six weeks, and the proposal may continue to be raised after that, according to ABA EVP James Ballentine. On the latest episode the ABA Banking Journal Podcast — sponsored by S&P Global Market Intelligence — Ballentine joins ABA’s Rob Nichols and John Kinsella to dig into the details of the proposal and its legislative outlook. Ballentine, Nichols and Kinsella dig into the details of the proposal, including privacy concerns and operational challenges banks would face; examine the impact of the proposal on the unbanked rate; outline the current state of play on Capitol Hill and the near-term outlook; and discuss what bankers and their clients can do take action. Take action and find customer resources at SecureAmericanOpportunity.com. This episode is sponsored by S&P Global Market Intelligence.

Breaking Down the Tax Reporting Proposal and Its Path in Congress

The award-winning #BanksNeverAskThat anti-phishing consumer education campaign is back with refreshed content for 2021. On the latest episode the ABA Banking Journal Podcast — sponsored by S&P Global Market Intelligence — bank marketer Megan Kenley discusses Bank of Utah’s #BanksNeverAskThat experience, some of the results seen from participating (including helping a customer recognize and stop a money mule scam) and how Bank of Utah will adapt the campaign materials for its 2021 participation. This episode is sponsored by S&P Global Market Intelligence.

Making the Most of an Anti-Phishing Campaign

Banks of all sizes are hearing from many customers that they want exposure to the fast-growing but volatile cryptocurrency market. Vast Bank — a community institution in Tulsa, Oklahoma — recently became the first nationally chartered, FDIC-insured bank to offer crypto banking, a product that allows customers to buy, sell and hold virtual currencies through the bank’s user interface. On the season four premiere of the ABA Banking Journal Podcast — sponsored by S&P Global Market Intelligence — President and CEO Brad Scrivner discusses: The mechanism of crypto banking at Vast Bank, including its partnership with Coinbase. The behind-the-scenes process that allows Vast Bank to securely custody crypto assets. The process of working with regulators on the product, particularly after an OCC interpretive letter on digital asset custody. Why many crypto early adopters have sought out a bank to support their coin trading and holding. How crypto banking grew out of Vast Bank’s transition to a cloud-based core and investment in digital transformation. This episode is sponsored by S&P Global Market Intelligence.

How a Community Bank Launched a Retail Crypto Platform

In this bonus episode from the ABA Pandemic Update podcast, ABA SVP Paul Benda breaks down the science behind the Delta variant's hyper-infectious nature—and how things keep getting worse and are likely to get worse before getting better. Benda reviews vaccine effectiveness with Delta; the breakthrough Provincetown, Massachusetts, cluster; and how to mitigate the risk of getting infected. Subscribe to the ABA Pandemic Update wherever you get your podcasts.  

The Latest on Delta Variant Safety Precautions, Vaccine Effectiveness

As small and middle market businesses seek to capitalize on a post-COVID bounceback, new survey research from Umpqua Bank shows that the business outlook is positive as firms have made substantial changes to respond to COVID. On the final episode of the ABA Banking Journal Podcast’s fourth season, Umpqua Bank EVP Richard Cabrera joins to discuss the survey findings and how banks can respond to changing needs of small and middle market firms. Among other things, Cabrera discusses: The growth in inventory financing needs as businesses have restocked and sought to build bigger inventories to avoid supply chain challenges. Why middle market firms are more likely than smaller businesses to have made changes in response to the pandemic. The role of supply chain woes in inflation — and why wage increases might contribute to more persistent inflation rates. How Umpqua Bank has pivoted to meet the changing post-COVID needs of commercial clients. 

The Shifting Needs of Small, Middle-Market Commercial Clients

From its origins as one of the original “mobile banks” in the 1990s — designed to serve truckers across the country through a network of truck stops — TAB Bank has evolved into an innovative digital bank serving businesses across sectors and around the country. “A lot of things you hear today are the original problems TAB Bank set out to solve for truck drivers,” says President and CEO Curt Queyrouze. “Like we saw with the pandemic, that was absolutely true when you couldn’t walk into a branch. Some of us have been working on that for a long time.” On the latest episode of the ABA Banking Journal Podcast, Queyrouze discusses: Lessons from serving the unique transportation sector for providing innovative financial services in other sectors. Applying community banking concepts to a nationwide digital small business market. How TAB Bank builds a workplace culture to promote innovation. His vision for building technology that helps “banking move to the background” of consumers’ daily lives. The role of partnerships like Alloy Labs Alliance in helping TAB Bank leaders pool resources for innovation and think creatively.   Listen to a bonus clip with Queyrouze on Utah as a hotbed of financial innovation. 

Digital Innovation Lessons from an O.G. ‘Mobile Bank’

The Bank On movement for financial inclusion continues to accelerate. In July, the Cities for Financial Empowerment Fund—which developed the Bank On standards and which certifies deposit accounts that meet them—announced that more than 100 depository institutions now offer Bank On-certified accounts. The number has nearly doubled since October 2020, when, at ABA’s Annual Convention, ABA President and CEO Rob Nichols encouraged all banks to offer a certified account. But while Bank On accounts are available in every state and 99 of the nation’s largest 100 metro areas, a list of 100 institutions still leaves lots of opportunity to expand Bank On participation, especially among the nation’s midsize and community banks. With that in mind, what is the certification process like for banks? And what’s motivating bank leaders to join the Bank On movement? On the latest episode of the ABA Banking Journal Podcast, leaders from three banks representing different asset sizes share their perspectives on going through the Bank On certification process as well as providing tips for bankers contemplating their next steps with Bank On.

How Three Different Banks Championed ‘Bank On’ Certification

It’s summer cycling season, and the Tour de France is in full swing. Barry Allen of Tower Community Bank joins the ABA Banking Journal Podcast to talk about biking adventures closer to home. Tower Community Bank leaders organize their own informal cycling team with other members of their southeast Tennessee community. Allen discusses the bank’s support for projects like mountain bike trails in Monteagle and Chattanooga, Tennessee, as well as sponsoring races like Gran Fondo Hincapie and the River Gorge Omnium. “We enjoy the lifestyle around cycling and the seeing the country that cycling affords us,” says Allen. “Indirectly, it’s helped us with business,” he adds, noting that many of the other riders who join the informal team result in business referrals for the bank. And with the cost of bicycles continuing to grow, Tower Community Bank also makes unsecured personal loans for bikes, and Allen discusses what goes into making a bike loan.

How One Bank Turned a Cycling Hobby into a Line of Business

More and more Americans are embracing health savings accounts, especially younger and middle-aged adults. On the latest episode of the ABA Banking Journal Podcast — sponsored by Finastra — Eric Remjeske of Devenir Research and Kevin McKechnie of the ABA HSA Council discuss new research findings showing that 63 million Americans are now covered by an HSA, with total assets over $82 billion, and that Americans in their 30s are disproportionately likely to be HSA account-holders. On the podcast, Remjeske and McKechnie discuss further details from the research — including why HSAs are popular in states like Utah and Alaska but less so in Hawaii and Mississippi — as well as the latest policy and industry trends with HSAs.

The Health of Savings in HSAs

The post-COVID economy is snapping back in a big way — and banks are ready to help entrepreneurs get back in the game. In the second of a two-part ABA Banking Journal Podcast series on the condition of small businesses post-COVID — sponsored by Finastra — banking leaders from around the country weigh in on ways that banks can partner with small businesses and aspiring entrepreneurs, whether through marketing support, incubators, venture investment, SBA lending, technology support and more. Bankers also discuss their efforts to ensure equitable access to PPP funds, commercial credit and advice for all small businesses.

Helping Entrepreneurs Get Back in the Game

The post-COVID economy is snapping back in a big way — but are small businesses prepared to capitalize on the recovery? In the first of a two-part ABA Banking Journal Podcast series on the condition of small businesses post-COVID — sponsored by Finastra — banking leaders from around the country weigh in on how small businesses performed through the pandemic, how many businesses actually closed permanently (and why) and what the outlook looks like for small businesses now.

How Small Businesses Survived COVID and Are Poised for Recovery

Bank executive insights, unique business strategies, regulatory updates from D.C., and fun banking stories—all this and more on the ABA Banking Journal Podcast, brought to you weekly by the American Bankers Association's award-winning podcast team.

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