ABA Banking Journal - November/December 2015 - (Page 22)
A Conversation with the
ne of the key jobs for ABA's
president and CEO is highlevel engagement with the
heads of regulatory agencies.
In this interview, Frank Keating
discusses top banking issues-from
regulatory relief and cybersecurity
to de novos and the future of the
mutual charter-with Comptroller
of the Currency Thomas Curry.
After five years of virtually no
de novo activity, do you see
that changing? Will the OCC play a
more proactive role in encouraging
the creation of de novos with strong
business plans in areas that could
use more banking options?
The OCC supports the creation of
de novo banks with strong business
plans, particularly community-focused
banks and thrifts where bankers
know the businesses and families
they serve. More de novo activity
would be a signal of strength for the
economy and for communities.
have the potential to keep banks a
relevant and vibrant part of meeting
the financial needs of tomorrow.
De novo activity is also about the
future. How can new banks provide
services to underserved areas and
improve services in more established
areas? The answer, in part, may be how
bankers innovate and use technology
responsibly to meet their customers'
needs and grow their businesses.
Our task, as a regulator, is to make sure
we have a rigorous process in place to
understand and evaluate new approaches
to permit and encourage responsible
innovation for the benefit of consumers
and businesses, while ensuring
appropriate risk management and
compliance with laws and regulations.
Think about all the changes occurring
in the banking marketplace today-
mobile payment services, virtual
currencies, peer-to-peer lending,
crowdfunding, and online services
where banking relationships exist
only through a smartphone or home
computer. While many of these
changes have the potential to disrupt
the banks' role as intermediaries
of credit, many of these services
With the release of the Federal
Financial Institutions Examination
Council's new Cybersecurity
Assessment Tool, how do you think
cybersecurity practices at banks
might change? Is the OCC planning to
provide additional resources to help
banks protect their customers?
The risk of cyber threats escalates
each day as our financial system grows
more interconnected and attackers
exhibit increasing abilities to exploit
vulnerabilities. Bankers, consumers, and
regulators must face these attacks with
ever-increasing awareness and vigilance.
One of the most important changes
that I have observed since becoming
comptroller is that cybersecurity has
become a topic for the boardroom.
It's not just a job for the technology
team anymore. It's a job for
management, and more than that,
it's everyone's responsibility.
The FFIEC Cybersecurity Assessment Tool
supports the industry by giving banks
ABA BANKING JOURNAL | NOVEMBER/DECEMBER 2015
Table of Contents for the Digital Edition of ABA Banking Journal - November/December 2015
A Conversation With the Comptroller
Cover Story Doing the Right Thing
Big Data and Predictive Analytics: A Big Deal, Indeed
Stress Testing: Feeling the Pressure?
ABA Compliance Center Inbox
Cybersecurity Self-Assessment Tool Helps Combat Risk
Real Estate Lending
Banker Recommended Reading
From the States
Corporate Social Responsibility
Index of Advertisers
ABA Banking Journal - November/December 2015