ABA Banking Journal - May 2014 - (Page 40)

AMERICAN BANKERS ASSOCIATION At Your Service ABA-ENDORSED SOLUTION Banker Advisory Council Formed The Corporation for American Banking, a subsidiary of the American Bankers Association, recently formed a Banker Advisory Council. Its mission is to provide strategic guidance regarding ABA-endorsed solutions and to assist with identifying product solutions that address key industry issues. "This advisory council will use our first-hand experience of what is happening in our banks when speaking with third-party providers," says Ken Burgess, Banker Advisory Council chairman and FirstCapital Bank of Texas chairman. "It is an exciting time to advise on solutions that can help both our banks and our customers." Learn more about ABA-endorsed solutions at aba.com/Endorsed. n in the know with ELIZABETH COIT ABA VP, BankPac, and Executive Director, FEAI ABABJ: How are BankPac and FEAI different? Elizabeth Coit: BankPac and the Financial Education and Advocacy Initiative, Inc., are separate entities that play a mutually supportive role in advancing banking's policy priorities. BankPac, which works closely with state associations, allows bankers to support candidates with personal contributions. It's consistently one of the top 10 PACs. FEAI can be funded with corporate contributions, and as a 501(c)(4), it spends its money two ways. It supports public education and advocacy through, for instance, informational brochures for Congress and industry image ads. FEAI also makes "independent expenditures," which provide indirect support for campaigns through Get Out the Vote and similar efforts. ABA-ENDORSED SOLUTION Compliance Information Exchange Saves Banks Time Banks using VendSure Compliance Information Exchange by Fortrex Technologies are reporting that the ABA-endorsed solution is saving them time and improving the efficiency of their due-diligence documentation exchange with vendors. The secure, online central repository provides one place to view third-party due-diligence information. It also includes automatic document tracking, mapping, and notifications capabilities that facilitate immediate access to up-to-date compliance information and expert analysis reports 24/7. "We are minimizing the amount of time spent requesting information from vendors by using Vendsure. IT [risk management] is now more digestible to people in our organization from the service delivery side," explains Donald Rome, vice-president and senior risk officer of First Interstate Bank. "Plus, I am able to use their reports to red flag potential issues." Learn more about Vendsure at aba.com/Endorsed. n ABA Public Relations' Top Interview Topics 150 100 ABABJ: Why do banks need both? EC: Bankers need as many ways to be active in public policy debates, politics, and the legislative process as possible. BankPac and FEAI, together, cover the bases. It's like having a smartphone and a computer-they may use similar technology, but have different functions. Questions? Send an email to Elizabeth at ecoit@aba.com 145 82 ABA BANKING JOURNAL | MAY 2014 73 50 43 DATA SECURITY (Data breach, ATM software update, EMV) MONEY LAUNDERING (FinCen guidance on marijuana banking) Source: ABA Public Relations Quarterly Report 40 | 74 DODDFRANK ACT LEGISLATION AGRICULTURE (Bank tax (Farm Bank (Volcker TruPS proposal, flood performance, insurance bill) FCA meeting) provisions, lawsuit) http://www.aba.com/Endorsed http://www.aba.com/Endorsed

Table of Contents for the Digital Edition of ABA Banking Journal - May 2014

Chairman's View
Editor's Column
The Economy
Bank Notes
ABABJ Online
Picture This
Who will fill the chair?
Pass the Aspirin
Midsize Standouts
Doing well by doing good
Tech Topics
Compliance Inbox
ABA At Your Service
First Person

ABA Banking Journal - May 2014

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