This month, branch managers and CEOs will receive an email from the SDBA with a “linked profile” list attached. Please take some time to thoroughly review the Excel list and cross-reference the names and emails linked to your bank profile to ensure they are still current employees of your bank’s team.

“This certainly isn’t mandatory to keep your bank’s profile active in our database. It’s simply going to help us make sure we’re communicating with the right people in your bank,” said SDBA’s member services coordinator, Natalie Likness. “Frequent communication with our members is one way we’re hoping to grow engagement as spelled out in the SDBA’s newly-established strategic plan. But first, we need to be sure we have an accurate, up-to-date list, and that’s where our branch managers and CEOs will be a major help.”

The database overhaul will be an ongoing effort. Likness added that if there is a member of your bank’s team who isn’t on the “linked profile” list but would like to establish a profile, they can request a profile at www.sdba.com/request-a-profile.

Full details and next steps will be provided in the March email. For questions or clarifications, contact Natalie Likness.

Federal Reserve Chairman Jerome Powell told members of the House Committee on Financial Services yesterday that he expects the Fed to raise interest rates at the next meeting of the Federal Open Market Committee on March 15-16. Powell told the committee that with inflation well above 2% and a strong labor market, it is appropriate to raise the target range for the federal funds rate and that he supports a 25 basis point rate hike.

Following the invasion of Ukraine by Russian troops, Powell warned that the near-term effects on the U.S. economy remain highly uncertain and that making monetary policy in this environment “requires a recognition that the economy evolves in unexpected ways” and “we will need to be nimble in responding to incoming data and the evolving outlook.” Powell also told the committee that energy prices have already moved up further due to the Ukraine war and that those increases are likely to move through the economy, push up inflation and weigh on spending. He added that “we can’t know how large or persistent those effects will be. That simply depends on events to come.”

Asked about the possible use of digital currencies in Russia to avoid recently enacted sanctions for the Ukraine invasion, Powell told the committee that it underscored the need for congressional action on digital finance, including cryptocurrencies. “Ultimately what's needed is a framework and in particular ways to prevent these unbacked cryptocurrencies from serving as a vehicle for terrorist finance and general criminal behavior, tax avoidance and the like,” Powell said. Watch the hearing.

ABA this week welcomed the re-introduction of a bill authored by Sens. John Thune (R-S.D.), Jerry Moran (R-Kan.), and Todd Young (R-Ind.) and Marsha Blackburn (R-Tenn.) that would streamline how consumers consent to receiving electronic documents, such as bank statements, account information and contracts. The bill was previously passed by the Senate Commerce Committee in the last Congress.

The E-Sign Modernization Act would update the 20-year-old E-Sign Act to reflect advancements in technology and shifting consumer preferences. Specifically, the bill would remove the current requirement for consumers to reasonably demonstrate that they can access documents electronically before they can receive an electronic version.

“Now more than ever, consumers want choices that allow them to manage their financial lives using digital banking channels,” said ABA President and CEO Rob Nichols. “Senators Thune, Young, Blackburn and Moran’s introduction of the E-Sign Modernization Act is an important step toward ensuring Americans have access to more financial options.” Read more.