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Alyssa, don't miss these important MBA updates...

CALL TO ACTION

Ask Your Senators to Support S.J. Res. 32

Write to your Senators... Debbie Stabenow and Gary Peters today urging them to support the Congressional Review Act resolution of disapproval on the CFPB’s final rule.

ABA ANNUAL CONVENTION

MBA Congratulates Kenneth Kelly, Tim Marshall, and Jim Ryan on Being Elected to the American Bankers Association Board

The MBA is pleased to extend its warm congratulations to Kenneth Kelly, Chairman and CEO of First Independence Bank, Tim Marshall, President and CEO of Bank of Ann Arbor, and Jim Ryan, Chief Executive Officer, of Old National Bancorp, on being elected to the American Bankers Association (ABA) Board leadership. 

Members attending the American Bankers Association’s annual convention in Nashville, Tenn., have elected new ABA officers and directors to serve on ABA’s board for the 2023-2024 association year. 

Kelly has been elected for the ABA officer position of Vice-Chair to lead the industry, along with Marshall and Ryan being elected to the ABA Board of Directors. 

Rann Paynter, President and CEO of MBA, extended his congratulations: "I congratulate our own Michiganders, Kenneth Kelly, the MBA Past Chairman and the 2023 MBA Banker of the Year, Tim Marshall, as well as Jim Ryan, who will serve the American Bankers Association. Their unwavering and strategic leadership styles are exactly what our industry requires. Their extensive experience in banking and leadership roles provides them with a solid foundation to excel in these leadership positions."

These nominations exemplify the outstanding contributions and dedication of Kenneth Kelly, Tim Marshall, and Jim Ryan to the banking industry.

Michigan bankers have a rich history of serving our industry, with notable figures such as Art Johnson, Chairman of United Bank of Michigan, who chaired the ABA from 2009-2010. Read the full article here.

ABA ANNUAL CONVENTION

ABA 2023 Annual Convention

During the 2023 American Bankers Association's (ABA) Annual Convention held in Nashville, Tennessee, Michigan bankers had a strong presence. On the opening day of the convention, Jay Prokupek, Vice President and Chief Digital Officer at Bank of Ann Arbor, delivered a presentation to the over 1000 attendees. Tim Shangle, ChoiceOne Bank, was appointed Chair of the ABA Emerging Leaders Council.

ABA ANNUAL CONVENTION

Fed’s Bostic: No Need for Further Rate Hikes, For Now

There is no need for further hikes in the federal funds rate at this time, Raphael Bostic, president of the Federal Reserve Bank of Atlanta, said earlier this week at the ABA Annual Convention. Bostic noted that inflation is still well above the Fed’s 2% target, but the economy is slowing and companies are telling him that business conditions are returning to normal levels after the disruption of the pandemic. Read more.

FINANCIAL EDUCATION

Get Smart About Credit Day - October 19

ABA Foundation’s national campaign to provide teens and young adults with well-rounded personal finance skills through local banks is now more immersive and flexible than ever. This industry-wide movement to expand the reach of financial education gives bankers free tools to equip young people with identity theft prevention skills, the chance to explore banking careers and more—both in and out of the classroom. Learn more.

GRASSROOTS

House Bill 4901 

Yesterday afternoon the House Financial Services Committee posted their agenda which included taking testimony on House Bill 4901. This is chairwoman Brenda Carter's bill on bankruptcy that we have expressed challenges with in the past. The MBA met with Chair Carter Wednesday afternoon and shared senate plans to establish a house and senate sponsor workgroup on garnishment and bankruptcy. The committee this morning ran out of time with other testimony on no-fault and prescription benefits. We look forward to continuing work with all four House and Senate sponsors on these topics to ensure prudent public policy going forward. 

GRASSROOTS

Under the Dome

The Michigan House Judiciary Committee met and voted out bipartisan bills addressing improvements to the state guardian and conservator laws. Under the leadership of Debbie Mitin and the MBA Trust Counsel Committee, the MBA made several suggested amendments last week while expressing overall support for the bills should the changes be adopted. The bills should both exempt financial institutions from a new licensing requirement and keep court-appointed conservatorships in a fiduciary responsibility. The bills will likely be taken up in the Michigan House before the legislature's November break.

GRASSROOTS

Rep. Bryan Posthumus Speaks at Mid-Michigan Bankers Group

Minority Floor Leader Bryan Posthumus (R-Rockford) spoke to a group of more than 40 bankers on Tuesday about the political climate in Lansing and discussed current proposals around Garnishment and Renter’s Bill of Rights. Rep. Posthumus recognized the MBA for our work and discussions with him around these issues and shared that he looks forward to working with us to find a better solution for the issues at hand in each.

GRASSROOTS

MBA Supports MSHDA Efforts on HB 5032

On Wednesday the MBA extended official support for a MSHDA effort to……….WHAT DOES 5032 do? Our partnership and relationship with MSHDA is critical to supporting policies that ensure good governance and a strong housing environment in Michigan and to help shape policies of the agency toward that end.

GRASSROOTS

MBA Supported POA Up for Approval in Senate Committee Wednesday

HB 4644-4646, previously approved by the Michigan House of Representatives will receive a hearing in Senate committee this week. The package will codify the Uniform Power of Attorney (POA) Act in Michigan and will simplify and standardize the requirements for accepting a POA document.

REGULATORS

Bowman: Capital Requirements ‘No Substitute’ for Strong Supervision

Policymakers should carefully consider whether a proposed increase in capital standards is efficient and appropriately targeted, as regulatory reform in the banking sector can pose potential financial stability risks if the reforms in question fail to account for the potential consequences, Federal Reserve Governor Michelle Bowman said yesterday during an economic conference in Morocco. Read more.

WHITE HOUSE

ABA Pushes Back on Latest Administration Move on Fees

President Joe Biden yesterday announced a renewed push to eliminate what his administration has branded “junk fees” across several business sectors, including fees charged by larger banks for certain customer services. Among the proposals was new CFPB guidance stating that banks and credit unions with more than $10 billion in assets cannot charge customers fees for “basic information,” such as customer inquiries into account balances or the amount necessary to pay off a loan balance. The bureau alleges that Section 1034(c) of the Dodd-Frank Act effectively bans the fees as it requires financial institutions to comply with consumer requests for information in a timely manner. Read more.

REGULATORS

FDIC Launches Campaign to Promote Deposit Insurance

The FDIC yesterday launched a consumer campaign to increase public awareness of deposit insurance, titled “Know Your Risk. Protect Your Money.” The goal of the campaign is to reach people who have lower confidence in the banking system or who are unbanked, as well as those who use alternative banking services and financial products that may appear to be FDIC-insured but are not, according to the agency. Learn more.

DEPARTMENT OF INSURANCE AND FINANCIAL SERVICES

You’re Invited – Updated Ransomware Self-Assessment Tool (R-SAT), Version 2.0 for Banks

DIFS invites you and your staff to a briefing hosted by the Conference of State Bank Supervisors (CSBS) titled “Updated Ransomware Self-Assessment Tool (R-SAT), Version 2.0 for Banks.”

Tuesday, October 24, 2023

3:00 – 4:00 p.m. Eastern Time

Click here to register for the webinar

Webinar Password: 2CSBS_RSAT0  

FRAUD

FTC: Social Media Largest Source of Fraud Losses

One in four people who reported losing money to fraud in the last two years said the scam began on social media, accounting for $2.7 billion in reported losses, more than any other contact method, the Federal Trade Commission said in a new report. Read more.

DIVERSITY, EQUITY & INCLUSION

LGBTQIA+ Bankers

Yesterday was “Coming Out” day. This is significant for many in the LGBTQIA+ community, recognizing the acknowledgement and recognition of true selves with others. For many it’s not easy to make that decision, for me, it was at age 44. Every journey is unique, each determination, personal. 

It’s great to reflect on those who believed in me, encouraged me and supported me along my journey. I am forever grateful.

As we continue to explore DEI…which the more I explore, the more the word “BELONGING” surfaces, we’re creating spaces for dialogue and discussion. 

If you’re an ally of, or a member of the LGBTQIA+ community and want to explore forums for discussion and /or networking within the banking industry, I invite you to reach out and share your interest and ideas with me, rpaynter@michigan.bank, or my cell, 252-431-4270.

DIVERSITY, EQUITY & INCLUSION

MBA INAUGURAL DEI Forum

FREE | Virtual

Join us on November 15th at 11:00 a.m. for a virtual MBA Diversity, Equity & Inclusion (DEI) Forum. This forum will provide a valuable platform for our members to engage in discussions, exchange insights, and share experiences related to the implementation of DEI principles in both the workplace and personal lives. It's an excellent opportunity to learn and adopt best practices in this important area.

Have questions? Contact Ashley Beesley at abeesley@michigan.bank.

GRASSROOTS

Grassroots Corner

Are the below legislators not your legislators? If not, click on the links to search for your State Senator and State Representative. Find your State Senator. Find your State Representative.

PROFESSIONAL DEVELOPMENT

Register by October 21 for a Early Registration Discount!

In November, as we gather for the Bank Management and Directors Conference, we're poised to strengthen and commemorate the relationships we've forged. We invite you to join us in elevating your strategic acumen, adapting to the evolving industry landscape, and gaining the valuable insights and best practices necessary to consistently drive positive change. Our agenda has been thoughtfully curated by leaders from within the community banking sector.

PROFESSIONAL DEVELOPMENT

October 24: Train the Trainer - Lansing

November 6-9: Commercial Lending Workshops - Lansing and Virtual

November 28-29: Branch Leadership Workshop - Lansing

December 12: Fraud and Security Workshop  - Lansing

January 30-31: Commercial Credit Analysis Series - Lansing

PROFESSIONAL DEVELOPMENT

Click on the buttons below to learn more about the training.

PROFESSIONAL DEVELOPMENT

Your Guide to Effective Vulnerability & Patch Management – Free Webinar

November 14 | 3:00 PM EST | Provided by CoNetrix.

When vulnerabilities are left unpatched (or worse, undetected), businesses are more susceptible to falling victim to a cyber-attack. We’ll deep dive into regulatory expectations and practical steps you can take to create an effective vulnerability and patch management program.

PROFESSIONAL DEVELOPMENT

PROFESSIONAL DEVELOPMENT

Developing the Next Generation of Compliance Officers Webinar

December 7

The two-hour session will equip you with specific steps you can take to identify, attract, and retain talented compliance professionals. During this session, you’ll …

• Learn how to transmit the benefits of a career in compliance to members of your organization and job seekers.
• Identify the skills most needed for a successful career in compliance and uncover how to foster those skills in future leaders.
• And more!

15% off registration code: JOINME

MBA SERVICE CORPORATION ENDORSED PARTNER

ABA Insurance Services Webinar Overview

In this session, ABA Insurance Services cyber insurance experts, Lisa Micciche and Sarah Cleves will discuss recent cyber trends—addressing topics such as cyber insurance pricing, service provider exposure, C-suite liability, and BIPA—and cyber claims, from frequently reported claims to large dollar and unusual claims. Hosted by American Bankers Association (ABA), agents and bankers are invited to attend this webinar.

MBA SERVICE CORPORATION ENDORSED PARTNER

What do you know about your bank’s compensation practices?

• Does your board member compensation include health insurance?
• Do you know the average compensation of board members serving Michigan banks?
• How is educational reimbursement being handled?

Coming soon you can find the answer to this and so much more in this year’s Compensation, Benefits & Outside Directors Survey.

Questions? - Contact Natisha Jorae at njorae@michigan.bank or 517-243-4274

MBA SERVICE CORPORATION ENDORSED PARTNER

The Latest from Bankers Alliance

View the Compliance Alliance Question of the Week.

Banking Matters Podcast - Learn about today’s financial trends, topics, and practical matters on the Banking Matters Podcast. Listen to new episodes every Monday! Listen now.

This week on LinkedIn...

Rann Paynter, who proudly identifies as gay, stands as a crucial figure in one of the most traditionally conservative career fields in our nation.

Rather than just “checking boxes,” Rann is determined to ensure the Michigan Bankers Association's creates and leads others to create spaces of belonging. This includes our organization’s diversity, equity and inclusion efforts, ensuring they are purposeful and sincere including the LGBTQIA+ community and their allies.

Paynter serves on the board of directors of Ozone House, an Ann Arbor organization serving youth with a history of service to LGBTQIA+ youth, and serves on DEI committees for the Graduate School of Banking in Madison, Wisconsin and the Michigan Department of Insurance and Financial Services. He was named to Crain’s most notable LGBTQ in Business listing.

#NationalComingOutDay #Pride #beyourself

On October 10th, we observe World Mental Health Day, a day dedicated to raising awareness and fostering a greater understanding of mental health. Over the years, our comprehension of mental health has evolved significantly since its official establishment by the World Federation of Mental Health (WFMH) in the early nineties.

To learn more about the significance of this day and how you can get involved, visit our website, michigan.bank. Our MBA offers a wealth of resources for our members, including valuable information on mental health and wellness. You can access these resources through the Michigan Bankers Workers Compensation Fund here: mbwcf.mibankers.com.

Together, let's continue to support mental health and work towards a more inclusive and caring society.

While the second Monday in October is traditionally when Columbus Day is observed, many communities have opted to celebrate Indigenous Peoples’ Day instead. Learn more about why some celebrate Indigenous Peoples’ Day instead of Columbus Day here: https://conta.cc/3RMHBIx

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