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Alyssa, don't miss these important MBA updates...
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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. Don't miss out – register by October 21 to take advantage of our early registration discount! | |
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CANNABIS
Senate Committee Advances Cannabis Banking Legislation
A proposed rewrite of a cannabis banking bill cleared the Senate Banking Committee by bipartisan vote yesterday. The committee voted 14-9 to advance the SAFER Banking Act to the full Senate for consideration, with only a technical amendment made to clean up the bill's text. The legislation, a revised version of the SAFE Banking Act, would enable financial institutions to serve legitimate cannabis businesses in states where it is legal. Read more.
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GRASSROOTS
Representative Curtis (Curt) VanderWall Receives MBA
Economic Impact Award
The Michigan Bankers Association (MBA) announces Representative Curt VanderWall as the distinguished recipient of the 2023 Economic Impact Award (EIA). The prestigious Economic Impact Award recognizes public officials for their unwavering leadership in shaping public policies that foster and invigorate a robust Michigan economy. Read the press release.
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mbaBanking
Access the Latest Issue of mbaBanking
The September/October issue of mbaBanking is now available online through our fully interactive platform. Ensure that you explore our magazine from anywhere by seamlessly navigating through articles on Cybersecurity and Compliance using our mobile-optimized reading view.
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ELECTRONIC, LEIN, AND TITLE
ICYMI: ELT Mandatory Enrollment Date- Oct 1, 2023
MDOS announced that October 1, 2023 is the mandatory ELT enrollment date for lenders who finance vehicles in Michigan. Lenders are encouraged to enroll well in advance of the 10/1/23 date to maximize the benefits of ELT utilization. Questions regarding Michigan’s ELT program may be submitted to the department by emailing: mdos-miefs-elt-helpdesk@michigan.gov.
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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.
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ANTI-PHISHING
#BanksNeverAskThat anti-phishing campaign will launch nationwide this Monday, October 2. The ABA does a great job with providing turnkey resources (available this year in Spanish!) to make your bank’s participation quick and easy, including:
- Social media images and post ideas
- Customizable social media calendar
- Customizable press release
- Branded #BanksNeverAskThat merchandise
- Digital signage and printables
- …and more!
Like last year, the MBA will be promoting your participation all month on our social media channels. Be sure to tag the MBA on Instagram (@mibankers) and on Facebook/LinkedIn (Michigan Bankers Association).
This campaign is open to all banks regardless of ABA membership. Participated in the past? You still need to register your bank’s 2023 participation!
You can learn more and register here.
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ECONOMY
Bank Economists See Weakening Credit Conditions Through End of 2024
Bank economists expect credit conditions to weaken over the next six months, according to the American Bankers Association’s latest Credit Conditions Index released today.
The latest summary of ABA’s Credit Conditions Index examines a suite of indices derived from the quarterly outlook for credit markets produced by ABA’s Economic Advisory Committee (EAC). The EAC includes chief economists from North America’s largest banks. Readings above 50 indicate that, on net, bank economists expect business and household credit conditions to improve, while readings below 50 indicate an expected deterioration. Read more.
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REGULATORS
Fed: Representment NSF Fees are ‘Unfair’
In a “compliance spotlight” issued Friday, the Federal Reserve stated that it has cited banks for unfairness, under section 5 of the Federal Trade Commission Act, for charging multiple nonsufficient fees when a transaction is presented multiple times against insufficient funds in the customer’s account. Read the Fed's supervisory observations. Read the full article.
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HUMAN RESOURCES
Business Groups Seek More Time for Comment on Proposed Overtime Rule
ABA and dozens of business organizations on Monday asked the Labor Department to extend by 60 days the comment period for its proposal to increase the number of employees who are subject to overtime and minimum wage requirements. In a joint letter, the groups noted the proposed rulemaking includes a nearly 55% increase in the minimum salary threshold and automatically updates the threshold every three years. Read more.
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FINANCIAL EXPLOITATION
Study Finds Older Adults Particularly Vulnerable to Scams
A larger number of older adults than currently recognized are vulnerable to fraud and scams, including those adults without cognitive impairment, according to new research published in the Journal of the American Medical Association. In the study, the researchers created an imposter scam involving a fake government agency and tested it on a group of older individuals who had agreed to take part in research on the chronic conditions of aging. More than 30% of adults in the test group engaged with the scam in some manner, with phone calls being the most effective way of getting them to engage. Read more.
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ABA FOUNDATION
Community Commitment, George Bailey Award Winners Announced
The ABA Foundation named eight banks as winners of the 2023 Community Commitment Awards and two are MBA members. These awards recognize banks for extraordinary corporate social responsibility efforts in categories ranging from affordable housing to economic inclusion.
- Economic inclusion: Huntington National Bank, Columbus, Ohio, for its Lift Local Business Program, which has offered more than $70 million in loans to more than 1,000 minority-, women- and veteran-owned small businesses.
- Volunteerism: Comerica Bank, Dallas, for its Comerica Program, which encourages full-time employees to participate in eight hours of paid time off volunteer work and four hours for part-time employees.
Read more.
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ANNIVERSARY
The MBA Celebrates Debbie Mitin
Earlier this week, the MBA commemorated Debbie Mitin's remarkable 25-year tenure with the association. The event was attended by former MBA President and CEO, Don Booth, as well as Jane Booth. During the gathering, Don Booth humorously remarked that he almost wore his Michigan Traveling Circus name badge for the occasion.
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MBA SERVICE CORPORATION ENDORSED PARTNER
Your Voice Matters: Nominate Compliance Officer of 2024
Do you know a Compliance Officer who goes above and beyond their duties? If so, we invite you to participate in the nomination process for the prestigious “Compliance Officer of the Year 2024” award presented by Bankers Alliance. The nominations are open until February 2024, and the award ceremony will be held in June 2024. Your valuable support will play a significant role in recognizing and encouraging exceptional Compliance Officers who inspire and make an impact. Read more.
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MBA SERVICE CORPORATION ENDORSED PARTNER
US Banks' Q2 Aggregate Loan-to-Deposit Ratio Inches Closer
to Pre-Pandemic Level - US banks' aggregate loan-to-deposit ratio — a tool used to measure bank liquidity — climbed for the fifth consecutive quarter with loans slightly ticking up and deposit outflows slowing.
The ratio was 66.0% in the second quarter, compared with 65.2% in the first quarter and 60.2% in the second quarter of 2022, according to S&P Global Market Intelligence data. The second-quarter ratio inched closer but continued to stay below the pre-pandemic ratio of 72.4% in the fourth quarter of 2019. Read more.
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MBA SERVICE CORPORATION ENDORSED PARTNER
Delinquency is still on the rise. Are you prepared to collect?
Partnering with LSI enables you to collect more dollars and help your people create better financial habits.
Our collections solution aligns you with dedicated collectors who work directly within your collections platform.
We increase your contact rates by making calls on evenings and weekends when your people are most available.
The better you manage your delinquency, the more leverage you have to FUND MORE LOANS and increase your market share. Learn more.
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MBA SERVICE CORPORATION ENDORSED PARTNER
Check Security Features
Industry-leading check security features underscore your commitment to providing customers with safety and peace of mind. Access the check security features document by MBA SC Endorsed Partner, Vericast. Read more.
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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.
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PROFESSIONAL DEVELOPMENT
2023 Midwest Agricultural Banking School
The Agricultural Banking School will hold its 51st annual session on Nov. 27 - 30, 2023. This school is co-sponsored by the Indiana, Illinois, Kentucky, Ohio, and Michigan bankers associations and the Department of Agricultural Economics at Purdue and is designed to further enhance the education of bankers in the field of agricultural finance.
As one of the 68 land-grant colleges and universities created through the Morrill Act of 1862, Purdue has acquired a reputation as one of America’s leading universities. Agriculture was one of two divisions originally established at Purdue in 1869, and since that time, Purdue has grown to become a recognized leader in all areas of agricultural education.
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PROFESSIONAL DEVELOPMENT
Midwest Trust and Wealth Management Conference
October 11 -13 | Plymouth, MI
The annual Midwest Trust and Wealth Management Conference is a must for wealth management and trust professionals throughout Michigan and our neighboring states. Featuring top-notch speakers and materials, continuing education credit (CTFA, CFP, CPE) and valuable networking opportunities, the event is a do-not-miss event.
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The resources found below will assist you and your directors with the education and training needed to address many of the issues and challenges facing you in today’s ever competitive, highly regulated and rapidly evolving banking industry.
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NEW Job Alert! Check out the latest job postings at BankTalentHQ, a MBA Service Corporation Endorsed Partner!
Apply today: https://conta.cc/30OAnLF
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🌟 It's #MBAMemberMonday, and today we're shining the spotlight on Velo Law Office. 🌟
Velo Law is a dynamic regional collection agency and law firm serving clients in Michigan, Indiana, Ohio, and Montana. With expertise spanning multiple states, they're here to assist you with your legal needs.
Discover more about their services and commitment to excellence at 👉 www.VeloLawOffice.com 👈
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Join us Oct. 5 for the hybrid tech event of the year. Dive into fintech innovation and the latest technology to elevate your bank's customer service, revenue growth, and operational efficiency. Sign up today! illinois.bank/banktech | |
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