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Alyssa, don't miss these important MBA updates...
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Following up on our alert on Monday, December 11, the MBA experienced a phishing attack on Monday afternoon that resulted in compromised emails. Based on our investigation, we believe that our systems are no longer compromised. If you received an email from the MBA and clicked on any links or followed other instructions, please contact your IT department immediately. We apologize for any inconvenience this incident may have caused to our members. For questions, contact Matt Szubinski, CFO/COO at mszubinski@michigan.bank. | |
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GRASSROOTS
Looking Forward to 2024
With the early sine die of the Michigan legislature and the completion and dissemination of the MBA Half-Time Report to our membership last week, we have been diligently planning and strategizing for legislative endeavors in the second half of the session.
Key focus areas, either directly or indirectly impacting banking, include:
- Rental and Homeless Bill of Rights
- Garnishment and Bankruptcy
- Consumer Protection Act expansion
- Polluter Pay and Statewide Septic Standards
- Data Privacy
- Payday Lending
- Worker Compensation reform
- Independent Contractor limitations
- State FMLA proposals
- Fair Access
If your bank would share a subject matter expert to assist the MBA on any of our policy committees, we would be deeply grateful. Our committees are the key to our success in helping support, oppose, or better shape policy items creating outcomes for our industry!
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FHFA
Industry Leaders Address FHFA on Home Loan Banks Review
MBA, ABA, and 51 state banking associations collaborated on a joint letter addressed to Federal Housing Finance Agency (FHFA) Director Sandra Thompson. Within the letter, they conveyed their gratitude for the Comprehensive Review of the Federal Home Loan Banks (FHLB) conducted over the preceding year. Acknowledging the FHFA's recent release of a report containing 50 recommendations derived from the review, the letter recognizes the varying perspectives held by the signatories regarding these recommendations. However, the central focus of the correspondence lies in underscoring the significance of upholding an open, transparent, and inclusive process during the implementation of these recommendations. For further details, the full letter can be accessed, along with the comprehensive report.
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GRASSROOTS
Access to Credit for Rural Economies Act (ACRE) Fact Sheet Now Available
In addition to the MBA policy paper on ACRE, the ABA has now made an additional fact sheet available. The passage of ACRE would exclude from gross income interest received on certain loans secured by rural or agricultural real property, an exemption farm credit lenders already enjoy. This change would level the playing field between banks and farm credit and make access to capital cheaper for Americas agricultural producers. View the latest stats.
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REGULATORS
FDIC’s McKernan Suggests Implementing Basel Endgame in Stages
FDIC board member Jonathan McKernan stated earlier this week that he is open to a phased-in approach to U.S. adoption of the Basel III endgame proposal that “punts on the underdeveloped aspects” but implements its less-contested directives. McKernan and FDIC Vice Chairman Travis Hill in July voted against an interagency proposal to implement the Basel III endgame by raising capital requirements for banks with more than $100 billion in assets. During a speech in New York, McKernan reiterated his concern that the Basel committee made decisions with little or no explanation for how it reached its conclusions but added that he was willing to consider moving ahead with implementation if regulators delay the adoption of its more controversial reforms while more data is collected. Read more.
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REGULATORS
FOMC Leaves Rates Unchanged, Signals Potential Cuts
The Federal Open Market Committee announced yesterday that it would once again leave the federal funds rate unchanged at 5.25%-5.5% and signaled that it may begin lowering the rate next year. The decision marked the fourth time this year that the committee has left the rate untouched. Read more.
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REGULATORS
OCC: Banking System Remains Sound
The federal banking system is sound, with banks focused on stabilizing liquidity and maintaining confidence in the system, the OCC stated in its annual report to Congress. The federal banking system comprised 1,062 banks and federal branches as of Sept. 30, with 753 banks with less than $1 billion in assets and 55 with more than $10 billion, the agency said. In total, the banks within the system hold $15.4 trillion, or 66%, of all assets of U.S. banks and more than more than 73% of credit card balances in the country. Read more.
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COMMITTEES
MBA Trust Retirement Peer Group
Over 15 members of the MBA Trust Retirement Peer Group listened to a presentation from Justin Stemple, Partner WNJ, on Retirement Plan Topics: New IRS limits; Agency guidance: catch up and RMD relief; New DOL and IRS rules: proxy voting, ESG, and forfeitures; Audit activity update; SECURE legislation: status of mandatory and optional changes and ERISA litigation: trends and claims.
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CYBERSECURITY
FBI Issues Guidance for Delaying Cyber Incident Disclosure
The FBI has issued guidance for publicly traded companies on how to request a delay in public disclosure of a cyber incident under the Security and Exchange Commission’s disclosure rule if the incident poses a national security or public safety risk. Under the rule, companies must determine whether each cybersecurity incident they experience is a “material cybersecurity incident,” which would require them to publicly disclose the incident to the SEC within four business days of the determination. The rule allows the Justice Department to delay disclosure for up to 60 days in cases where the incident poses a public safety risk, and up to 120 days for national security risks. Read the FBI guidance.
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FINANCIAL EDUCATION
December FDIC Consumer News Provides Advice on Helping Family Members
The December edition of FDIC Consumer News provides advice for older adults who wish to financially assist family members. The newsletter spells out the risks of cosigning loans, gives advice on talking to younger family members about managing money and using bank services, and warns about scams in which imposters pose as family members seeking help. Read the newsletter. ABA also provides banks with free resources on educating older adults on scams through its Safe Banking for Seniors program.
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ADVOCACY EVENTS
Washington Summit
Registration is NOW open for the 2024 Washington Summit on March 18-20 in Washington D.C.
Get ahead of what’s to come in this election year with ABA’s Washington Summit. You’ll have your finger on the pulse of policymakers on Capitol Hill, at the regulatory agencies, and in the White House.
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PROFESSIONAL DEVELOPMENT
Next Session of Understanding Bank Performance Starts in January!
After a year of sold-out sessions, we are excited to announce that we’re kicking off 2024 with another round of the virtual Understanding Bank Performance Program!
See why bankers of all experience levels are raving about this program, helping them to understand their impact on a bank’s performance. Starting on January 10, with two sessions per week for a month, students will learn to assess and analyze a bank’s financial performance using real data and become familiar with balance sheets and income statements while also learning how to apply key performance metrics to data in those documents. The program will finish with students undergoing a proforma capstone evaluating Silicon Valley Bank. This is a great way to help newer employees get up to speed on how the banking industry works or help experienced individuals further their careers. Register early to secure your place!
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PROFESSIONAL DEVELOPMENT
Save the Date: FDIC Director College - May 23, 2024, Lansing.
To increase the public’s awareness of deposit insurance and how it can protect people’s money in the event of a bank’s failure, the FDIC developed a national consumer campaign, “Know Your Risk. Protect Your Money.” The campaign reaches people who may have lower confidence in the U.S. banking system or who are unbanked, as well as those who use mobile payment systems, alternative banking services and financial products that may appear to be FDIC-insured but are not. Learn more.
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Nominations are Due By: Friday, February 23
The Michigan Bankers Association recognizes annually a member banker for outstanding leadership to the MBA, the industry and our communities. The Banker of the Year award recognizes the best of our profession to the public, media and elected officials.
The MBA members are invited to nominate an MBA Banker of the Year. Every nomination will be reviewed by the MBA Perry Schools Board of Trustees and MBA Board of Directors for final selection.
Please provide complete information for the following criteria to assist your peers with their selection efforts. Feel free to contact your nominee and the MBA for additional information. Some examples of applicable criteria are below for your convenience. Submissions should be on your bank’s letterhead.
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Nearly $175,000 in Scholarships Available Annually
The Graduate School of Banking – Madison is pleased to offer a variety of scholarships to assist bankers in advancing their educations and careers. Applications for Graduate School of Banking scholarships must be submitted no later than March 1st; Human Resource Management School scholarship applications are due by February 1st.
Human Resources Management School
The Prochnow Educational Foundation offers an “at large” HR Management School scholarship available to bankers. The scholarship pays $700 toward the one-week school. Apply.
Graduate School of Banking Scholarships
- Outstanding Leader Scholarship
- Ann Kleist Scholarship (Community Service)
- AMBA Andy Trovillion Scholarship (Military Service)
Apply.
Minbanc Foundation
Grants for professional development. Helping minority-owned banks serve their communities.
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MBA SERVICE CORPORATION
Order your 2023 Compensation, Benefits and Outside Directors Survey
The MBA Service Corporation’s 2023 Compensation, Benefits and Outside Directors Survey is NOW AVAILABLE!
- What is the salary other Michigan banks are paying their staff?
- What benefits are being offered for all F/T and P/T banking staff?
- What is the average compensation for board members serving Michigan banks?
- How is educational reimbursement being handled?
The MBA survey is filled with 200 pages of information assisting your bank with benefit decisions for your staff and boards. Order your copy today electronically, hardcopy or both!
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MBA SERVICE CORPORATION
HACKER HOUR: WHAT'S HOT IN SOCIAL ENGINEERING
Social engineering is the art of manipulating people into performing actions or divulging confidential information. It is one of the most common and effective methods of cyberattacks, as it exploits human psychology rather than technical vulnerabilities.
In this webinar, you will learn about the latest trends and techniques in social engineering, such as phishing, vishing, and smishing. You will also learn how to protect your organization and customers from these emerging threats. Learn more.
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MBA SERVICE CORPORATION
The Perfect Gel to Foil Fraudsters
Make no mistake, individuals and businesses SHOULD be using gel ink pens when writing checks. But, this is just one tool to stop fraudsters. At the MBA Bank Management and Directors Conference, the FDIC recommended to use gel pens to stop fraud.
As FDIC Special Activities Case Manager, Kristyn Ross, emphasized during her fraud/risk management presentation before 220 guests at our Bank Management & Directors Conference last week-“The Ink Matters”. Kristyn suggested that gel pens should always be used to reduce check fraud opportunities.
The MBA Service Corporation Endorsed Partner, ODP Business Solutions, f.k.a. Office Depot, offers several gel pen choices to stop fraudsters in their tracks. Read more.
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MBA SERVICE CORPORATION
HMDA Headaches
Preparing your HMDA LAR can simply be described as “Tedious,” with a capital “T.” The ins and outs of HMDA are one of the most frequently discussed topics on hotline. The Federal Reserve recently released its top consumer violations for 2022 and unsurprisingly a whopping 59.4% of all violations involved inaccurate collection of residential mortgage data pursuant to HMDA. We want to make sure you avoid the most common pitfalls so the following is a rundown of the some of the most frequent violations and how to fix them.
The first noted issue was loan purpose, specifically reporting that a loan was a refinancing when it was really a cash-out refinancing, or vice versa. Read the article.
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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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Hanukkah Sameach (meaning Happy Hanukkah)! Sending peace and happiness your way during the Festival of Lights.
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#WorkCompWednesday Thank you for keeping each other safe! Learn more: https://lnkd.in/g3iMU7D | |
Check out 5 Ways to Avoid Burnout during #FrameofMindFriday! https://conta.cc/3EIoxVq | |
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