December 1, 2021
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Vendor * Spotlight
Argent Money
ACB offers "Bankers Helping Bankers" collaboration platform

ACB consistently collaborates with community banking associations in other states to deliver more value to our members.
 
This collaboration has resulted in the development of a platform called “Bankers Helping Bankers,” which is now available to ACB members for your use without cost. 
 
What is Bankers Helping Bankers?

  1. Bankers Helping Bankers is a closed bankers-only network built for digital collaboration and education;
  2. Includes a chat function where you can interact with peers on your same core, as well as bankers in your state; and
  3. FinTegration Strategist, a tool for bank technology road mapping that draws upon your bank’s current technology stack to lead you to integrated solutions running in others banks on your core platform.

A full tutorial video and feature overview of Bankers Helping Bankers can be found online here.

How do I login?
While ACB members are provided access by virtue of their membership, banks should request access using a simple Google Form provided by Bankers Helping Bankers to facilitate connection to your individual data profile. 
 
The Google Form can be accessed here. Please note that requests for access to Bankers Helping Bankers are usually accommodated in 24-72 hours at this time. 
 
Number of bank users
There is no limit to the number of users that can access Bankers Helping Bankers from your bank. To tightly control the access and limit it to bankers only, we are currently asking banks to sign up their additional users using the Google form above. 

For more information see the ACB News Release or contact ACB Executive Director, Chris Padgett.

Source: ACB
Comment letter campaign on 1071 proposal

Community bankers are encouraged to submit personalized comments on the Consumer Financial Protection Bureau’s proposal to implement Dodd-Frank Section 1071 collection and reporting requirements.
 
ICBA offers a comprehensive guide to help community bankers develop, format, and submit comments. Because the CFPB does not consider form letters, community bankers should submit letters unique to their bank and community.
 
Section 1071 requires financial institutions to collect and report certain data on credit applications from women-owned, minority-owned, and small businesses, including the race, sex, and ethnicity of the principal owners.
 
ICBA has strongly advocated a robust community bank exemption to the reporting requirements and said the proposal’s exemption for those that originate fewer than 25 loans per year is far too narrow.
 
While ICBA and other organizations have advocated an extension, community bankers currently have until Thursday, Jan. 6, to use the ICBA guide to submit comment letters.

In addition, following House passage of the reconciliation bill without numerous anti-community bank provisions, ICBA is encouraging community bankers to weigh in on the debate on other issues with ICBA grassroots resources:


Source: ICBA
Cybersecurity advisory warns of holiday attacks

The Cybersecurity and Infrastructure Security Agency and FBI issued a cybersecurity reminder for public and private sector organizations to remain vigilant against ransomware and other cyberattacks during the holiday season.
 
The advisory notes that malicious cyber actors often take advantage of holidays and weekends to disrupt critical networks and systems.


Source: CISA
Banks generally barred from venture capital fund investments

The OCC issued a bulletin to remind banks that they are prohibited from making most equity investments in venture capital funds. The agency said:

  • Banks generally may not make passive equity investments in venture capital funds.
  • Equity investments in venture capital funds may be permissible if they are public welfare investments or investments in small-business investment companies.

Qualifying for the Volcker rule's venture capital fund exclusion does not make a fund a permissible investment for a bank.

Before investing in a venture capital fund, banks must determine whether the investment is permissible and appropriate.

Source: OCC
FDIC updates brokered deposit Q&A

The FDIC updated its question-and-answer document on regulatory changes to brokered deposits. The Q&As—which are available on the agency’s brokered deposit webpage—provide comprehensive information about changes with a full compliance date of Jan. 1, 2022.

Source: FDIC
FHFA issues 2022 ratio for uniform security

The Federal Housing Finance Agency announced the "deemed-issuance" ratio for trading the Uniform Mortgage-Backed Security in 2022. The ratios for Fannie Mae and Freddie Mac will be at 56 and 44 percent, respectively.

Source: FHFA