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Alyssa, don't miss these important MBA updates...
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FEDERAL RESERVE
Governor Mikki Bowman Meets with MBA Board of Directors
Federal Reserve Board Governor, Mikki Bowman, a former community banker herself, joined the MBA Board of Directors retreat earlier this week. During the session, Governor Bowman initiated a discussion by inviting the Board of Directors to share their concerns pertaining to their respective communities.
The meeting revolved around several pivotal topics, including:
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Customization of Bank Term Funding Program (BTFP): The Board members engaged in thoughtful discussions, raising queries and providing comments on tailoring the Bank Term Funding Program to better align with the unique requirements of community banks. Governor Bowman empathetically acknowledged the frustrations arising from interest rate dynamics and applauded the proactive initiatives undertaken by the bankers themselves.
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Industry Health
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Mitigating Check Fraud: A notable concern that emerged was the issue of check fraud. Members of the board suggested that a more swift response from larger banks in cases of fraud would contribute to the long-term well-being of clients. This conversation underscored the importance of collaborative efforts across the banking landscape.
- Ensuring a Level Playing Field
- Credit Quality
Throughout the session, Governor Mikki Bowman consistently expressed her eagerness to receive recommendations and feedback from the bankers. She underscored the significance of each topic brought forth by the participants, emphasizing that these concerns were top-of-mind for her as well.
Governor Bowman's engagement with the MBA Board of Directors on Mackinac Island exemplified a constructive exchange of ideas, highlighting her commitment to facilitating meaningful discussions within the banking community.
For those who wish to share their comments or insights with Governor Bowman, you can direct your communication to Greg Frischmann, Special Counsel at the Board of Governors of the Federal Reserve System. He can be reached via email at greg.a.frischmann@frb.gov.
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GRASSROOTS
Register today for MBA Banker Day at the Capitol!
September 6
Cost: FREE
Get the lowdown on what is happening in Lansing, listen to our informative Keynote, lunch with legislators, and take a Capitol tour that is sure to impress. Register here.
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PROFESSIONAL DEVELOPMENT
Rising Leaders Conference - September 19-20 | Mt. Pleasant
As you ascend to new levels of management, it’s critical that you build on your leadership strengths and learn new ways to achieve greater impact. As the next generation of bank leaders, it’s essential to gain leadership skills and knowledge of the banking industry, and network with peers.
- Collaborate and network with next generation banking peers from across Michigan.
- Gain tools for leadership skills for your career in banking.
- Share ideas and industry best practices.
- Leave with strategies and tools to thrive in an ever-changing environment.
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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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ADVOCACY WEBINAR
Fall Advocacy Outlook Webinar
Tuesday, September 12
Join ABA president and CEO Rob Nichols, Chair Dan Robb and ABA staff as they share the latest on the key issues facing the banking industry this fall including the outlook for post-SVB regulatory changes, the ongoing threat posed by the Durbin-Marshall credit card bill and ABA’s ongoing legal challenges to the CFPB. You’ll hear the latest on ABA's advocacy efforts and learn how bankers can engage on behalf of the industry. We’ll also provide an update on the expanding list of ABA tools, resources and training available to members. Register here.
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DIGITAL ASSETS
Treasury Department, IRS Propose Digital Asset Regulations - The Treasury Department and IRS on Friday released proposed regulations on the sale and exchange of digital assets by brokers as part of an effort to crack down on alleged tax cheats. The proposed rules would require brokers—including digital asset trading platforms, digital asset payment processors and certain digital asset-hosted wallets—to file information returns and furnish payee statements on dispositions of digital assets effected for customers in certain sale or exchange transactions. Additionally, they would require real estate reporting persons to report the fair market value of digital asset consideration received by real estate sellers in reportable transactions. Those same persons also would be required to file information returns and furnish payee statements for real estate purchasers who use digital assets. Read the Treasury Department statement. Read the proposed rulemaking.
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ELECTRONIC, LEIN, AND TITLE
REMINDER: 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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CREDIT UNIONS
Michigan State University Federal Credit Union Buying Chicago Area Bank - Michigan State University Federal Credit Union is diving deeper into the Chicago market. East Lansing-based MSUFCU said Tuesday that it is buying The McHenry-based parent of McHenry Savings Bank in Chicago's far northwest suburbs.
The cash transaction, expected to close late in the first quarter of 2024, is priced at $36 million-$38 million, or $39-$41 per share. The final price will depend on contingencies between now and closing, according to a joint news release announcing the deal. Read the article.
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GSB COLORADO
CONGRATULATIONS, Michigan GRADUATES!
We would like to congratulate the pictured Michigan-based banking professionals for earning their prestigious diploma in banking from the Graduate School of Banking at Colorado (GSBC)!
These individuals were among 166 graduates honored in a ceremony on July 27, 2023, in Boulder, Colo. Find more information on GSBC’s 2023 Annual School Session, including enrollment information on the 2024 session.
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MBA SERVICE CORPORATION ENDORSED PARTNER | |
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Smarter Bank LIVE!
The essence of traditional banking is being rattled to the core by the rapid evolution of fintech innovations and digitalization. Brace yourself for a rollercoaster of historic consolidation, thrusting banks into a high-stakes race to find new ways to set themselves apart from the herd. Join us the Smarter Banker interactive LIVE event featuring Cornerstone’s Steve Williams and Al Dominick on September 27, 2023. Register and learn more.
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MBA SERVICE CORPORATION ENDORSED PARTNER
10 Tips For Protecting Your Institution and Customers From Check Fraud - Fraud has become more of a factor for consumers and businesses alike, especially check fraud. Several recent media reports have incorrectly positioned the process of sending checks via postal mail as unsafe. Despite those reports, checks are still a secure form of payment and one of the safest ways to send money. Read more.
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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. Submit your nomination.
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MBA SERVICE CORPORATION ENDORSED PARTNER
Sequential loan growth in US community banks trends up in Q2'23 - Loan growth improved at US community banks with assets below $10 billion in the second quarter of 2023 after slowing down since the third quarter of 2022. Gross loans and leases for US community banks grew sequentially by 2.5% in the second quarter, up from a 1.3% quarterly increase in the first quarter, according to S&P Global Market Intelligence data. 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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PROFESSIONAL DEVELOPMENT
Free Expert Panel Webcast: Tuesday, September 12 | 12:00 p.m. EST
Research Data Explains Why Some Bankers Have More Profitable Relationships
You know the bankers in your group who are skilled at finding new relationships and deepening existing ones. What are those lenders and RMs doing differently than others? Based on recent data analysis from sales evaluation expert, Objective Management Group, this webcast will disclose the specific skills many bankers are lagging in that are preventing them from being successful.
Join Anthony Cole Training Group’s founder, Tony Cole, along with Objective Management Group’s CEO Ben Tagoe and Bank Midwest’s Chief Sales Officer Juhl Erickson for this panel discussion about how banks are using performance data for hiring and developing their people. Learn more.
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PROFESSIONAL DEVELOPMENT
Top Tips Regarding Talent Retention for Banks
Talent retention has decreased in many industries in recent years. In particular, talent retention for banks has seen a significant drop due to ever-changing customer needs. According to the Global Talent Crunch report from KornFerry, by 2030, there will be a labor shortage of 10.7 million in the business and financial sectors, leading to a potential loss of $1.313 trillion in revenue due to skills shortages. Read more.
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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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The key to a good budget is including as much information as you can, so that you can adequately prepare and plan. Check out these tips from the '@American Bankers Association' Foundation on how to develop a financial plan: https://aba.social/3t8tlwR
#FinLitFriday
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#FrameOfMindFriday Don't wait until it's too late. Do you know the signs of suicide and where to find resources? https://conta.cc/3pd00Pc | |
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