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Alyssa, don't miss these important MBA updates...
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RATE HIKES
The Fed Issues FOMC Statement
Recent indicators suggest that economic activity has been expanding at a solid pace. Job gains have slowed in recent months but remain strong, and the unemployment rate has remained low. Inflation remains elevated.
The U.S. banking system is sound and resilient. Tighter credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation. The extent of these effects remains uncertain. The Committee remains highly attentive to inflation risks.
The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent. The Committee will continue to assess additional information and its implications for monetary policy. In determining the extent of additional policy firming that may be appropriate to return inflation to 2 percent over time, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities, as described in its previously announced plans. The Committee is strongly committed to returning inflation to its 2 percent objective.
In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals. The Committee's assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments. Read the full statement. View the Economic Projections.
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This November, as we come together for the Bank Management and Directors Conference, we will build and celebrate our relationships formed. Join us to enhance your strategic thinking, evolve with industry changes and get the insights and best practices you need to continuously make a positive impact. Our agenda is designed by community bank leaders! Register by October 21 to save.
Session Spotlight
What Recession? Did We Really Dodge a Bullet?
We have been predicting and expecting a recession for several quarters now and we keep escaping. Why? Is inflation under control? What about the supply chain? Is worker shortage a reason for low unemployment rates? What is the story with global trade and geopolitics. Most importantly how does all this affect the banking sector and the economy in the very diverse state of Michigan? Speaker: Chris Kuehl, Managing Director, Armada CI
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MBA
Michigan Bankers Association Congratulates Alyssa Bouchard on Her 10 Over the Next Ten Awards Nomination
The Michigan Bankers Association (MBA) proudly congratulates Alyssa Bouchard, Vice President of Communications, on her well-deserved nomination for the 10 Over the Next Ten Awards, presented by the Lansing Chamber in partnership with Lansing 5:01. This prestigious award recognizes Greater Lansing’s exceptional young professionals anticipated to make significant contributions to the community over the next decade. Read more.
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GRASSROOTS
Stabenow and Peters: No On Credit Card Competition Act (CCCA)
Thank you to over 500 bankers who have shared the need to oppose the CCCA! Roxanne Daust, MBA Chairman, President & CEO, Ragne Bank, and Rann Paynter, President & CEO, MBA, were in Washington D.C. last week and received verbal confirmations from both Michigan Senators that that they would not support CCCA.
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MBA
Matt Szubinski, our COO/CFO is all smiles as the MBA's new elevator passes inspection earlier this week.
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A Conversation with Jamie Dimon
Jamie Dimon, Chairman and Chief Executive Officer, JP Morgan Chase was interviewed earlier today by Independent Bank Director Dennis Archer Jr. The discussion was wide-ranging including regulation, global economy, our nation's political environment and more. One of the points that stood out was his philosophy on commitment to the city of Detroit and the State of Michigan going back to their roots in our state with the National Bank of Detroit.
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GRASSROOTS
Regular Meetings, Communication and Contact with Your State Agencies
This week, the MBA met with Treasurer Eubanks and her team as we do normally on a quarterly basis. Topics of discussion included the state’s desire to make retirement investments easier and more cost effective for those who do not have employer supported savings. We also discussed our pushback on garnishment bills and request some garnishment and collections information from them. Finally, we discussed some external considerations- CRE risk, interest rates and commercial real estate occupancy now and in the future as factors to consider in the new split property tax proposal.
Our monthly meetings with DIFS are great for information sharing as well. DIFS is working on revisions to the Motor Vehicle Sales Act that the MBA Retail Lending Committee will review and they are also drafting bills to revise regulations on money transmitters (not crypto at this point) and consolidate statutes for mortgage lenders. The have also been asked to report on the regulatory environment for student loan servicers and the potential for a student loan ombudsman.
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FHLBI
FHLBank Indianapolis 2023 Board of Directors Election opens Sept. 25, 2023
Voting for the 2023 FHLBank Indianapolis Director Election will open Sept. 25, 2023, and will close Oct. 26, 2023, at 5 p.m. (Eastern).
This year, FHLBank Indianapolis has two Michigan member directorships and two independent directorships open for election. All Indiana and Michigan members of record as of Dec. 31, 2022, are eligible to vote for the district-wide independent directorships, and all Michigan members are eligible to vote for the Michigan member directorships (“eligible members”).
District-wide Independent Director Candidates
Eligible members in Indiana and Michigan will have the opportunity to elect two district-wide independent directors. There are two candidates for two independent director positions:
Michigan Member Director Candidates
Eligible members in Michigan will have the opportunity to elect two member directors. These member directors are officers or directors of members in Michigan. There are seven candidates for two Michigan member director positions:
- Jacqueline (Jackie) Buchanan, President and CEO, Genisys Credit Union, Auburn Hills, Mich.
- William (Bill) Hufnagel, President and CEO, Dart Bank, Mason, Mich.
- Kenneth Kelly, Chairman and CEO, First Independence Bank, Detroit, Mich.
- Margaret (Peg) Lamb, Senior Vice President and Chief Risk Officer, People Driven Credit Union, Southfield, Mich.
- Michael Manica, Vice Chair and Director, United Bank Financial Corp., the bank holding company of United Bank of Michigan, Grand Rapids, Mich.
- Kelly Potes, CEO, ChoiceOne Bank, Sparta, Mich.
- Robert Worthington, Senior Vice President, Chief Risk Officer, Secretary and General Counsel, Mercantile Bank, Grand Rapids, Mich.
When the election opens on September 25, watch for email alerts with links to the ballot from “FHLBank Indianapolis Election Coordinator <noreply@directvote.net>,” and be sure to add this email to your “safe sender” list to avoid being filtered out from your email inbox.
Members requiring assistance with the election may contact FHLBank Indianapolis Corporate Secretary, Lyndsay Miller, at election@fhlbi.com.
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GRASSROOTS
MBA Speaks at Fiserv User Forum
Alex Morris, AVP – Advocacy, provided a comprehensive 30-minute legislative update to a gathering of 50 bankers on MSU’s campus this week. The discussion encompassed the crucial role of banker engagement in grassroots relationship-building with legislators. It also delved into the expectations in Lansing for the upcoming weeks regarding the numerous issues that MBA is advocating for on behalf of the industry.
If you are interested in becoming a part of the exclusive Fiserv Great Lakes User Group for bankers, please reach out to Anna Hanovich at First State Bank at AHanovich@fsb.bank.
For those who are interested in receiving regular legislative updates, feel free to contact Alex Morris at amorris@michigan.bank.
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REGULATORS
CFPB Issues Guidance on Credit Denials that Use Artificial Intelligence
The Consumer Financial Protection Bureau issued guidance on the use of artificial intelligence in credit underwriting, saying that creditors are relying too heavily on a CFPB checklist and sample forms when they should provide specificity to explain why a consumer is denied credit. Read more.
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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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CYBERSECURITY
Grab and Go Resources for National Cybersecurity Awareness Month
National Cybersecurity Awareness Month (NCSAM) is celebrating its 20th anniversary in October! MBA Service Corporation Endorsed Partner SBS Cybersecurity is proud to support this far-reaching online safety awareness and education initiative which is co-led by the National Cyber Security Alliance and the Cybersecurity and Infrastructure Agency (CISA) of the U.S. Department of Homeland Security. This initiative helps equip professionals with a vast amount of online safety awareness and education to stay ahead of the ever-changing cyber threat landscape.
Keep a look out for tips and resources in October!
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DIVERSITY, EQUITY & INCLUSION
SAVE THE DATE: MBA INAUGURAL DEI Forum
FREE | Virtual
Save the date for November 15th for a virtual MBA Diversity, Equity & Inclusion (DEI) Forum at 11:00 a.m. This forum will give members a platform to discuss and share information about how they are implementing aspects of DEI in the workplace and at home, plus learning best practices.
Have questions? Contact Ashley Beesley at abeesley@michigan.bank. Stay tuned!
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DIVERSITY, EQUITY & INCLUSION
Education Series: Board Diversity
Companies across the globe are vocalizing a need to develop considerations for diversity, equity, and inclusion (DEI) within their organization.
How could investing in DEI positively impact my organization?
Join Maner Costerisan on Thursday, September 21, as Kelley Kuhn, President and CEO of the Michigan Nonprofit Association, explores the benefits of investing in DEI.
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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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PROFESSIONAL DEVELOPMENT
Hot Off the Press Check Fraud Schemes
December 12 – Hybrid
Click on this link to learn more.
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Bank Trainers Conference
October 4-6, 2023
Location: Your Desktop or Mobile Device
Are you ready to revolutionize the way you train your bank's workforce? Get ready to be inspired, educated, and connected like never before at the Bank Trainers Conference 2023 - now available for you to attend from the comfort of your own workspace!
What to Expect:
- Keynote Sessions by Industry Visionaries
- Engaging Workshops and Interactive Panels
- Cutting-Edge Training Technologies Showcase
- Networking Opportunities with Experts
- Exclusive Access to Resource Materials
Get ready to transform the way you train in the banking industry. Secure your virtual seat today!
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MBA SERVICE CORPORATION ENDORSED PARTNER
The Only Compliance Support You Need - Small town bank or big city location—and everything between and all those combined. Compliance Alliance knows one size does not fit all.
Designed specifically to mirror the way regulations criss-cross through bank functions and departments, Compliance Alliance has built a reputation for protecting banks and their customers. They do this with top-tier educational training, quick-connect expert support, and tools that walk you through the scenarios and challenges you’ll face.
To learn more, contact Jill Verscheure, SVP, MBA Service Corporation here.
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MBA SERVICE CORPORATION ENDORSED PARTNER
Customer Cybersecurity Awareness - Creating a Culture of Security
While most organizations think through the direct risk of cyber threats to their business via cyber attacks, known vulnerabilities, and security flaws, not many organizations recognize the risk posed to their business by their customers. Read more.
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MBA SERVICE CORPORATION ENDORSED PARTNER
Appraisals and Evaluations: Renewals, Extensions, and Modifications
So, even if you are exempt from obtaining an appraisal, your institution is still required to obtain an evaluation. Which brings us to the next question: is your existing appraisal/evaluation “valid”, and can it be used for the subsequent transaction?
The interagency guidelines provide that institutions are allowed to use an existing appraisal or evaluation to support a subsequent transaction in certain circumstances. Therefore, an institution should establish criteria for assessing whether an existing appraisal or evaluation ... Learn 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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MEMBER NEWS
PCBB Welcomes Sheila Noll as COO, Promotes Janet Leung to Head of Advisory Services
Sheila Noll has joined PCBB as Chief Operating Officer. She will lead and advance PCBB’s existing payments strategy to satisfy future customer needs and also guide operational processes to enhance the customer experience. In addition, seasoned professional Janet Leung has been promoted to lead PCBB's Advisory Services division. Her extensive industry knowledge will fortify strategic planning, driving top-tier consulting services and maintaining PCBB's industry leadership.
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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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Happy #MBAMemberMonday! This week, we're shining the spotlight on Varnum LLP. Their attorneys excel in loan origination, corporate and regulatory affairs, loan workout services, and bond counsel. Discover more at www.varnumlaw.com! 🌟 | |
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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