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Alyssa, don't miss these important MBA updates...
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REGULATORS
Banking Agencies Extend Comment Deadline for Long-Term Debt Rulemaking
Banking regulators announced they will extend the comment period on a proposed long-term debt requirement for banks with more than $100 billion in assets to January 16. The requirement is part of a package of proposed rulemakings that the FDIC, OCC and Federal Reserve have been pursuing since before the recent bank failures.
Under the proposed rule, a covered bank would be required to have a minimum outstanding amount of eligible long-term debt that is at least 6% of the institution’s total risk-weighted assets, 2.5% of its total leverage exposure (if it is required to maintain a minimum supplementary leverage ratio) or 3.5% of its average total consolidated assets, whichever is greater. Banks would have three years to comply with the requirement after the date they become subject to the rule, but partial compliance would be scaled up during the phase-in period. Read more.
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FRAUD
ABA Is Helping Bankers Fight Financial Crime
ABA is working to bolster bankers’ efforts in the fight against financial crimes, ABA President and CEO Rob Nichols told attendees at the association’s annual Financial Crimes Enforcement Conference, which kicked off earlier this week. In a keynote opening address, Nichols highlighted several key initiatives that ABA is currently spearheading to fight fraud and combat money laundering and the financing of terrorist activities. Read more.
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GRASSROOTS ALERT
Bankers: Ask Lawmakers to Support House Nullification of 1071 Final Rule
With the House expected to vote on a resolution under the Congressional Review Act to nullify the CFPB’s recent final rule implementing Section 1071 of the Dodd-Frank Act, MBA and the ABA are calling on bankers to contact their representatives and urge them to vote in support of the resolution. A resolution of disapproval was recently passed by the Senate with bipartisan support.
Congressional support for the resolution of disapproval will help send a message to the Biden administration that the rule in its current form is flawed and should be reconsidered. Take action now.
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CYBERSECURITY
Treasury Issues Advisory with Cybersecurity Tips for Holiday Shoppers
As the holiday shopping season gets underway, the Treasury Department’s Office of Cybersecurity and Critical Infrastructure Protection issued an advisory with tips for consumers to protect themselves from scams and fraud.
Among other things, the advisory recommended that consumers buy only from reputable merchants; exercise caution when receiving unexpected calls or emails; monitor their credit card and financial statements; and use a credit card to pay for online purchases. It also cautioned consumers not to give out personal information or account information to anyone via phone. Read the Treasury advisory. Register for #BanksNeverAskThat.
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ECONOMY
Fed’s Waller, Bowman Uncertain About Further Rate Hikes
In separate speeches earlier this week, Federal Reserve Governors Christopher Waller and Michelle Bowman gave differing answers to the question of whether the Fed would need to continue raising the federal funds rate to tame inflation, although both cautioned there remains much uncertainty in the economic outlook. Read Waller’s remarks. Read Bowman’s remarks.
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PROFESSIONAL DEVELOPMENT
ABA launches second part of free webinar series: Drive economic growth by expanding your customer base.
This part of the webinar series will build on takeaways from part one while also helping participants view their CRA program through the shifting demographics across the U.S.
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PROFESSIONAL DEVELOPMENT
Tax Outlook: Strategic Planning for the Year Ahead Webinar
1:00 p.m. EST | December 5
As the calendar inches toward the year-end, don’t miss this opportunity to gear up for a crucial part of your financial plan: your tax strategy. Join the Rehmann upcoming webinar to get the insights and action items you need to stay ahead of the curve.
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So We’re Digital – Now What?
January 17
Presenters: Eric Cook, Joe Sullivan, JP Nicols
9:00 a.m. – 12:30 p.m. Central / 10:00 a.m. – 1:30 p.m. Eastern
Your bank being “digital” is a means to an end, not the end goal itself. The real promise of digital banking is not simply replumbing existing infrastructure to more efficiently deliver the same products and services that everyone else has, it’s unlocking new capabilities to provide new sources of value that differentiate you from the competition. And that competition is not the other institution down the road. It’s much bigger than that today.
In this fast-paced and engaging session, faculty from the Graduate School of Banking (GSB) Digital Banking School will provide timely and practical updates on the rapidly evolving digital landscape, with a focus on how to maximize ROI on your digital banking investments. Read more.
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Midwest Economic Forecast Forum
Thursday, January 11 - 11:00 a.m. - Noon CT or Noon - 1:00 p.m. ET
Presented by the Wisconsin Bankers Association, in partnership with the Illinois Bankers Association, Michigan Bankers Association, Minnesota Bankers Association, and the Wisconsin Bankers Foundation.
Prepare for 2024 by joining an economic discussion with Federal Reserve Bank of Minneapolis First Vice President Ron Feldman. Time will be allowed for open Q&A during this virtual event. Bankers and community leaders are encouraged to invite their business clients to virtually share these economic insights. Individuals or group registration rates are available.
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MBA SERVICE CORPORATION
A.I. Regulation is On the Way
The words “artificial intelligence” used to provoke thoughts of dystopian science fiction. Now, we think more of ChatGPT and less about “The Terminator.” Artificial intelligence, or A.I., is now ubiquitous and quickly being integrated into every facet of our lives. The consumer finance industry is not immune from its reach. A.I. has become so pervasive and its implications so wide that our government is taking note. On October 29th, the Biden Administration issued a wide-ranging Executive Order (the “Order”) establishing guidelines for consumer safety and protection while emphasizing equity.
For banks that use proprietary A.I., the Order includes provisions directed at A.I. developers and designers. It directs the Secretary of Commerce, in coordination with certain other agencies, to establish guidelines, with the aim of creating industry standards for developing “safe, secure, and trustworthy A.I. systems.” Read more.
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MBA SERVICE CORPORATION
Delinquent Loan, Net Charge-Off Ratios Surge to 5-year Highs at Credit Unions
Credit quality continued deteriorating at US credit unions in the third quarter, with delinquent loan and net charge-off ratios reaching cyclical highs, according to S&P Global Market Intelligence data.
Like their banking counterparts, credit unions recorded sequential loan growth along with deposit contraction. Read the article.
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MBA SERVICE CORPORATION
Engage a Virtual Compliance Officer from Review Alliance
Once you’re matched with a Virtual Compliance Officer (VCO), things start to change rapidly. Suddenly, you have someone who answers to you that takes care of special projects, who manages programs across multiple locations, or conducts overwatch with formalized reporting.
More and more banks are finding that—pennies on the dollar—VCOs from Review Alliance are how compliance today gets done. For more information, please contact Jill Verscheure, SVP, MBA Service Corporation.
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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 ENDORSED PARTNER
2023 Bank Compliance Leader Award
Bankers Alliance is excited to announce its first annual Bank Compliance Leader Award. Banks will have the opportunity to recognize an individual in their institution who has had a positive impact not only as a compliance leader within the bank, but also the community and industry. . Learn more and submit a nomination!
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MBA SERVICE CORPORATION ENDORSED PARTNER
Want to Get Gen Z’s Attention? Be Like TikTok
“Sharing on social media is the customer referral of the late 20th century.” –Tony DeSanctis, Cornerstone Advisors
What’s the #1 search engine for Gen Z consumers? Mary Wisniewski invites Tony DeSanctis to chat about what works and what doesn’t to influence and engage Gen Z on social media. Could financial institutions, not traditionally known for making emotional connections with customers, be doing a better job?
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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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To close the MBA Veterans in Banking Month, today, we're incredibly proud to introduce Simon Wlodarski, a true American hero and an integral part of Bank of America!
Simon's remarkable military journey began in 1995 when he enlisted in the Marine Corps as an infantryman. Over the years, his dedication and commitment led him to rise through the ranks, achieving the rank of sergeant. But Simon's thirst for service didn't stop there. He attended the Marine Officer Candidates School, where he was commissioned as a Second Lieutenant, continuing his service as an infantry officer. His military journey took him to Iraq, Africa, Afghanistan, and Ukraine, where he played crucial roles in advisory and combat operations. After an incredible 27 years of service, Simon retired from the military in December, leaving behind a legacy of leadership and dedication.
Simon's transition to banking was influenced by his experience working for the State of Illinois in policy and management roles. A fellow Marine officer already at the bank encouraged him to explore opportunities, and Simon networked with company leaders, ultimately finding a new career path in the private sector.
Today, Simon continues to bring his unwavering dedication, leadership, and commitment to Bank of America, making an impact in the banking industry.
We salute Simon for his incredible journey, and to all veterans, we thank you for your service. Stay tuned for more inspiring stories in the upcoming edition of mbaBanking at the end of November!
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#FrameOfMindFriday Please remember that this is not always a happy time of year for some. If you need help coping with the Holiday Season do you know how to find help? Learn more: https://conta.cc/3pFs9OA | |
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We want to extend our heartfelt gratitude to all the incredible veterans who have been part of MBA Veterans in Banking Month!
Your dedication, service, and inspiring stories have illuminated the path for future generations, showing us the true meaning of resilience and commitment. Thank you for your unwavering sacrifice and service to our nation and the banking industry.
As we conclude this special month, we want to remind everyone that the spirit of these remarkable veterans lives on, shaping the banking industry for the better.
To learn about each veteran featured throughout out the month, click on the link below for the November/December issue of mbaBanking: https://conta.cc/3uHhN6Z
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