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Alyssa, don't miss these important MBA updates...
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GRASSROOTS
Garnishment/Bankruptcy Discussions in House and Senate
The MBA was requested by the House and Senate bill sponsors of the garnishment and bankruptcy bills to take part in a workgroup with the goal of getting stakeholders to a neutral or even supportive position on the legislation. The MBA encouraged the inclusion of additional stakeholders with additional subject matter expertise to address some of the proposed exemptions. All parties agreed that exemption of state and federal qualified benefits should be a goal. The process for this however is particularly difficult and we expressed the need to create either clarity in identification and the need for the debtor to be able to assert their protections as starts. We also shared deep concerns over the impact of cost and availability of credit to individuals if the legislation carved out exemptions simply based on wages. The group will continue discussions to create a proper path that provides appropriate exemptions and also protections for creditors and garnishment processors.
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POWER OF ATTORNEY
Uniform Power of Attorney Act (UPPOA) PA 187 of 2023
MBA Bank Counsel Committee has worked over the past few years with the UPOAA subcommittee of the Probate Section of State Bar and the Attorney General Elder Abuse Task Force to make sure HB 4644 would be acceptable to financial institutions in Michigan. This uniform law has been passed in 30 states and was signed into law in Michigan on 11/7/23 and assigned PA 187'23. This act will take effect on July 1, 2024. Under the Uniform Power of Attorney Act, a power of attorney meeting certain requirements as to its execution would be durable unless it contains a provision expressly providing that it is not durable, which is contrary to present Michigan law. Read the full article here.
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DIVERSITY, EQUITY & INCLUSION
Register For The MBA INAUGURAL DEI Forum
FREE | Virtual
Join us on November 15th at 11:00 a.m. for a virtual MBA Diversity, Equity & Inclusion (DEI) Forum. This forum will provide a valuable platform for our members to engage in discussions, exchange insights, and share experiences related to the implementation of DEI principles in both the workplace and personal lives. It's an excellent opportunity to learn and adopt best practices in this important area.
The forum agenda is made up of topics submitted by attendees. All are welcome whether you are new to DEI or have been on this journey for many years.
Have questions? Contact Ashley Beesley at abeesley@michigan.bank.
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MEMBER NEWS
BankBeat Names Michigander as 2023 Outstanding Woman in Banking
Each autumn, BankBeat - a premier online source for timely or breaking community banking news - recognizes Outstanding Women in Banking. We are thrilled to extend our heartfelt congratulations to Nancy Rosentrater, Chief Operating Officer of Oxford Bank for her well-deserved recognition! Learn more.
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ELECTIONS
Two Democrats Shake up House with Mayoral Victories
State Rep. Kevin Coleman and fellow Democratic state Rep. Lori Stone both won their mayoral bids last night In Westland and Warren respectively.
The victories mean each will have to re-sign their seats in the state House, bringing the partisan makeup of the chamber to an even 54-54 split. We expect the Governor to call for special elections sometime in the Spring of 2024. Both seats lean heavily Democratic.
We also expect the legislature to adjourn, likely for the year, this week because of the temporary tie-in partisan split in the House. Early adjournment would also ensure the recently passed statute moving the Democratic presidential primary to February can go into effect before the February primary date.
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FDIC
MBA and the FDIC
The MBA, in their regular meetings with Chicago FDIC leadership, met Monday to discuss a number of items impacting membership. Acknowledgement of the recent release of a very different CRA rule was made and commitment to both the sharing and education of the new rule with bankers and examiners will be a priority in 2024.
Additionally, FDIC shared the need for banks to take all steps to ensure timely access to liquidity to include due diligence around collateral to be pledge so when/if the need arises, the work has been done in advance.
Finally, as shared in numerous sessions at the MBA Bank Management & Directors Conference, check fraud continues and is evolving. We also heard that there are now multiple presentments of the same (duplicated) check at multiple branches at the same time and some “mules” are being compensated with drugs.
The OCC has set up a mailbox (OCCAlertResponses@occ.treas.gov) to facilitate community banks’ ability to receive OCC assistance on settling funds involving fraudulent transactions where accounts with larger supervised institutions are involved and community banks have struggled to get a timely response.
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FEDERAL HOME LOAN BANKS
FHFA Issues Federal Home Loan Bank Report and Showcases Essential Role of FHLB System
The Federal Housing Finance Agency issued its long-expected report on the comprehensive review of the Federal Home Loan Banks, culminating a process that began last year in conjunction with the 100th anniversary of the FHLB system. Among other things, the agency said it will update the mission statement of the system to reflect the primary goals of providing stable liquidity to FHLB members and supporting housing and community development. Read the report. Read the fact sheet.
ABA commends the FHFA for recognizing the essential role of the FHLB system, which is a valuable partner for banks of all sizes in meeting the needs of their communities, ABA President and CEO Rob Nichols said. Nichols added that while ABA is still reviewing the report, the document makes clear that the agency understands the system’s important dual mission to serve as both a source of liquidity for member banks and as an avenue for members to advance affordable housing and community development.
ABA staff have produced a members-only analysis of a long-awaited report by the Federal Housing Finance Agency on the Federal Home Loan Bank system that was released this week—a culmination of the agency's more than yearlong comprehensive review. Read the analysis. Read the FHFA report.
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HUMAN RESOURCES
Overtime Proposal ‘Fundamentally Flawed’
ABA this week joined 243 national, state and local industry trade associations—under the banner of the Partnership to Protect Workplace Opportunity, a coalition of industry trade groups—to urge the Department of Labor to withdraw its proposed rule that would significantly increase the number of employees who are subject to the Fair Labor Standards Act’s overtime and minimum wage requirements. Read more.
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CONGRESS
ABA, Associations Seek Comment Extension on Proposed Fiduciary Rule
ABA and 17 associations asked the Department of Labor for an extension of the public comment period for a proposed new rule that would extend fiduciary status to advice on rollovers and investments related to commodities and insurance products like fixed annuities. The proposed rule makes significant and unanticipated changes to the current regulatory framework that will require more time for analysis and comment, as well as more time to understand how this proposal would affect access and choice for retirement savers, the groups said. Read more.
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CONGRESS
ABA Welcomes Congressional Review of Proposed Capital Standards
ABA strongly supports efforts by the House Financial Services Subcommittee on Financial Institutions and Monetary Policy to investigate “the chaotic state of global financial standards,” such as the proposed U.S. adoption of the Basel III “endgame” capital standards, the association said Tuesday in comments to the subcommittee, which held a hearing on the topic that same day. Read more.
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REGULATORS
CFPB Proposes to Supervise Nonbank Payment Providers
The CFPB took steps to regulate large nonbank firms that provide digital payment services, including P2P payments, mobile wallets and other payment apps. The bureau proposed a new rule that would establish its supervisory authority over certain nonbank-covered persons participating in a market for “general-use digital consumer payment applications.” The proposed rule would allow the bureau to examine non-bank payment providers to ensure compliance with applicable federal consumer financial protection laws and would provide a more consistent regulatory framework between non-depository and depository institutions. Read the proposed rule.
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VETERANS PROGRAMS
New Financial Education Platform Added to the Veteran Benefits Banking Program
The Association of Military Banks of America (AMBA) announced the launch of a new financial education tool as part of the Veterans Benefits Banking Program. AMBA announced the launch of the new tool, VetCents, at a Veteran’s Financial Health Roundtable event in Washington, D.C. The tool, powered by LifeCents, is a technology platform that provides veterans with financial education resources tailored to their needs. ABA supports bank participation in the VBBP, and the ABA Foundation serves as the 501(c)3 nonprofit fiscal sponsor for managing donations that fund the VBBP. Read more.
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FINANCIAL EDUCATION
November FDIC Consumer News Explains Certificates of Deposit
The November edition of FDIC Consumer News defines a bank certificate of deposit and provides tips to consumers for selecting the right CD for their financial needs and goals. Among other things, the newsletter urges consumers to make sure they purchase a “deposit” product issued by an FDIC-insured bank. Read the newsletter.
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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.
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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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Attend the upcoming Ag Tech Symposium, Grand Rapids, December 7 at the Great Lakes Fruit, Vegetable, Greenhouse and Farm Market Expo. The expo brings together growers, researchers, innovators, bankers, entrepreneurs, industry participants and investors from around the country to build relationships and discuss opportunities. | |
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More than ever before, today's retail banking leadership team is faced with a multitude of challenges and opportunities. Successful banks are branch leadership who are focused on motivating and engaging the team, building and increasing loyal customer relationships, mitigating risks through compliance and regulatory adherence, and accomplishing retail banking goals.
Register for the 2-day workshop November 28-29.
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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
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. Learn more.
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MBA SERVICE CORPORATION ENDORSED PARTNER
Your Unbiased Quality Control Partner
It is recommended that financial institutions review 10% of their loans. Completing quality reviews is critical to uphold your standards of quality and build trust in your community, but most of us can agree that other tasks and deadlines often get in the way.
Never miss another review! Leverage a partnership with a trusted quality review partner to ensure that you complete all of your reviews while keeping the process objective and unbiased (plus, imagine how happy the examiners will be!).
With millions of quality reviews under our belt, LSI is now offering this as our newest solution. Read more.
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MBA SERVICE CORPORATION ENDORSED PARTNER
Five Ways to Use Advanced Analytics to Drive Revenue
In 2020, almost all financial institutions saw record growth in Small Business Administration lending with the Paycheck Protection Program, mortgage origination and home equity loans, and deposits. A slowdown in that momentum is already evident in 2021, especially with more traditional lending and interchange revenue.
So what? Banks are going to need to rely on other sources to drive revenue in 2021, and growth analytics should be at the top of the list. Read 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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We proudly shine the spotlight on Jeanine Sapalak from The State Bank as part of the Michigan Bankers Association U.S. Veterans in Banking Campaign! 🌟
Jeanine, a former Army Clerical Specialist, played a crucial role in handling important reports for officers and higher-ranking enlisted personnel. She also ensured seamless mail distribution, guaranteeing that critical communication reached the right hands.
Post-military service, Jeanine embarked on a remarkable journey into the world of banking, where she now serves as an Assistant Vice President (AVP) in Retail Banking. Her responsibilities span sales, customer relationship management, branch operations, and leading the credit card initiative for her bank. 💳🏦
Jeanine's motivation to enter the banking sector stemmed from her perception of it as an elite profession, and she saw the opportunity to be part of this prestigious industry. 🤝📈
Stay tuned for more inspiring stories as we continue to celebrate #VeteransInBanking!
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🌟 It’s #MBAMemberMonday! 🌟 We are spotlighting Works24! They are an amazing team of engineers with extensive backgrounds in banking, business, and marketing. They’ve crafted a proprietary software system, constantly evolving it to be the ultimate digital marketing platform. 🚀💼💻 Learn more at works24.com. | |
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This November, we're honoring the brave men and women who have served our nation and are now contributing to Michigan's financial sector. Join us in recognizing their dedication, resilience, and commitment to both our country and our community.
Throughout the month, we'll be sharing valuable advice, and inspiring stories to support local Veterans in banking. Together, we can make a difference!
Here's how you can get involved:
Share your thanks: Post your heartfelt messages and use the hashtag #MichiganVetsInBanking to express your gratitude.
Donate: Consider contributing to local charities that support Veterans in their transition to the banking industry.
Educate: Learn more about the unique challenges and opportunities faced by Veterans in finance and help us spread awareness.
Let's come together to support those who have sacrificed so much for our freedom and now work to strengthen our economy.
Join us in this mission and let's make November a month to remember for Michigan's Veterans in banking!
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