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Alyssa, don't miss these important MBA updates...
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LANSING
Review the 2023 Half-Time Report
Access the MBA Half-Time Report providing a synopsis of the Michigan legislature's activity for the first half of our two-year session. You will find bills organized by the industry’s position on the bill as determined by the MBA subject matter expert committees to which each bill is assigned.
If you have questions, please contact Patricia Herndon, Chief Policy Officer, at pherndon@michigan.bank.
Download the report.
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U.S. DEPARTMENT OF THE TREASURY
MBA Encouraging Development of Resources to Help Banks Combat Check Fraud
With encouragement from the MBA and other state banking associations, the American Bankers Association (ABA) continues to build out a nationwide program designed to facilitate communication between banks to combat fraud and expedite resolution for bank customers who have been the victims of fraud. The program has received national recognition, most recently from Deputy Treasury Secretary Wally Adeyemo who encouraged the crypto industry to follow the banking industry's example. Read more.
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REGULATORS
MBA, ABA, and State Bankers Association Letter to the Fed on Collaborative Rulemaking
Federal Reserve rulemakings must have broad support of board members to make rules that endure the inevitable political swings, because without that consensus, “the regulatory pendulum could become its own destabilizing risk to the banking system,” MBA, ABA and 52 state bankers associations said yesterday in a letter to Chairman Jerome Powell.
In the letter, the associations thanked Powell for his dedication to collaborative decision-making and to building consensus. They urged him to continue that tradition. The letter comes as the Fed considers several regulatory proposals where board members have expressed differences of opinion, from proposed capital standards to lowering debit card interchange fees. Read the letter.
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FINANCIAL LITERACY
MBA, Junior Achievement, Fin Lit and Civics!
On Tuesday, Chief Policy Officer Patricia Herndon held a productive meeting with the Junior Achievement Leadership Group in Lansing. She provided a comprehensive overview of Financial Services and our collaborative efforts with the government. Herndon emphasized the significance of maintaining both direct lobbying efforts and grassroots connections with policymakers. She stressed the importance of understanding policymakers' objectives, enabling effective communication to convey cause-and-effect dynamics and suggesting improvements to policy items.
During the session, Herndon discussed various issues that the MBA is currently addressing and will continue to engage with in the upcoming year. Wrapping up her presentation, she highlighted the plethora of exciting career opportunities within banking and financial services. The discussion resonated well with the attentive and engaged group of seniors from Waverly High School.
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FINANCIAL LITERACY
FREE Financial Literacy Resources by the CFPB
The CFPB has gathered tools, worksheets, handouts, and audio recordings by topic and by audience and they are free for bankers to use. Access them here.
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EARNED SICK TIME AND MINIMUM WAGE CASE
Michigan Supreme Court Hears Oral Arguments on Earned Sick Time and Minimum Wage Case
Oral arguments will be heard on the case determining the constitutionality of actions taken by the Michigan legislature in 2018 to adopt ballot initiative language and then amend the language via legislation.
If the Court opts to reverse the earlier decision, Michigan’s minimum wage would raise to $13/hour in 2024, including for tipped employees. Additionally, employers would need to comply with one of most sweeping paid sick leave laws in the country, forcing nearly every business across the state to make significant changes to their paid time off policies (PTO) and procedures. Prevailing sentiment is that the Court will likely uphold the 2018 legislatures actions which would maintain the status quo for Michigan employers, the most optimal outcome from the MBA’s perspective. Read the Crain's Article (subscription required).
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FDIC
Special Assessment Pursuant to Systemic Risk Determination
The FDIC is adopting a final rule to implement a special assessment to recover the loss to the Deposit Insurance Fund arising from the protection of uninsured depositors following the closures of Silicon Valley Bank, Santa Clara, CA, and Signature Bank, New York, NY. The FDIC will collect the $16.3 billion special assessment at a quarterly rate of 3.36 basis points, multiplied by an insured depository institution’s (IDI) estimated uninsured deposits, reported for the quarter that ended December 31, 2022, adjusted to exclude the first $5 billion in estimated uninsured deposits from the IDI, or for IDIs that are part of a holding company with one or more subsidiary IDIs, at the banking organization level. The final rule is effective on April 1, 2024, with the first collection for the special assessment reflected on the invoice for the first quarterly assessment period of 2024 (i.e., January 1 through March 31, 2024), with a payment date of June 28, 2024. Read more.
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REGULATORS
Fed’s Bowman: Financial Inclusion Isn’t a One-Size-Fits-All Issue
Consumers are better positioned to benefit from economic growth when they have access to financial products and services that responsibly meet their needs, Federal Reserve Governor Michelle Bowman said, addressing the topic of financial inclusion in a speech earlier this week. Read the remarks.
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REGULATORS
OCC Official: Strong Third-Party Risk Management 'Essential' to Safety
In testimony earlier this week before the House Subcommittee on Digital Assets, Financial Technology and Inclusion, Donna Murphy, the OCC’s acting deputy comptroller for the Office of Financial Technology, discussed her agency’s supervision activities related to banks' use of emerging financial technologies. Watch the hearing. Read the testimony.
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REGULATORS
McHenry Won’t Seek Reelection
House Financial Services Committee Chairman Patrick McHenry (R-N.C.) stated that he will not seek reelection next year. McHenry briefly served as acting House speaker in October while lawmakers searched for a permanent leader. He did not reveal any future plans in a statement announcing his decision. McHenry was first elected to the House in 2004. After next year, he would have been term-limited from his post as Financial Services Committee chairman.
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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
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
CFPB Proposes Reining in Payment Apps
‘Tis the season of giving thanks and this year, some people may be thankful that the CFPB is finally taking payment apps seriously. The proliferation of nonbank companies in the consumer payment space has slowly but surely caused regulators to take notice. The CFPB in particular just issued a proposed rule to supervise nonbank companies that qualify as larger participants in the payment app marketplace. Read more.
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MBA SERVICE CORPORATION
Welcome to Fintech Hustle Podcast
Join host Sam Kilmer, fintech advisor, in unscripted conversations with top fintech industry leaders. No planned corporate talking points, no scripts, and no pitches. Just useful advice and insights. To keep it lively, Sam often brings co-hosts like author/researcher Ron Shevlin, former American Banker editor Mary Wisniewski, and former Bank Director/FinXtech CEO Al Dominick. Access the podcast.
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MBA SERVICE CORPORATION
How to Optimize Your Internship Program with Micro-Internships - Parker Dewey
Internship programs are crucial resources for sourcing potential candidates, adding fresh perspectives, and obtaining task support, but are they as strong and inclusive as they could be? Enter Micro-Internships: a complement to traditional internships that enhances existing programs and tackles common organizational challenges. Read more.
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MBA SERVICE CORPORATION ENDORSED PARTNER
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Access the full Shred-it 2023 Data Protection Report - download here.
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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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Exciting News! We're thrilled to feature WSI Digital as our #MBAMemberoftheWeek! WSI Digital, a leading digital agency, specializes in bank website development, online advertising, digital marketing, SEO, social media planning, and strategic digital consulting.
Check out their latest innovation, The LinkedBanker – a vibrant mastermind and mentoring community exclusively crafted for banking professionals. Elevate your online brand-building and relationship efforts with this invaluable resource, leveraging digital tools and social networking strategies. Dive into the world of WSI's expertise and discover more at www.poweredbywsi.com.
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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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