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Alyssa, don't miss these important MBA updates...
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The original! For 138 years, we’ve hosted you celebrating our industry, honoring our leadership and learning to better serve our customers and communities. We are an amazing community of bankers paving the way to a strong future for our industry. Let’s celebrate! Nothing beats the energy that brings innovation and inspiration to our industry when we all come together on the island. Register and reserve your room. See you in June! | |
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GRASSROOTS
Congressman Bill Huizenga Event, April 25
MiBankPAC will host a luncheon fundraiser for Congressman Bill Huizenga in Lansing at noon on April 25.
Contribution levels:
- Chair- $2,500 PAC or $1,000 personal
- Host- $1,000 PAC or $500 personal
- Attendee- $250 per person
To learn more, contact Rann, rpaynter@michigan.bank. Access the invitation.
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REGULATORS
Bowman Skeptical of Creating Collateral Requirement for Discount Window
A proposal to require banks to hold collateral at the Federal Reverse discount window in anticipation of the need for accessing discount window loans in the future would be a radical shift in policy with possible unintended consequences, Federal Reserve Governor Michelle Bowman said yesterday. During a roundtable event in Washington, D.C., Bowman spoke about bank liquidity and the Fed’s role as lender of last resort following the 2023 failure of Silicon Valley Bank. Bank regulators are planning to introduce a package of liquidity regulations later this year in response to last year’s bank failures, including possible changes to the Fed discount window. Read Bowman’s remarks. Read ABA’s letter.
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REGULATORS
Fed's Barr Says Liquidity Pressures Have Eased Since Silicon Valley Bank
Banking regulators are no longer seeing the liquidity pressures on banks that they saw following the failure of Silicon Valley Bank last year, Federal Reserve Vice Chairman for Supervision Michael Barr said. During a Q&A at a Washington, D.C., economic conference, Barr reiterated that the banking system is “sound and resilient,” although he added that there remain “pockets of risk.” Watch a recording of the Q&A .
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REGULATORS
MBA, ABA, State Associations Urge CFPB to Withdraw Overdraft Proposal
Warning that “consumers will lose” if the CFPB’s overdraft proposal is finalized, MBA, ABA and 51 state bankers associations urged the CFPB to withdraw it earlier this week. The proposal would re-classify overdraft as “credit,” despite Congress’ determination 50 years ago to the contrary and would permit financial institutions to offer overdraft under the existing Regulation E framework only if their overdraft fee is below a “breakeven” fee or a “benchmark” fee set by the agency. Charging a fee that exceeds this government price cap would subject overdraft services to the requirements of the Truth in Lending Act and Regulation Z. Read the joint letter. Read the MBA letter.
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REGULATORS
Fed’s Bowman: Proposed Bank Merger Reforms Step in Wrong Direction
Recent proposals to reform the regulatory approval process for bank mergers and acquisitions may make the problem worse, as policymakers have put improving the speed for reaching decisions on merger applications “lower on the list of priorities,” Federal Reserve Governor Michelle Bowman said earlier this week.
The OCC in February proposed to end the time limit for automatic approvals of mergers of banks that it supervises as well as reevaluate its approval process, while the FDIC last month proposed a major overhaul of its approval process. Speaking at a Kansas City Fed event on the future of banking, Bowman was critical of the FDIC proposal in particular, saying that some of the proposed changes—such a move away from deposit-based analysis in merger consideration—could result in more delays in the process. Read Bowman’s remarks.
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REGULATORS
FDIC Consumer Compliance Supervisory Highlights
The FDIC’s Consumer Compliance Supervisory Highlights is a publication that features articles of interest to the banking industry. Its purpose is to enhance transparency regarding the FDIC’s consumer compliance supervisory activities and provide a high-level overview of consumer compliance issues identified in 2023 through the FDIC’s supervision of state non-member banks and thrifts. Topics include supervisory observations related to consumer protection laws, examples of practices that may be useful to institutions in mitigating risks, regulatory developments, consumer compliance resources, and an overview of consumer complaint trends.
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LEGAL ISSUES
Federal Court Pauses CRA Rule Implementation Following ABA Lawsuit
A federal judge in Texas late last week issued a preliminary injunction against enforcing new rules implementing the Community Reinvestment Act in a lawsuit brought by ABA and other business groups. Read the statement.
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CYBERSECURITY
Proposed Rule to Require Reporting of Cyberattacks, Ransomware Payments
Last week, the Cybersecurity and Infrastructure Security Agency—part of the Department of Homeland Security - issued a notice of proposed rulemaking to implement a 2022 law requiring financial institutions and other “critical infrastructure” businesses to report cyber incidents and ransomware payments to the department and agency. Read more.
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PROFESSIONAL DEVELOPMENT
Supporting Minority-Owned Financial Institutions with Educational Grants
The MinBanc program reimburses training costs for minority- and women-owned banks. Learn more about the program and find out if you qualify.
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MBA SERVICE CORPORATION
LSI Was Recognized as a National Top Workplace!
LSI has been awarded the reputable Top Workplace USA 2024 honor by USA TODAY! Learn more.
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MBA SERVICE CORPORATION
Compliance Tools for Wealth Management & Trust
Trust Tools for Compliance is a stand-alone program designed specifically to assist and support wealth management divisions and brick-and-mortar money managers with their regulatory compliance needs.
Created in-house by our experts, each and every tool saves you hundreds of hours a year researching regulations, sourcing opinions and risk models, form types and styles, and building proprietary policy forms. Access the program.
Sign up for a LIVE demo here.
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MBA SERVICE CORPORATION ENDORSED PARTNER
The Latest from Compiance 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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AAA Lenders
AAA Lenders Inc was established with a visionary and entrepreneurial approach to add value in the dynamic world of real estate. Our core expertise lies in financial investments, real estate development, and prudent investments in a diverse array of real estate categories, including commercial properties, single-family residences, and distressed assets. AAA Lenders specializes in acquiring both performing and non-performing distressed portfolios spanning various asset classes, recognizing the significance of these charged-off accounts to our esteemed clients, credit markets, capital markets,and the broader economic
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Arctic Wolf Networks, Inc.
Arctic Wolf® is a global security operations leader, delivering a premier cloud-native security operations platform designed to end cyber risk. The Arctic Wolf® Security Operations Cloud enables automated threat detection and response at scale, empowering organizations of virtually any size and industry to establish world-class security operations with the push of a button and to defend their greatest assets at the speed of data.
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Detection Systems and Engineering
Security integration company specializing in electronic security and physical banking equipment.
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April is #FinancialLiteracy Month! Let's celebrate by boosting our money smarts! Whether it's budgeting, investing, or paying off debt, there's always something new to learn. Empower yourself this month and take control of your financial future! 💰 Learn more: https://conta.cc/3J3iKL2
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🌟 Drumroll, please! 🌟 We're thrilled to announce that The State Bank is the proud recipient of the 2024 MBA Financial Innovator of the Year award at the #MBABEST Conference! 🏆🎉 | |
#WorkCompWednesdayEvery April, the National Safety Council observes Distracted Driving Awareness Month to prioritize #RoadwaySafety and help #KeepEachOtherSafe on the road. Learn more about the three main types of distractions behind the wheel and how we can all reduce these risks: https://bit.ly/nscddam2024. #DDAM #JustDrive | |
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