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Alyssa, don't miss these important MBA updates...
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DIVERSITY, EQUITY AND INCLUSION
Join Us at the Lansing MLK Event!
On Monday, January 15th, the MBA will participate in the 39th Annual Martin Luther King Jr. Day Celebration at the Lansing Convention Center doors open at 11, program begins at 11:30 and typically goes to around 2:00. 0in Lansing. We have a limited number of seats available, The keynote speaker/ special guest is Ruby Bridges, a civil rights icon. If you would like to attend, please contact Ashley Beesley at abeesley@michigan.bank to reserve your seat by January 9th.
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PROFESSIONAL DEVELOPMENT
Using Money Smart and FDIC Programs and Tools to Promote Foundational Banking Relationships
The FDIC in collaboration with the Michigan Bankers Association will host an insightful webinar unlocking the power of Money Smart. Join us to learn how Money Smart and other financial education tools can elevate your bank’s connection to consumers and community based organizations. Build foundational banking relationships with new and existing customers and help your bank reach CRA objectives. Reserve your seat by clicking the link. Click here to register.
When: Tuesday, January 23, 2024 from 10:00 AM to 12:00 PM Eastern
Where: Virtual Meeting. Log on information will follow registration
Who should attend: Free and open to all members and staff
If you have any questions, please contact Stephanie Fisher sfisher@michigan.bank or Eric Louden erilouden@fdic.gov.
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MBA AWARDS
2024 MBA Bankers of the Year
Nominations are Due By: Friday, February 23
The Michigan Bankers Association recognizes annually a member banker for outstanding leadership to the MBA, the industry and our communities. The Banker of the Year award recognizes the best of our profession to the public, media and elected officials.
The MBA members are invited to nominate an MBA Banker of the Year. Every nomination will be reviewed by the MBA Perry Schools Board of Trustees and MBA Board of Directors for final selection.
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MBA AWARDS
Nominate your Bank for a Financial Literacy Award
Nominations are Due By: Friday, February 23
We are eager to celebrate your bank's contributions to financial literacy, and we invite you to submit an entry. Honorees will be celebrated during the MBA BEST Conference, March 20 to 22 in Traverse City at the Grand Traverse Resort and Spa at lunch on Thursday, March 21 during lunch. Reach out to Alyssa Bouchard, at abouchard@michigan.bank for more information.
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LANSING
Gov. Whitmer to Deliver 2024 State of the State Address on January 24
Governor Gretchen Whitmer will deliver her sixth State of the State Address on Wednesday, January 24 at 7:00PM. The address will be held in the Michigan House Chambers in front of a joint session of the Michigan House of Representatives and the Michigan Senate and broadcast live throughout the state.
During her 2024 State of the State address, Governor Whitmer will lay out her plans to continue building on the historic accomplishments of the first Democratic-led legislature in 40 years. Her proposals will lower costs, continue record investments in education from preschool to college, expand access to safe and affordable homes for Michigan families, keep protecting our seniors, boost our state’s economy to new heights, and so much more.
How to watch the 2024 State of the State Address:
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ANTI-MONEY LAUNDERING
FinCEN Begins Collecting Beneficial Ownership Information
The Financial Crimes Enforcement Network announced on Monday that it is accepting beneficial ownership information reports as required by the Corporate Transparency Act. Filing is free and can be completed online through the agency’s electronic filing system.
Companies created or registered to do business in the U.S. before Jan. 1, 2024, must file by Jan. 1, 2025. Companies created or registered to do business in the U.S. in 2024 have 90 calendar days to file after receiving actual or public notice that their company’s creation or registration is effective. BOI reporting is not an annual requirement. A report only needs to be submitted once, unless the filer needs to update or correct information, the agency said.
Learn more about reporting on FinCEN’s BOI webpage.
Read FinCEN’s BOI compliance guide for small businesses.
Read a FinCEN fact sheet on the BOI access rule.
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REGULATORS
Calls for Changes to CFPB’s Section 1033 Proposal
The ABA last week raised concerns that several aspects of the CFPB’s proposal to implement Section 1033 of the Dodd Frank Act—which governs financial data sharing—"may appear reasonable in the abstract but will break down in practical application.” The association offered several recommendations for improving the effectiveness of the proposal, while emphasizing that the CFPB failed to provide adequate time for public comment given the rule’s scope. Read more.
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FINANCIAL INCLUSION
Treasury Department Seeks Public Comment on Financial Inclusion Strategy
The Treasury Department is seeking public comment to inform the development of a national strategy for financial inclusion. The agency was directed by Congress in 2022 to develop a strategy to broaden access to financial services among underserved communities and improve the ability of such communities to use and benefit from financial tools and services. Read more.
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CREDIT UNIONS
Credit Unions to Face Stiffer Competition for Bank Deals in 2024
Credit unions still want to diversify their business by purchasing banks, but they will face more impediments, such as stiffer competition from bank bidders and capital restraints. Read more.
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ADVOCACY EVENTS
Washington Summit
Registration is open for the 2024 Washington Summit on March 18-20 in Washington D.C.
Get ahead of what’s to come in this election year with the MBA/ABA Washington Summit. You’ll have your finger on the pulse of policymakers on Capitol Hill, at the regulatory agencies, and in the White House.
Scholarships Available for Emerging Leaders
The ABA will once again provide two $750 scholarships to Emerging Leaders in Michigan to attend the 2024 Emerging Leaders Forum on March 18 in Washington DC as part of the Washington Summit. The $750 can be used for travel and/or lodging expenses and is reimbursed by the ABA after the conference. Please submit the name, bank, title, and email of your emerging leader at your bank to Alyssa Bouchard at abouchard@michigan.bank.
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PROFESSIONAL DEVELOPMENT
Commercial Credit Analysis Series I & II
This four-session series will prepare bankers to successfully analyze credits and make wise, evidence-based loan recommendations in today’s banking environment, where they must have the skills and flexibility to respond to a wide range of loan requests. Participants may choose to enroll in the entire four-session series, or they may choose to enroll in individual sessions that meet their unique development needs.
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PROFESSIONAL DEVELOPMENT
Leadership Series - Live & Interactive,
In-Person & Virtual
You earned your leadership position...this Leadership Experience will help you make the most of it! Drawing on Steve’s 25 years of experience as a CEO and entrepreneur, this action-oriented program offers practical takeaways so you can maximize your impact and results as a leader.
The Leadership Experience
- Unlock your full potential as a leader by leveraging the power of influence
- Learn how to inspire your team to follow you because they want to...not because they have to
- Learn how to build lasting trust, lower turnover, and drive team performance
Series Dates: February 1 - May 16.
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PROFESSIONAL DEVELOPMENT
MBA Women Shaping Tomorrow Award
The MBA Women Shaping Tomorrow Award is presented at the annual MBA Women in Banking Day. Celebrating a woman aged 40 or younger who is making a significant impact in our industry and community (i.e. participating in financial literacy), making her “one to watch.” Candidates are interwoven and involved in their communities and should achieve success independently but thrive on sharing their vision with others and contributing to team success. The candidate is continually forward-thinking, and welcomes change and opportunities to tackle new projects. Nominate an MBA member today! Nominations are open until March 1, 2024.
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MBA SERVICE CORPORATION
Week after week, your regulatory compliance changes.
For most in compliance, each day is packed with scenarios leaving little time to implement long-range plans. And when the inevitable changes do come, we pivot to these new concerns at the risk of everything else.
As compliance requirements and agency guidance ramp up most community bank’s compliance programs are ill-equipped to meet these increasing demands—especially as budgets tighten.
Learn about the Virtual Compliance Officer program—one-on-one partnership with well-trained, experienced CRCMs who are ready to put your program in order. For more information, contact Jill Verscheure here.
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MBA SERVICE CORPORATION
Upcoming Events from Michigan Planners
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WEBINAR: Healthier Habits, Happier You
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Date & Time: January 10th, 10:00 AM to 11:00 AM
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Registration Link: Register Now!
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ROUND TABLE: Strategies for Marketing Your Benefits
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Date & Time: January 18th, 10:00 AM to 11:00 AM
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Registration Link: Register Now!
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SEMINAR: Mastering Non-Competes: Legal Insights and Best Practices for Business Success
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Date & Time: February 15th, 9 AM to 10 AM
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Registration Link: Register Now!
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WEBINAR: Total Rewards in the Midst of High Inflation
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Date & Time: February 23rd, 11 AM to 12 PM
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Registration Link: Register Now!
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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 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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Happy New Year from all of us at the MBA! We wish you a great year ahead! | |
Exciting news! 🌟 Explore fresh job opportunities daily with MBA Service Corporations' Endorsed Partner, BankTalentHQ. Check out the latest Michigan bank jobs at banktalenthq.com. Your next career move could be just a click away! 💼 #JobOpportunity #CareerGrowth #BankingJobs" | |
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What does extreme exhaustion feel like? You might have an overwhelming urge to sleep, and you may not feel refreshed after you rest or sleep. Learn how to lead your employees through burnout: https://conta.cc/3JnHtb6
#FrameOfMindFriday
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