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Alyssa, don't miss these important MBA updates...
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CFPB
CFPBs Proposed Rule On Overdraft
We submitted a comment letter to CFPB Director Rohit Chopra pertaining to the CFPB proposed rule on overdraft services earlier this week. The Association stated that overdraft fees are not "junk fees" and serve a vital consumer need. Read the letter.
The deadline for submission is Monday...and that's no April Fool's. You may submit comments, identified by Docket No. CFPB–2024–0002 or RIN 3170–AA42, by any of the following methods:
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MBABANKING
Access the latest issue of mbaBanking!
Attention subscribers! The newest edition of mbaBanking has just landed in your inboxes! Dive into this issue to discover highlights from the recent BEST Conference, explore how bankers played a pivotal role in advancing the Uniform Power of Attorney Act, and join us in celebrating the achievements of the 20 bankers honored with the MBA Financial Literacy Awards.
Do you have a topic you'd like to share or are you interested in advertising opportunities? Reach out to Alyssa Bouchard today to learn more!
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MBA SERVICE CORPORATION
Michigan Banks Among The List Of Top Performing Banks in the U.S.
MBA Service Corporations' Endorsed Partner S&P Global’s annual reporting of top-performing banks has been shared. Four Michigan banks have made the list of top banks in the categories listed below.
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Grand Hotel, Mackinac Island
Ferry rides. Horse-drawn carriages. A picnic, croquet, and bocce ball in the Tea Garden. Dressing up for dinner and nightly dancing to the sounds of the Grand Hotel Orchestra. Sitting in a rocking chair on the front porch with views of the Straits of Mackinac. All cherished parts of our 138th MBA Annual Convention at Grand Hotel. Join us for this unique experience!
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REGULATORS
ABA Urges CFPB to Withdraw Proposed Ban on Certain NSF Fees
ABA urged the CFPB to withdraw a proposed rule to prohibit certain insufficient funds fees as “abusive,” saying the bureau is attempting to regulate a largely hypothetical situation while advancing an aggressive reading of its authority to prohibit abusive acts or practices.
In a comment letter, ABA noted that CFPB’s Truth in Savings Act rule already requires financial institutions to disclosure fees at account opening. It also noted that banks have devoted considerable resources to developing mobile and online banking, low balance alerts and numerous other tools to promote consumer access and control of their finances. Given the availability of such tools, financial institutions are not taking unreasonable advantage of consumers, as the bureau alleges, ABA said. In addition, the CFPB wrongly concluded that disclosure is not a remedy because some consumers won’t understand even the clearest disclosure, the association said. Read the letter.
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COMMITTEES
Speaker Johnson Appoints Congressman John Moolenaar to Lead Select Committee on Strategic Competition Between the United States and the China
Speaker Johnson appointed Representative John Moolenaar (MI-2) to serve as Chairman of the House Select Committee on the Strategic Competition Between the United States and the Chinese Communist Party.
The House Select Committee on the Strategic Competition Between the United States and the Chinese Communist Party is responsible for assessing the threats to the economy and national security posed by the government of China and proposing plans to ensure a strong American future. Rep. Moolenaar will assume the role of Chairman after current Chairman Rep. Mike Gallagher exits Congress.
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UPOAA
Uniform Power of Attorney Act Webinar
April 23 | 3:00-4:00 pm EST
A new law in Michigan is designed to provide for increased accessibility, effectiveness, and standardization for POAs. The Uniform Power of Attorney Act (UPOAA) was signed into law by Governor Gretchen Whitmer on November 7, 2023, and will take effect on July 1, 2024.
Speaker: Melissa K. Bridges, Bodman
After registering, you will receive a confirmation email containing information about joining the meeting. A recording will be available.
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REDISTRICTING
Court Approves Redistricting Commission Map Over Plaintiff Objections
The federal three-judge panel overseeing the redrawing of Detroit's state House districts ruled that the Independent Citizens Redistricting Commission's Motown Sound remedy map meets muster with federal law and will therefore be implemented for the upcoming 2024 elections. Read more.
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COMMUNITY REINVESTMENT ACT
Agencies Extend Applicability Date of Certain CRA Rule Provisions
The Federal Reserve, FDIC, and OCC last week jointly issued an interim final rule that extends the applicability date of certain provisions in the Community Reinvestment Act rule that was issued in October 2023. Specifically, the agencies extended the applicability date of the facility-based assessment areas and public file provisions from April 1, 2024, to Jan. 1, 2026. As a result, banks will not have to make changes to their assessment areas or their public files under the CRA rule until Jan. 1, 2026.
The agencies also issued what they said are technical, non-substantive amendments to the CRA final rule and related agency regulations that reference it. For example, one amendment clarifies that banks do not need to make changes to their public notices until Jan. 1, 2026. Read the interim final rule.
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REGULATORS
Fed’s Barr Says ‘Broad’ Changes Coming to Basel III Capital Proposal
Federal Reserve Vice Chairman for Supervision Michael Barr said Friday that regulators expect “broad and material” changes are coming to the proposed Basel III endgame capital standards, Bloomberg News reported. Speaking at a University of Michigan event, Barr echoed Fed Chairman Jerome Powell’s March 6 testimony before the House Financial Services Committee, in which he told lawmakers that significant changes will likely be made before the rule moves forward. Barr is the chief proponent of the proposal. Read the Bloomberg article. Read the analysis.
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REGULATORS
FDIC Proposes to Expand Criteria for Bank Merger Evaluations
The FDIC board voted 3-2 to pursue potential changes to how the agency will evaluate bank merger applications, including broadening the number of competitive factors it will take into consideration when deciding whether to approve or deny applications, and requiring a “thorough accounting” of the potential effects on communities, including possible branch closures or relocations. Read the proposed policy.
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REGULATORS
FDIC Brokered Deposits
The FDIC has updated the FDIC’s Brokered Deposits webpage, available on the Banker Resource Center website, that includes comprehensive information about the changes made to the brokered deposits regulation and the interest rate restrictions, which became effective on April 1, 2021.
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Women in Banking Day May 21
Eagle Eye Golf Club | Bath, MI
Join us for networking with bankers from across the state. Speakers address leadership issues and thought-provoking
strategies for success. Get fresh ideas to strengthen and deepen your involvement in the banking industry, community, and your professional network. Your banking career offers you opportunities to: CONNECT * SHARE * SHINE * GROW
Let us help you along the way!
Accommodations are available at the Hyatt Lansing - East and Fairfield Inn Eastwood.
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Transformative Branch Conversations April 25 | Lansing | 9:00 AM - 3:00 PM
How is your bank addressing the changing customer trends, and decreasing reliance on the branch network for their solutions?
Consider the impact your branch people can have. Top performing banks are arming their people with a transformative approach to initiating distinctive relationships with their clients and prospects, building trust through meaningful conversations. This retail training curriculum will provide an approach to develop your people, who are the essential differentiators for your bank from the many digital options.
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PROFESSIONAL DEVELOPMENT
BEST Conference Presentations
On behalf of the entire MBA team, thank you for attending the BEST Conference! We hope you found the conference informative. The insights shared and the connections made will greatly benefit you and the positive impact you have on your bank.
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MBA SERVICE CORPORATION
Is a Zombie Core Eating Your Bank’s Brain?
Being on a zombie core doesn’t have to end in an apocalypse, as long as you know how to manage the system – and the vendor. Read more.
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MBA SERVICE CORPORATION
Pig Butchering
As vulgar as the name is, it makes sense once you understand how it works. Scammers try to “fatten victims up” and then take them for everything they have. Typically, these are cryptocurrency schemes, but they could involve any type of financial trading. The typical script is that a scammer will cold-contact people via texting or social media messaging, pretending that they’re attempting to contact someone else.
Read the article.
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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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#FrameOfMindFriday When needed, appropriate treatment can help you feel better and get back to doing the things that matter to you. | |
🌟 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! 🏆🎉 | |
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🏆 Exciting News! 🏆 We are thrilled to congratulate the 20 outstanding banks receiving the prestigious MBA Financial Literacy Award at the
#MBABEST Conference!
These banks have demonstrated exceptional commitment to promoting financial literacy, empowering individuals and communities to make informed financial decisions. Their dedication is not only commendable but also instrumental in shaping a financially literate future for all.
Join us in celebrating their remarkable achievements and the positive impact they are making in the realm of financial education.
A big round of applause to these deserving Banks: Bayport State Bank, Century Bank and Trust, ChoiceOne Bank, County National Bank, First Independence Bank, Highpoint Community Bank, Huntington Bank, Huron Valley State Bank, Independent Bank, Isabella Bank, Mercantile Bank, NorthPointe Bank, Oxford Bank, Range Bank, Southern Michigan Bank & Trust, Sturgis Bank and Trust, The State Bank, Thumb Bank & Trust, University Bank, and West Shore Bank. 👏🏽👏🏻👏🏿👏🏼👏🏾
Let's continue working together towards a financially savvy world!
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