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Alyssa, don't miss these important MBA updates...
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Graduate School of Banking
July 28 – August 9, 2024
University of Wisconsin-Madison | Madison, Wisconsin
Enrollment Deadline: June 15
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Book our group rate for FDIC Director College for FDIC Director College
149 USD per night.
Location: AC Hotel Lansing University
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REGULATORS
Hearing Entitled: Oversight of Prudential Regulators
The Committee on Banking, Housing and Urban Affairs will meet in open session, hybrid format to conduct a hearing on “Oversight of U.S. Financial Regulators: Accountability and Financial Stability.” The Honorable Michael Barr, Vice Chair for Supervision, Federal Reserve; The Honorable Martin Gruenberg, Chair, Federal Deposit Insurance Corporation; and Mr. Michael Hsu, Acting Comptroller, Office of the Comptroller of the Currency.
All hearings are webcast live and will not be available until the hearing starts. Individuals with disabilities who require an auxiliary aid or service, including closed captioning service for webcast hearings, should contact the committee clerk at 202-224-7391 at least three business days in advance of the hearing date. Watch here.
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CONGRESS
House Lawmakers Urge Fed to Repropose Basel III Endgame Capital Rules
Pressed by House lawmakers, Federal Reserve Vice Chairman for Supervision Michael Barr declined to commit to reproposing the Basel III endgame capital rules if there are substantial changes to the proposal before it is finalized. Barr and the top officials at the FDIC and OCC appeared before the House Financial Services Committee for the first of two days of congressional oversight hearings. Most of the hearing focused on a recent report finding widespread sexual harassment and discrimination at the FDIC, but lawmakers also questioned regulators on the capital proposal, with committee members concerned about its economic impacts should it go into effect. Watch a recording of the hearing.
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REGULATORS
Webinar for Bank Officers, Employees, and Other Stakeholders on FDIC Official Signs and Advertising, Misrepresentations of Insured Status, and Misuse of FDIC’s Name or Logo
The FDIC will host four seminars on the final rule governing FDIC Official Signs and Advertising, Misrepresentations of Insured Status, and Misuse of FDIC’S Name or Logo (final rule) for bank officers, staff, and other stakeholders beginning on May 30, 2024.
During the presentation on the final rule, FDIC staff will cover:
- Requirements for all FDIC-insured institutions’ use of FDIC official signs. This includes a new FDIC official digital sign for bank websites, apps, and ATMs, as well as updates to the advertising statement.
- Clarifications on the prohibitions against misrepresentations of deposit insurance coverage and misuse of the FDIC’s name and logo, which apply to any person, including banks and non-bank entities.
During the seminar, FDIC staff will also discuss some of the questions that have been raised by bankers, trade associations, technology companies, vendors, and others.
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LEGAL ISSUES
Court Blocks CFPB’s Late Fee Rule From Taking Effect
A federal judge in Texas issued a preliminary injunction blocking the CFPB’s credit card late fee rule from taking effect on May 14 as scheduled. The ruling came in the case brought by ABA, the U.S. Chamber of Commerce and other plaintiffs. ABA President and CEO Rob Nichols welcomed the ruling, which he said “will spare banks from having to immediately comply with a rule that clearly exceeds the CFPB’s statutory authority and will lead to more late payments, lower credit scores, increased debt, reduced credit access and higher APRs for all consumers—including the vast majority of cardholders who pay on time each month.” Read more.
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UPOAA
Michigan's Uniform Power of Attorney Act (UPOAA) - Effective Date July 1
In the ever-evolving landscape of legal frameworks, Michigan holds a prominent position, thanks to its groundbreaking Uniform Power of Attorney Act (UPOAA) — a legislative milestone that significantly transforms the dynamics of decision-making authority. On November 7, 2023, Governor Gretchen Whitmer signed into law Michigan’s Public Act 187 of 2023, which enacted the UPOAA (effective date July 1, 2024). Seeking to safeguard bankers' interests, MBA Bank Counsel Committee engaged in multiple meetings with David Sprague, Senior Vice President of Regional Trust Management at Old National Bank, and Christine Savage, from Lowe Law Firm, representing the Probate Section Subcommittee on UPOAA. The Michigan Bankers Association played a crucial role as an important stakeholder in ensuring that the legislation was crafted and passed in a manner that did not adversely affect financial institutions. Learn More.
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REGUALTORS
OCC Must Fight States Encroaching on National Bank Oversight
In a letter last week, MBA, ABA and 51 state bankers associations urged the OCC to defend its regulatory authority against state attorneys general and lawmakers. During 2024 state legislative sessions, several states considered—and a few enacted—legislation that would allow state regulators to establish and enforce safety and soundness standards for national banks, including standards dictating when a bank can deny or terminate financial services for current or prospective customers. Read the letter.
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REGUALTORS
Fed, CPFB Announce New Thresholds for Regulation CC Funds Availability
The Federal Reserve and CFPB earlier this week announced they had jointly adjusted for inflation dollar amounts relating to the availability of customer funds, with the adjustments taking effect July 1, 2025. The changes in Regulation CC include the minimum amount of deposited funds that banks must make available for withdrawal by opening of business on the next day for certain check deposits. They also include the amount of funds deposited by certain checks in a new account that are subject to next-day availability. The agencies are required to adjust the dollar thresholds every five years.
The new thresholds are:
- Minimum amount: $275
- Cash withdrawal amount: $550
- New account amount: $6,725
- Large-deposit threshold: $6,725
- Repeatedly overdrawn threshold: $6,725
- Civil liability minimum and maximum for individual action: $125/$1,350
- Civil liability maximum for class action: $672,950
Read the joint agency notice.
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LOANS
U.S. Banks Report Negative Loan Growth in Q1
Banks grew commercial loans while downsizing their consumer loan portfolios. Overall negative loan growth, along with a persistently rising cost of funds, caused downward pressure on the the industry's aggregate net interest margin in the quarter. Read more.
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MBA SERVICE CORPORATION
An invitation to explore a library of compliance tools
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You won’t find these resources anywhere else—explore our library and find out why we’re the guide you need at (888) 353-3933 or info@compliancealliance.com.
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MBA SERVICE CORPORATION
SBS Educational Resources
Join SBS CyberSecurity's monthly Cyber Showcase as we look back on the Interagency Guidance, discuss what the impact has been in the short-term, and what you can be doing to ensure your vendor management program is compliant and effective. The Cyber Showcase is a free monthly webinar series. Learn more.
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MBA SERVICE CORPORATION ENDORSED PARTNER
The Latest from Compliance 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 ~ May is Mental Health Month join us for a month of tips, tools, and reminders: https://conta.cc/4146eRO | |
Today, we celebrate Nataliya Babayan for 8 years of unwavering commitment to excellence at the Michigan Bankers Association. Your hard work and positive energy are truly inspiring. Cheers to more years of success ahead! 🎊 Happy work-i-versary! | |
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Calling all college juniors and seniors in business or finance! Explore the incredible opportunity of the George Harding Scholarship at bit.ly/GeorgeHardingScholarship. Secure your future today!
#ScholarshipOpportunity #FinanceMajor
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