Alyssa, don't miss these important MBA updates...

Graduate School of Banking

July 28 – August 9 | University of Wisconsin-Madison | Madison, Wisconsin

Enrollment Deadline: June 15

Since 1945, the Graduate School of Banking at the University of Wisconsin-Madison (GSB) has helped develop banking leaders through a program of advanced management education. Today, GSB is widely recognized as the nation’s leading and most progressive banking school, offering a comprehensive course of study that focuses on meeting the changing needs of today’s bank manager. GSB is the only graduate banking school in the nation that relies on its alumni, Banker Advisory Board and Academic Committee to create an unparalleled learning and networking experience. GSB is sponsored and governed by the Central States Conference of Bankers Associations, of which the MBA is a member, in partnership with the University of Wisconsin-Madison, and has been the school of choice for more than 23,000 bankers, with good reason. GSB students acquire a broad knowledge and understanding of major bank functions and their interrelationships and develop the skills required to lead and manage effectively. The school’s curriculum reflects the contemporary trends impacting the financial services industry. Core courses address broad areas of finance, marketing, management and the environment in which banks operate while elective courses allow students to customize their learning experience. Graduates of the GSB program also receive the prestigious Certificate of Executive Leadership from the Wisconsin School of Business Professional and Executive Development — the highest level certificate they offer.

Scholarships are still available. To learn more, contact Stephanie Fisher, SVP, Education at sfisher@michigan.bank.

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PROFESSIONAL DEVELOPMENT

2024 George Harding Scholarship - Apply by July 15!

Attention College Juniors and Seniors in Finance or Banking!

Don't miss out on the prestigious George Harding Scholarship. This is a remarkable opportunity to secure financial support for your education. Learn more and apply at bit.ly/GeorgeHardingScholarship. Secure your future today!

Scholarship Application

PROFESSIONAL DEVELOPMENT

See You on a Course Near You!

Gather a foursome, sponsor a hole and have a fun day on the course supporting the Harding Scholarship Foundation.

Thumb Region: July 11, Ubly
Harding Scholarship Fund Outing: July 25, Bath
U.P. Region: August 13, Marquette
SW/SE Region: August 22, Ann Abor

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PROFESSIONAL DEVELOPMENT

Tune In to Watch Federal Reserve Bank President Neel Kashkari at the 138th MBA Annual Convention

Join us on Thursday, June 20 at 8:45 a.m. for a Fireside Chat with Federal Reserve Bank President Neel Kashkari, moderated by Roxanne Daust, MBA Chairman, and President & CEO of Range Bank. To access the live stream, click here.

MINIMUM WAGE

Minimum Wage and Earned Sick Time Update

The Michigan Supreme Court on Friday rejected a request by Raise the Wage Michigan to overrule the Board of State Canvasser’s refusal to certify its petition to boost the minimum wage from its current $10.33/hour to $15/hour by 2027 — including for tipped employees.

This decision is good news for your business customers paying below the suggested minimum wage. However, significant questions remain as to how the MSC will rule in the “Adopt-and-Amend” ruling dealing with the fate of Michigan’s current minimum wage and paid sick leave laws. This decision is expected before July 31. Read more in-depth regarding the potential impact of the decision here.

REGULATORS

CFTC's Christy Romero likely to lead FDIC

Christy Goldsmith Romero, a commissioner of the Commodity Futures Trading Commission (CFTC) since 2022, has emerged as the front runner to succeed Martin Gruenberg as head of the Federal Deposit Insurance Corporation (FDIC), according to The Wall Street Journal. Citing sources familiar with the matter, the report indicates that a formal announcement could come later this week, though President Joe Biden has not yet made a decision. White House officials have also considered two other female candidates for the top FDIC post: Goldsmith Romero's fellow CFTC Commissioner Kristin Johnson and Federal Housing Finance Agency Director Sandra Thompson.

REGULATORS

FDIC State Profiles

The First Quarter 2024 FDIC State Profiles are now available online. The FDIC State Profiles are formatted as a quarterly data sheet summation of economic and banking conditions for all fifty states, Puerto Rico, and the Virgin Islands. Access Michigan's profile.

UPOAA

Michigan's Uniform Power of Attorney Act (UPOAA) - Effective Date July 1

Michigan is at the forefront of legal innovation with the introduction of its groundbreaking Uniform Power of Attorney Act (UPOAA). This significant legislative milestone, signed into law by Governor Gretchen Whitmer on November 7, 2023, under Michigan’s Public Act 187 of 2023, will take effect on July 1, 2024, and will fundamentally transform decision-making authority.

To safeguard the interests of bankers, the MBA Bank Counsel Committee held multiple meetings with key stakeholders, including 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 a stakeholder, ensuring that the legislation was crafted and passed in a way that does not adversely affect financial institutions. Learn more.

FRAUD

Webinar: Forgeries and Other Financial Crimes

ABA will hold a free webinar on Tuesday, June 25, at 2 p.m. EDT on financial crimes. ABA EVP Paul Benda and ABA Insurance Services’ VP Lisa Micciche will discuss the latest developments in the fraud landscape and share insights on the steps banks are taking to protect themselves and their customers. In addition to payment fraud, the webinar will highlight recent cyber trends—addressing topics such as claims, cyber insurance pricing, service provider exposure, C-suite liability and BIPA—as well as efforts to combat the rapid rise in check fraud. Learn more and register.

REGULATORS

Hsu: Banks Should Enact Proper Controls at Each Stage of AI Adoption

For banks interested in adopting artificial intelligence, establishing clear and effective controls between each phase of implementation of the technology could help ensure that innovations are helpful and not dangerous, Acting Comptroller of the Currency Michael Hsu said. Speaking last week at a conference on AI and financial stability, Hsu pointed to the development of electronic trading technology as a useful mirror for charting the growing use of AI by banks. In both cases, the technology is first used to produce inputs to human decision-making, then as a co-pilot to enhance human actions, and finally as an agent executing its own decisions on behalf of humans, he said. Read Hsu’s remarks.

ANTI-MONEY LAUNDERING

FinCEN Releases FY 2023 Bank Secrecy Act Data

The Financial Crimes Enforcement Network received approximately 4.6 million suspicious activity reports in fiscal year 2023, for an average of 12,600 reports a day, the agency said Friday in its year-in-review report. The report provides an overview of FinCEN’s collection and use of Bank Secrecy Act data, including its work with law enforcement and national security agencies. Among other things, the report shows that more than half of SARs filed in FY 2023—some 2.5 million reports—came from depository institutions. The agency also received 20.8 million currency transaction reports in that same time frame, for an average of 57,000 reports a day. Depository institutions provided the majority of CTRs, at 17.6 million. Read more.

CECL

ABA Seeks Banker Input on CECL Implementation

ABA is seeking bankers to participate in a CECL implementation survey. The survey is only for 2023 adopters and is intended to provide a high-level self-assessment of CECL implementation efforts. The results will assist ABA staff in identifying initial reactions and any interest in industry efforts to address ongoing concerns or banker needs. After completion of the survey, ABA will share general results with respondents and contact them regarding next steps. The submission deadline is June 17. Take the online survey.

PROFESSIONAL DEVELOPMENT

The Fraud Academy is a “first of its kind” two-day school that will train employees at all levels of your institution on fraud risk and what they can do fight it. This program will feature speakers from the United States Secret Service, attorneys from the United States for the Eastern District of Kentucky, Lexington Police Department, and other current and former law enforcement experts that will share their experiences and insights to best educate your bankers on how to mitigate fraud risk and ultimately reduce your fraud loss. Your team can join us in Louisville or virtually.

PROFESSIONAL DEVELOPMENT

This full-day program is one of the country’s most comprehensive seminars on opening deposit accounts. The

session answers many of the complicated questions customers and employees ask. The 200+ page detailed

manual, included in the registration and customized to your state law, has become an invaluable resource for

banks across the state. These workshops are highly interactive. Come prepared to get your questions answered!

You are encouraged to bring a copy of your bank’s signature card, account agreements, terms and conditions

and resolutions.

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PROFESSIONAL DEVELOPMENT

We’ve collaborated with DIFS to develop content for a new Michigan Agriculture Lending School to be held August 26-29 at the MBA office led by instructor Freddie Barnard, a pioneer in the development of the Farm Financial Standards who has taught extensively at various banking schools throughout the country. The event will kick off Monday afternoon with an optional emerging issues segment featuring an Ag Lenders Panel Discussion and an update on the Michigan Ag Industry provided by leaders from the Michigan Department of Agriculture and Rural Development (MDARD). The final three days will focus on Agribusiness analysis and simulation led by Professor Barnard. A lineup of additional content/speakers mixed throughout the week including:

FSA Guarantees – David P. Russ, USDA/FSA
Washington Update – Edwin Elfmann, ABA
Cattle/Protein & Commodities Market Update – Randy Blach, CattleFax

COMPLIMENTARY WEBINARS HOSTED BY OBL AND MBA SERVICE CORPORATION ENDORSED BUSINESS PARTNERS TO PROVIDE THE SOLUTIONS YOU NEED

WEDNESDAY, June 26th | 11 AM

Community Bank Advantage: Harnessing Alternative Valuations to Expand Home Equity Market Share

Join industry experts from Nationwide Property & Appraisal Services, a premier national AMC, and AppraisalWorks™, the appraisal management technology platform behind Valuation Analytics, as we explore alternative valuation solutions and the use of technology to leverage these new options.

In this webinar, we will unveil a transformative product line designed to provide community banks with a competitive advantage. We will demonstrate how to develop a tailored valuation solution that meets your bank’s unique requirements. Additionally, we will highlight strategies to reduce costs, accelerate and streamline the order and valuation process, and enhance risk management through our expertly crafted products.

Our suite of valuation products is developed by experienced appraisers and industry experts with decades of knowledge.

Product or Partner: Which One Are You?

What are the differences between your loan products and your competitor's? What are the differences between your deposit products and your competitor's?

Besides some nominal feature benefits, which may or may not appeal to customers, the deciding factor for many customers, in the absence of anything else, is RATES and FEES. Read more from Joe Micallef, Grow Up sales, from BankTalentHQ.

MBA SERVICE CORPORATION ENDORSED PARTNER

Access key tips for #WorkCompWednesday

Learn more about #workcompwednesday tips here. The tips include weekly information on keeping you and your team safe!

MBA SERVICE CORPORATION ENDORSED PARTNER

Member Experience Report Card

Many of the financial institutions we talk with believe that they have the capability to provide the necessary solutions to their members and customers in-house.

How many of the above boxes do you check?

We cover all bases at a variable cost to ensure that you’re delivering Remarkable Experiences to your members and customers - nothing slips through the cracks with LSI.

What grade would you give your financial institution? Read more.

MBA SERVICE CORPORATION

FTC Announces Ban on Noncompetes

In the world of banking, we have an alphabet soup of regulations and regulators. One regulator we don’t often hear about is the Federal Trade Commission (FTC). Well, take note because the FTC issued a final rule last month that will prevent most employers from enforcing noncompete agreements against workers, with only limited exceptions. If your bank enters into noncompetes, or if you’ve ever entered one yourself, it is something to pay attention to.