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Alyssa, don't miss these important MBA updates...
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BANKER OF THE YEAR
The Michigan Bankers Association Announces 2024 Banker of the Year
Kenneth Kelly, Chairman and CEO, First Independence Bank
The Michigan Bankers Association (MBA) recognizes Kenneth Kelly, Chairman and CEO of First Independence Bank, as the recipient of the esteemed 2024 MBA Banker of the Year award. The MBA Board of Directors awarded Kenneth Kelly for this prestigious honor in recognition of his outstanding dedication to the MBA, significant contributions to the banking industry, the remarkable success of First Independence Bank, and his exemplary record of community service.
The MBA will honor Kenneth Kelly at the 138th Annual Convention on Mackinac Island in June, where his remarkable achievements and contributions to the banking industry will be celebrated. Read the press release.
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PROFESSIONAL DEVELOPMENT
The State Bank Wins Innovator of the Year
The 2024 MBA Financial Innovator of the Year award was presented to The State Bank. This recognition stems from The State Bank's collaboration with The City of Flint's Lead-Based Paint Hazard Control for the implementation of the Basic Needs Program. The State Bank provided grants to address property tax shortfalls, assisting participants in meeting program requirements. Twelve financial literacy participants received grants totaling $14,000, resulting in $463,500 in home improvement repairs for properties in low-to-moderate census tracts. Read more.
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PROFESSIONAL DEVELOPMENT
20 Banks Awarded the Financial Literacy Award
The MBA honored 20 Michigan banks for their outstanding financial literacy initiatives at the annual MBA Bankers Education Summit & Trade Show (BEST) Conference held in Traverse City.
The recipients of the 2023 MBA Financial Literacy Awards are 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.
Congratulations!
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PROFESSIONAL DEVELOPMENT
Scholarships Awarded to Three Bankers at the MBA BEST Conference
Congratulations to Rose Wilson, Union Bank, and Savannah York, Southern Michigan Bank & Trust for being awarded the MBA Perry Schools of Banking scholarships by the Mid-Michigan Banking Group during the MBA BEST Conference. Thank you to the MMBG for their support of professional development.
The 2024 Prochnow Educational Foundation Scholarship to attend the Graduate School of Banking – Madison (GSB) was awarded to Amy Lynn DesJardins, Peoples State Bank of Munising (PSB) by Kathy Berman from the Graduate School of Banking- Madison.
Congratulations!
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Save the Date and Register!
Early registration is now open for the MBA 138th Annual Convention, June 19-21 on Mackinac Island. We look forward to hosting you, your family, your team, and board of directors on the island!
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Nightly rate includes accommodations in one of the uniquely decorated guest rooms, dinner, and full breakfast daily.
See you in June!
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GRASSROOTS
Bankers on Capitol Hill
The Michigan Bankers Association, along with bankers and associate members, embarked on a trip to Washington D.C. for the annual MBA/ABA Washington Summit. Their mission was to convene with regulators and legislators and delve into the pressing issues facing the banking sector and its future needs. Tuesday marked a bustling day of meetings on Capitol Hill, where discussions ensued with Congresswoman Debbie Dingell, the Office of Congressman Dan Kildee, Senator Debbie Stabenow, Congressman Tim Walberg, Congresswoman Lisa McClain, Congressman John Moolenaar, Congresswoman Hilary Scholten, Congressman Shri Thanedar, Congresswoman Haley Stevens, Congressman Jack Bergman, Congressman Bill Huizenga, Senator Gary Peters, Congresswoman Elissa Slotkin, and Federal Reserve Governor Micky Bowman. Topics ranged from credit card late fees to cyber risks, and from the SAFER Act to ACRE.
We extend our sincere gratitude to all our attendees for dedicating their time to participate and share their invaluable insights and experiences.
A special thank you goes out to our Washington Summit Sponsors: Federal Home Loan Bank of Indianapolis and Performance Trust.
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FINANCIAL LITERACY
Senate Banking Chair Introduces Financial Literacy Resolution
April Named Financial Literacy Month
The MBA worked with Senator Mary Cavanagh, Chair of the Senate Finance, Insurance, and Consumer Protection Committee in the Michigan Senate to introduce Senate Resolution 102 last week. The resolution, championed and authored by the MBA team, declares April as Financial Literacy Month in the state. Financial Literacy continues to be the foundational tool for Michigan residents to become successful consumers. From early education lessons on wants and needs to adult education on the impact of credit, interest, and homeownership, the MBA is proud to be a champion of Financial Literacy for all! Read the Resolution.
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REGULATORS
SEC Climate Rule Litigation
Days after the adoption of the Securities and Exchange Commission (SEC) final rule on Climate-Related disclosures, groups from the right and the left have filed suit against the SEC- one saying the final rule goes too far and one says not far enough. Both the U.S. Chamber and environmental groups are taking the SEC to court over the matter. The rule will require registrants to disclose material climate-related risks, activities to mitigate risk, board oversight and management's role in climate-related risks, and climate-related targets or goals material to the business, operations or financial condition.
Click here for the SEC Fact Sheet on the rule and stay tuned for more developments on the rule phase in compliance starting in 2025 and ligation developments.
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FRAUD
U.S. Postal Inspection Service Launch Effort to Combat Check Fraud
ABA and the U.S. Postal Inspection Service announced a new joint initiative to combat the rapid rise in check fraud. The effort will focus on four areas: educating U.S. Postal Service and bank customers about check fraud and what they can do to protect themselves; addressing money mules and collusive accountholders; collaborating with law enforcement; and training bank employees and postal workers on red flags and prevention. Read more. Download the infographic.
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ABA RESOURCES
CFPB Final Rule on Credit Card Late Fees
ABA staff have prepared a members-only analysis of the CFPB final rule on credit card late fees. The analysis provides an overview of the rule, which will lower Regulation Z’s safe harbor to $8 for late fees charged by larger credit card issuers—those with at least 1 million open accounts. The analysis also summarizes what the rule means for larger and smaller card issuers. ABA and other financial industry associations have challenged the rule in federal court. Read the analysis.
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VETERANS
Veterans Benefits Banking Program
Join this industry-wide effort to expand veterans’ access to the banking system.
The ABA Foundation is proud to partner with the Association of Military Banks of America (AMBA) in support of the Veterans Benefits Banking Program (VBBP). The goal of the VBBP is to help veterans, beneficiaries, and caregivers join the banking system so they can easily access their benefits as well as free financial and credit counseling services. ABA encourages all banks to join the VBBP and help demonstrate the banking industry’s continued commitment to our nation’s veterans. A bank does not have to be a member of ABA or AMBA to participate in the program and there are no costs for participation. Learn more.
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Women in Banking Day May 21
Eagle Eye Golf Club | Bath, MI
When we come together to support women in banking, we all benefit. Do your part in cultivating a better banking industry, build strong networks and achieve career advancement. Advancing women in banking leadership is everyone’s business!
Accommodations are available at the Hyatt Lansing - East and Fairfield Inn Eastwood.
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MBA Group Membership Golf Outings
MBA group leadership and the Michigan Traveling Circus (MTC) encourage you to attend a group meeting in your area of the state. It’s a great day of networking and fun. Group Membership Meetings fund the George Harding Scholarship Fund. Since 1984, over 400 scholarships have been awarded to Michigan students pursuing a college or university finance-related degree. We encourage you to attend a group meeting in your area of the state. It’s a great day of networking and fun. See you this summer!
2024 Dates and Information.
- Thumb Regional Outing July 11, Ubly Heights Golf and Country Club, Ubly
- Harding Outing July 25, Eagle Eye Golf Course, Bath
- U.P. Outing August 13, Greywalls Golf Course, Marquette
- SE/SW Regional Outing August 22, Travis Pointe Country Club, Ann Arbor
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MBA SERVICE CORPORATION
Endorsed Partners Attend the MBA BEST Conference!
Thank you to the seven Endorsed Partners that attended our conference this week: Bankers Alliance, Cornerstone Advisors, FIPCO, Michigan Planners, S&P Global Market Intelligence, SBS Cybersecurity, Vericast. The Service Corporation Endorsed Partner’s support to our industry is invaluable, and we wish to share our gratitude for your attendance at the BEST Conference! If you wanted to connect with an Endorsed Partner, and you missed them, please reach out to Jill Verscheure or Natisha Jorae for assistance!
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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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Happy St. Patrick’s Day! May you find the pot of gold at the end of the rainbow! 🍀 🌈 | |
Banks never ask if you repped Nintendo or Sega in 1993. But we will ask you to level up your scam IQ with our new game “Scam City” - play it at BanksNeverAskThat.com. | |
Join us in celebrating Kenneth Kelly, Chairman and CEO of First Independence Bank, as the well-deserved recipient of the 2024 MBA Banker of the Year award! His exceptional dedication to the Michigan Bankers Association, outstanding contributions to the banking industry, stellar leadership at First Independence Bank, and unwavering commitment to community service have truly set him apart. Congratulations, Kenneth, on this well-earned recognition! | |
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