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Alyssa, don't miss these important MBA updates...
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The original! For 138 years, we’ve hosted you celebrating our industry, honoring our leadership and learning to better serve our customers and communities. We are an amazing community of bankers paving the way to a strong future for our industry. Let’s celebrate! Nothing beats the energy that brings innovation and inspiration to our industry when we all come together on the island. Register and reserve your room. See you in June! | |
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GRASSROOTS
Congressman Bill Huizenga Event, April 25
MiBankPAC will host a luncheon fundraiser for Congressman Bill Huizenga in Lansing at noon on April 25.
Contribution levels:
- Chair- $2,500 PAC or $1,000 personal
- Host- $1,000 PAC or $500 personal
- Attendee- $250 per person
To learn more, contact Rann, rpaynter@michigan.bank. Access the invitation.
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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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REGULATORS
FHFA, State Regulators to Share Info on Nonbank Mortgage Providers
The Federal Housing Finance Agency announced on Wednesday that it has entered into a formal agreement with the Conference of State Bank Supervisors to facilitate information sharing with respect to nonbank mortgage companies. The memorandum of understanding establishes information-sharing protocols between state financial regulators and FHFA, improving the ability to coordinate on market developments and identify and mitigate risks, the agency said in a statement.
State financial regulators are the primary regulators of nonbank mortgage companies. FHFA is the regulator and conservator of Fannie Mae and Freddie Mac. While each supervisory agency maintains specific authorities related to the mortgage industry, only state financial regulators have complete prudential authority over nonbank mortgage companies, FHFA said. Read more.
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CONGRESS
Senators Introduce Resolution to Overturn CFPB Credit Card Late Fee Rule
Senate Banking Committee Ranking Member Tim Scott (R-S.C.) and 12 Republican senators on Monday introduced a Senate joint resolution to overturn the CFPB rule to lower the safe harbor amount for credit card late fees. The Congressional Review Act resolution would overturn the CFPB rule if passed by both houses of Congress and signed by the president. Read more.
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CONGRESS
ABA, Associations Urge Congress to Overturn CFPB Credit Card Late Fees Rule
ABA and four bank and credit union associations expressed support for two resolutions to overturn the CFBP’s final rule on credit card late fees on Wednesday. Senate Joint Resolution 70 and House Joint Resolution 122 would overturn the rule if passed by both houses of Congress and signed by the president. In letters to Senate and House lawmakers, the associations said the rule to reduce the safe harbor amount for credit card late fees will create long-term harm for the minority of consumers the CFPB purports to help. Read the Senate letter. Read the House letter.
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REGULATORS
FDIC Releases Comprehensive Report on Orderly Resolution of Global Systemically Important Banks
The Federal Deposit Insurance Corporation (FDIC) released a comprehensive report on how the FDIC would manage the orderly resolution of a large, complex financial company under Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).
In remarks to the Peterson Institute for International Economics in Washington, DC, FDIC Chairman Martin J. Gruenberg presented the Overview of Resolution Under Title II of the Dodd-Frank Act, the most detailed description to date of the FDIC’s preparedness to use its Title II resolution authority in a manner that promotes financial stability and prevents taxpayer bailouts.
Chairman Gruenberg’s Remarks to the Peterson Institute for International Economics.
Overview of Resolution Under Title II of the Dodd-Frank Act.
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MICHIGAN
Update on New Michigan Driver's License and State ID
The Michigan Department of State began issuing Michigan driver’s licenses and state IDs featuring a new hard card design. All enhanced cards requested on or after Jan. 16 and standard cards requested on or after Jan. 23 are produced using the new design.
All cards that feature the Mackinac Bridge are valid until expiration and are expected to be completely phased out of circulation by January 2029. Read more.
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SEC
SEC Delays Climate Disclosure Rule Amid Legal Challenges
The U.S. Securities and Exchange Commission is delaying the implementation of its new climate-related disclosure rule pending the resolution of petitions against it at the U.S. Court of Appeals for the Eighth Circuit. In an April 4 court filing, the regulator said its discretionary stay of the rule will facilitate the orderly resolution of those challenges while it fights for its legal merits and to avoid potential regulatory uncertainty if companies were to become subject to the new rule while its validity is still being questioned in the courts.
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SEC
Nessel Joins Multistate Coalition Backing SEC's Climate Disclosure Rule
Michigan has joined a coalition of 19 attorneys general filing a motion to intervene in a lawsuit to defend the U.S. Securities and Exchange Commission's "final rule" on climate-related disclosures for investors. Learn more.
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AMERICANS WITH DISASBILITIES ACT
DOJ Issues Final Rule on Digital Accessibility for State, Local Governments
The Justice Department this week released its final rule to revise the regulation implementing Title II of the Americans with Disabilities Act to establish specific requirements for making state and local governments’ web content and mobile applications accessible. While the regulations would apply only to state and local governments subject to Title II, regulations applicable to private businesses subject to Title III, such as banks, may follow similar form and substance.
The final rule requires public entities to make their websites and mobile apps comply with Web Content Accessibility Guidelines (WCAG) 2.1, Level AA, unless the public entity can demonstrate that compliance with the standard would result in a fundamental alteration of the product or service or would result in an undue financial and administrative burden to the entity. The final rule also contains changes to the exceptions section compared to the proposed rule. For example, the exception for linked third-party content has been eliminated, while an exception for preexisting social media posts has been introduced. Read the rule.
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GREAT LAKES GROWTH COALITION
Coalition Kick-Off to Push Back on Whitmer Trash Tax
The Michigan Chamber hosted a coalition kick-off meeting last week to discuss opposition to a proposal to increase the state’s tipping fee. The proposal, which was part of Governor Whitmer’s 2024-25 budget presentation, calls for an increase from the current rate of $0.36 cents per ton to $5 per ton — representing an increase of over 1000%.
The bill proposal is expected to be introduced in the coming weeks, at which point formal discussions with the legislature will begin. Learn more.
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Women in Banking Day | Meet the Keynote
Linda Clemons is the CEO of Sisterpreneur ®Inc. Linda is an award-winning record setting sales producer as well as one of the top sales trainers in the world in the resort/timeshare industry where clients have generated over two billion in sales. Linda is a Body Language Expert trained and certified in Analytic Interviewing and Statement Analysis' a process used to detect deception.
Her clients and audiences to include Southwest Airlines, National Urban League, Nestle, FBI, Food Network, Jackson, Microsoft, Women's Presidents Organization, to name a few. Linda has opened for or shared the stage with such notables as Oprah Winfrey, Steve Wozniak (Apple), Dr. Condoleezza Rice and Mary Jo White SEC Chair.
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- Buy 2 Webinars, Get 1 Free (discount applied on the lowest priced item)
- Promo Code: SpringStockUpB2G1
- April 8-19
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It's Time to Fight Back!
Banks are losing money to criminals every day. 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.
Learn from FBI, Secret Service Agents and more. Customized for bankers like you. Join us at this multi-state event in downtown Lexington or virtually!
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MBA SERVICE CORPORATION
SafeTalk: Check writing down yet check fraud up. What is a bank to do?
While check use has dropped 82% over the past 30 years, check fraud remains the most common type of depository fraud and a very popular form of criminal activity--it is low-tech and presents a huge pool of victims with over 11 billion checks written each year. It is estimated to cost financial institutions over $1 billion in losses annually.
In this SafeTalk, learn common loss control practices for different fraud techniques and what tools are available to banks to counter check fraud. Read more.
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MBA SERVICE CORPORATION
Banks Need to Close the Personalization Gap
Challengers are picking off bank customers with macro-personalization. Read now.
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MBA SERVICE CORPORATION
Legislative Update: Part 1
Bankers are constantly looking toward what’s next. They're not necessarily looking forward to what is next in a jubilant way, but there eyes are metaphorically looking forward, and we’re preparing accordingly. The following are some key legislative updates from D.C. on their way to banks across the country.
1071: Early last year, the CFPB issued a final rule to implement section 1071 of the Dodd-Frank Act, which requires lenders to collect and report information about lending to women-owned, minority-owned, and small businesses to the CFPB. Read more.
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MBA SERVICE CORPORATION
Beyond ESG with Unlocking Capital for Nature
Wednesday, April 17, 2024 | 10:00 AM ET/ 04:00 PM GMT | Live Webinar
85% of the world’s largest companies that make up S&P Global 1200 have a significant dependency on nature across their direct operations. As nature-related risks and opportunities increase across global markets and the Taskforce on Nature-related Financial Disclosures (TNFD) strives to integrate them into the decisions of companies and financial institutions, S&P Global Sustainable1’s upcoming Beyond ESG webinar will explore the implications of, and methods for, investing in nature-positive solutions.
Ahead of Earth Day, register now to join our webinar and hear specialist perspectives on:
- The challenges and opportunities of preservation versus restoration of nature
- The innovative and novel approaches to protect and invest in nature
- The use of biodiversity credits to incentivize nature-positive investments
Register here.
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MBA SERVICE CORPORATION
Best Positioning Your Business With LSI
LSI helps Financial Institutions in four distinct ways to mitigate risk and minimize delinquency, while helping meet and exceed lending goals. Learn more.
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MBA SERVICE CORPORATION ENDORSED PARTNER
The Latest from Compiance 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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Alliance Partners
Alliance Partners deploys a specialized orientation and set of resources to help banks and financial institutions meet their asset and return objectives. In today’s credit markets, these institutions may lack the scale, expertise, and systems to successfully build the portfolio allocations that are required to meet return and risk management objectives.
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Stephens Inc
Founded in 1933, Stephens is a family of privately-held, independent financial services firms focused on building value for companies, state and local governments, institutions and high-net-worth investors.
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Symphonize, Inc.
Symphonize make banks more competitive and resilient by helping them select and implement the latest cloud based technologies. Our expertise includes legacy system modernization and end to end cloud solutions. Wherever you are in your digital transformation journey, our flexible enagement scenarios provide the expertise and resources to get you there faster.
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Seeking help as an adult neurodivergent person, or any neurodivergent person, can be tricky. However, the more awareness that we bring to the realities of these disorders, the better prepared we can be to provide support for those who truly need it.
Learn more: https://conta.cc/3u1mt5d
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Job Alert! 🚨 Exciting opportunity ahead on MBA Service Corporations Endorsed Partner BankTalentHQ Job Portal! Baybank is currently seeking a dynamic individual to join their team as President/CEO. If you're ready to take your career to the next level, this could be the perfect fit for you!
Find out more and apply here: https://conta.cc/3vBt6P0
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#WorkCompWednesdayEvery April, the National Safety Council observes Distracted Driving Awareness Month to prioritize #RoadwaySafety and help #KeepEachOtherSafe on the road. Learn more about the three main types of distractions behind the wheel and how we can all reduce these risks: https://bit.ly/nscddam2024. #DDAM #JustDrive | |
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