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Alyssa, don't miss these important MBA updates...
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PROFESSIONAL DEVELOPMENT
Leadership Series - Live & Interactive, In-Person & Virtual
You earned your leadership position...this leadership experience will help you make the most of it! Unlock your full potential as a leader by leveraging the power of influence by attending the Leadership Series with Steve Lowisz, CEO and Founder of Qualigence International. The series dates are February 1 - May 16.
To learn more, access the brochure here.
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STATE OF THE STATE ADDRESS
Gov. Whitmer's 2024 State of the State Address
Governor Whitmer delivered her 6th State of the State address last night to a joint gathering of the Michigan House and Senate. The Governor had four main policy themes and shared a few details on how she envisions working with the legislature to accomplish them.
Lowering Costs
- Michigan Vehicle Rebate Program
- Rebate credits for new car and EV purchases in Michigan
- Housing
- Michigan investing $1.4B in various places to expand supply and lower cost.
- Goal to build 10,000 homes in the state in 2024.
- Caregivers Rebate
- Tax incentives for those caring for a sick or elderly family member.
Improving Education
- The Governor had previously proposed pre-k for all by 2026.
- Announced that the Governor’s budget will propose this 2-years early.
- Michigan Achievement Scholarship
- Reduce MI reconnect age minimum to 21 years old permanently.
- Proposed free tuition for the first two-years of college at a Community College for all Michigan high school graduates.
Economic Development and Manufacturing Resurgence
- Research and Development Tax Credit Proposal
- Hire Michigan Program
- Goal of lowering payroll taxes to encourage employers to hire.
- Designating Renaissance Zones to exempt qualified citizens/businesses from certain taxes.
- Innovation Fund to invest in Michigan based business and projects.
Infrastructure
- $3.5 B last year for critical roads & bridges
- The Governor called on the Michigan Department of Transportation to authorize the remaining $700B of infrastructure investment this year.
Read the press release.
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PROFESSIONAL DEVELOPMENT
Learning Takes You Places
Registration is open for the Bankers Education Summit and Trade Show (BEST) March 20-22 in Traverse City! Join us for enlightening keynotes by Tony Rubelski, who will share three ways to positively disrupt your mindset every day, and Robin Shear, guiding you from turnover to thriving with a joyful corporate culture. Explore more about the fascinating keynotes and secure your spot! Learn more about the keynotes!
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THE FEDERAL RESERVE
Federal Reserve Announces 2024 Community Depository Institutions Advisory Council
The Federal Reserve announced the members of the Community Depository Institutions Advisory Council (CDIAC) for 2024. The Council advises the Federal Reserve Board on the economy, lending conditions, and other issues of interest to community depository institutions. Congratulations to MBA member and past board member Ron Justice, president and CEO, The State Bank on representing Michigan. He will provide important guidance and advice to the Fed.
The CDIAC serves three-year terms and meets twice a year with the Fed’s Board in Washington, D.C. Read the press release.
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GRADUATE SCHOOL OF BANKING
President and Chief Executive Officer for the Graduate School of Banking
Graduate School of Banking is seeking an innovative and collaborative leader to serve as President & Chief Executive Officer for the Graduate School of Banking and its affiliate, the Prochnow Educational Foundation. The President & CEO has the responsibility for and authority necessary to direct the academic and business affairs of the School and Foundation to achieve the Board of Trustees’ policies, program objectives, and strategic priorities. This includes GSB’s main graduate School of Banking program, specialty schools, online seminars, and the FiSim bank management simulation product.
The deadline to apply is March 8.
Learn more.
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DIVERSITY EQUITY AND INCLUSION
Register For the MBA DE&I Forum
May 1 | Virtual
The MBA is hosting the next DE&I forum on May 1. This opportunity will allow you to connect with your peers around the industry regarding Diversity, Equity, and Inclusion. DE&I is a journey we all are on whether you’re just starting out or a seasoned veteran. This forum is meant to bring us together to make the industry a more diverse and inclusive space for your teams and customers. More details to come! Register today!
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ADVOCACY EVENTS
Join us at the MBA/ABA Washington Summit!
Gear up for an immersive experience at the MBA/ABA Washington Summit March 18-22 in Washington D.C., where you won't just attend – you'll dive headfirst into the dynamic realm of policymaking on Capitol Hill, engage with regulatory powerhouses, and even catch the pulse of decision-makers. Don't just follow the action; be the force that drives it. Join us for an electrifying journey at the heart of political influence and strategic insights!
Scholarships Available for Emerging Leaders
Two $750 scholarships to Emerging Leaders in Michigan to attend the 2024 Emerging Leaders Forum on March 18 in Washington D.C. are available. The $750 can be used for travel and/or lodging expenses and is reimbursed by the ABA after the conference. Please submit the name, bank, title, and email of your emerging leader at your bank to Alyssa Bouchard at abouchard@michigan.bank. Previous scholarship recipients are not eligible.
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PROFESSIONAL DEVELOPMENT
MBA Women Shaping Tomorrow Award
The MBA Women Shaping Tomorrow Award is presented at the annual MBA Women in Banking Day. Celebrating a woman aged 40 or younger who is making a significant impact in our industry and community (i.e. participating in financial literacy), making her “one to watch.” Candidates are interwoven and involved in their communities and should achieve success independently but thrive on sharing their vision with others and contributing to team success. The candidate is continually forward-thinking, and welcomes change and opportunities to tackle new projects.
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ECONOMY
GLG Called on Gov. Whitmer to Focus SOTS on Economic and Population Growth
The Great Lakes Growth (GLG), a coalition of Michigan’s economic leadership praised for “bridging political gaps that have separated metro Detroit and West Michigan,” called on Gov. Gretchen Whitmer earlier this week to focus her 2024 State of the State address on an agenda of economic and population growth that will help Michigan compete with – and beat – other states. Founding members of the GLG include: Michigan Bankers Association, Michigan Chamber of Commerce, Michigan Manufacturers Association, Detroit Regional Chamber, Grand Rapids Chamber, and the West Michigan Policy Forum. Read the press release. Read the Crain's article.
Concerns about Michigan's need to focus on growth are rooted in many statistical areas, as noted in Detroit News, including, " troubling trends of slow population growth, lagging gains in income, struggling student reading scores and an insufficient number of adults with college degrees."
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FRAUD
FinCEN Alert on Nationwide Surge in Mail Theft-Related Check Fraud Schemes Targeting the U.S. Mail
Amidst a nationwide rise in check fraud schemes targeting the U.S. Mail, the Financial Crimes Enforcement Network (FinCEN) urges financial institutions to remain vigilant in identifying and reporting such activities. Mail theft-related check fraud involves the fraudulent negotiation of checks stolen from the U.S. Mail. Recognized as the largest source of illicit proceeds in the United States, fraud, including check fraud, poses a significant money laundering threat. This alert aligns with the U.S. Department of the Treasury's National Money Laundering Risk Assessment and National Strategy for Combatting Terrorism and Illicit Financing, emphasizing the importance of addressing fraud in the context of anti-money laundering/countering the financing of terrorism (AML/CFT) National Priorities. Read the alert.
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REGULATORS
Fed to wind down emergency lending facility in March
The Bank Term Funding Program, established during last year's liquidity crunch, will stop issuing new loans on March 11. Until then, banks can still borrow from the facility, though at less favorable terms. Read more.
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FRAUD
Nasdaq Finds Scams Led to $486 Billion in Losses in 2023
Fraud scams and bank fraud schemes resulted in $485.6 billion in losses globally last year, according to Nasdaq’s 2024 Global Financial Crime Report released last week. Scams caused $151.1 billion in losses in the Americas, with payments fraud accounting for $102.6 billion of that figure. However, check fraud resulted in $21 billion in losses in the Americas, representing 80% of check fraud losses worldwide in 2023 and driven by fraud in the U.S., according to the report’s authors.
Cyber-enabled scams, including business email compromise, led to $10 billion in losses globally, according to the report. Romance scams and other confidence schemes resulted in nearly $4 billion in losses. Fraud against elderly victims caused $80 billion in losses.
Nasdaq also estimated that $3.1 trillion in illicit funds flowed through the global financial system last year. Drug trafficking accounted for $782.9 billion of that activity, human trafficking accounted for $346.7 billion and terrorist financing $5.1 billion.
Read the report.
Learn more about ABA’s Check Fraud Claim Directory for banks.
Learn more about ABA resources for fighting elder financial abuse.
Learn more about ABA’s free anti-phishing campaign for banks, #BanksNeverAskThat.
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REDISTRICTING
U.S. Supreme Court Won’t Overrule Federal Judges’ Order to Redraw Detroit Legislative Seats
The U.S. Supreme Court on Monday rejected a request from Michigan’s redistricting commission to overrule an order to redraw 13 Detroit-area seats in the Legislature, a decision that will likely make the legislative maps more competitive. Read the article.
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CEO UPDATE
Nichols Shares 2024 ‘Blueprint for Growth’
Even as ABA continues to resist a “regulatory tsunami” of harmful bank policy coming out of Washington, D.C., it is promoting a positive regulatory and legislative agenda, ABA President and CEO Rob Nichols said yesterday in a policy update shared with member bank CEOs.
At the beginning of the year, the ABA board approved the association’s policy priorities, known as the 2024 Blueprint for Growth, Nichols said. In the document, ABA calls on policymakers to drive a healthy and inclusive economy, support robust and holistic analysis of banking regulation, and foster a competitive financial services market.
Read the 2024 Blueprint for Growth.
Register for the ABA Washington Summit, March 18-20 in Washington, D.C.
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REGULATORS
Fed's Bank Term Funding Program to Wind Down March 11
The Federal Reserve yesterday announced that the Bank Term Funding Program will cease making new loans as scheduled on March 11. The program will continue to make loans until that time.
As the program ends, the interest rate applicable to new BTFP loans has been adjusted such that the rate on new loans extended from now through program expiration will be no lower than the interest rate on reserve balances in effect on the day the loan is made, according to the Fed. The rate adjustment ensures that the BTFP continues to support the goals of the program in the current interest rate environment. All other terms of the program are unchanged. Read more.
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REGULATORS
CFPB Proposes Banning NSF Fees for Instantaneous Transactions
The CFPB yesterday proposed what it characterized as a “proactive step” to prevent banks and other financial institutions from charging fees for transactions that are instantaneously declined. The proposed rule would prevent financial institutions from charging nonsufficient funds fees or other fees for ATM withdrawals, debit card purchases, peer-to-peer payments or other transactions that are declined “instantaneously or near-instantaneously.” The agency claimed that charging the fee represents an abusive practice under the Consumer Financial Protection Act’s prohibition on unfair, deceptive or abusive acts or practices. Read more.
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INTERCHANGE
Fed Extends Comment Period on Debit Card Interchange Fee Proposal
The Federal Reserve announced that it has extended the public comment deadline to May 12 for its proposal to lower the cap on debit card interchange fees. The Fed also published additional data related to the fee cap to give the public more information to consider when filing comments.
Read the Fed statement on the comment period extension.
Read the Fed’s additional data on the proposed fee change.
Read the joint association request to extend the comment deadline.
Read the ABA analysis for bankers.
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REGULATORS
FDIC Demands Five Entities Cease Making False or Misleading Representation About Deposit Insurance
The Federal Deposit Insurance Corporation (FDIC) issued letters demanding five entities and certain associated parties cease and desist from making false and misleading statements about FDIC deposit insurance. The FDIC is demanding that Atmos Financial, PBC (Atmos); BybitcoinEx, Inc. (BybitcoinEx); ORGANO Payments, Inc. and its subsidiary OGPay (OGPay); Horizon Globex GmbH (Horizon), which operates Upstream Exchange; and Zil Money Corporation (Zil) take immediate corrective action to address these false or misleading statements. Read more.
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FINANCIAL LITERACY
ABA Foundation Launches 2024 Financial Education Campaigns
The ABA Foundation launched its 2024 financial education campaigns and encouraged banks across the country and their more than two million employees to participate in these industry efforts to help consumers improve their financial well-being. The launch continued the foundation’s three-year, industry-wide commitment to reaching five million Americans with financial education courses through its campaigns. The foundation last year made significant progress with 35,000 bank volunteers from 816 banks reaching 1.23 million people. Read more.
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ECONOMY
Michigan Index Rebounded in October Despite the UAW Strike
The Comerica Michigan Economic Activity Index rose 7.2% annualized in the three months through October, reversing a drop in the prior three months. Nonetheless, the Index was still down 0.4% from a year earlier, and declined in those terms for most of 2023. Six of the index’s nine components fell in October, while three rose. Read more.
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PROFESSIONAL DEVELOPMENT
Get Your Manager to Approve Your 2024 Training Budget
With only 40% of companies reporting a training budget increase for 2024, proper planning and execution are essential to an approved budget proposal. Avoid the frustration of a rejected budgetary plan by applying the eight tips below. When presenting to the management team, these tips increase approval odds. While no outcome is guaranteed, you will have a higher likelihood of success.
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MBA Perry Schools of Banking May 5-10
The MBA Perry Schools of Banking has a long history of helping its students gain a broader knowledge and understanding of major banking functions such as credits, investments, asset and liability management, planning and control, regulatory issues, human resources and marketing. The school is governed by a board of trustees. Students are in residence one week each year for the three years. Students spend a minimum of 40 hours in the classroom and work on projects throughout the year. They also take comprehensive final exams, along with competing in the Bank Simulations! More Information.
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Save the date: FDIC Director College - May 23, 2024, Lansing. Join us! | |
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MBA SERVICE CORPORATION
Engage a Virtual Compliance officer from Review Alliance
Once you’re matched with a VCO, things start to change rapidly. Suddenly, you have someone who answers to you takes care of special projects, manages programs across multiple locations, or conducts over watch with formalized reporting.
More and more banks are finding that—pennies on the dollar—VCOs from R/A are how compliance today gets done.
Find out how this is done by contacting Jill Verscheure, SVP, MBA Service Corporation at jverscheure@michigan.bank.
Calling All Food Enthusiasts!
There is still time to have your recipe published in the B/A Cookbook! Share your delicious recipe along with 2-3 mouth-watering photos to be included. Whether it's a cherished family meal or your own unique twist, let's cook up something amazing together!
Submit your recipe here: admin@bankersalliance.org
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MBA SERVICE CORPORATION
Upcoming Events from Michigan Planners
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SEMINAR: Mastering Non-Competes: Legal Insights and Best Practices for Business Success
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Date & Time: February 15th, 9 AM to 10 AM
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Registration Link: Register Now!
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WEBINAR: Total Rewards in the Midst of High Inflation
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Date & Time: February 23rd, 11 AM to 12 PM
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Registration Link: Register Now!
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MBA SERVICE CORPORATION
The Most Underrated Cross-Sell Tool
Many consumers are getting in the habit of unsubscribing from or ignoring email and SMS marketing messages, but hearing a friendly voice on the phone is a breath of fresh air.
Especially when you are facing liquidity issues, reaching out to your people to offer the right products at the right time drives more deposits, increases products per person, and builds loyalty.
With over 25 years of experience, LSI offers over 100 different types of customizable outbound campaigns.
Creative Campaign Ideas:
- CD and Deposit Offers
- Debit/Credit Card Activation
- Financial Advisor Appointments
Learn more.
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MBA SERVICE CORPORATION ENDORSED PARTNER
SBS Cybersecurity Offers Free Resources
A security program is only as strong as its weakest link. SBS strongly believes in the power of education and security awareness training when it comes to a strong Information Security Program.
Share these cybersecurity training tools with your employees and customers to keep security top of mind. Access the resources.
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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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Do you know the benefits of laughter? Learn more!
#FrameOfMindFriday
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JOB ALERT! Check out the latest job postings on BankTalentHQ, an MBA Service Corporation Endorsed Partner!
The latest postings are:
➡️ Marketing Assistant, Hillsdale - County National Bank
➡️ Part-Time Teller, Hudson - County National Bank
➡️ Credit Analyst, Jackson - County National Bank
And more!
Learn more and apply today: https://conta.cc/30OAnLF
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We're here to help you build better leaders and more effective bankers!
Applications for the MBA Perry Schools of Banking are now being accepted for the May 5-10 session. Space is limited, and bankers are encouraged to apply early. The MBA Perry Schools of Banking were established in 1976 with a mission to serve the banking industry of Michigan through in-depth and long-term continuing education programs. Learn more!
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