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Alyssa, don't miss these important MBA updates...
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MBA NEWS
MBA Annual Membership Meeting – Bankers Only
Wednesday, June 19 | 4:00 P.M. EST
As outlined in Article II of the bylaws of our organization, the MBA Board of Directors has called the Annual Meeting of the Membership for Wednesday, June 19. This will take place during our convention at Grand Hotel, Mackinac Island, beginning at 4:00 p.m. in the Theatre. The primary purpose of this meeting will be to elect dire9ctors and officers of the organization. Bankers only.
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For 138 years, we've gathered to celebrate our industry, recognize our leaders, and enhance our abilities to serve our customers and communities. We are a vibrant community of bankers dedicated to shaping a prosperous future for our field. Let's celebrate! The unparalleled energy of collaboration and creativity that permeates our industry when we convene on the island is unmatched. Register now and secure your accommodations.
Please use code MBA2024 for your discounted ferry travel. Save time and pre-purchase at Shepler's Ferry. The discount code is case sensitive and must be keyed in (cannot be copied and pasted).
Looking forward to seeing you in June!
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FRAUD
BankSafe™ Trained Seal from AARP
As part of the BankSafe program, financial organizations can apply to have AARP verify that at least 80% of their frontline staff successfully passed the BankSafe training and confirm that they have a financial-exploitation escalation reporting policy. Qualifying banks can apply to receive a seal from AARP, good for one year, recognizing their commitment to fighting exploitation. Learn more.
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REGULATORS
MBA Meeting with Regulators
The MBA regularly meets with leaders at the Chicago office of the FDIC. This week, the MBA Advocacy team met with Larisa Collado, and she shared they are in the middle of many of the FDIC Directors Colleges. They continue to see challenges with liquidity, net interest margin compression and interest rate expectations. Loan demand is down and banks seem reluctant to push due to the expense of the funding side.
CRE continues to be a concern. We shared the Crains article (in general) and that community bank CRE isn’t necessarily office space and even when it is, it is usually more stable and resilient than large scale office CRE. Their concerns/focus for CRE are on office space, multifamily where there is decreasing population/demand, and retail given competition from online – and of course, concentrations.
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CONGRESS
Newly Elected Rep Mai Xiong to Serve on Insurance and Financial Services
Newly elected State Representative Mai Xiong has been named to the House Insurance & Financial Services Committee. Her bio is as follows:
- Born in a refugee camp in Thailand, Mai Xiong was 3 years old when she arrived in the U.S. with her family in 1987. Her parents, of Hmong descent, were part of an ethnic group in northern Laos that aided America during the Vietnam War. Her parents eventually fled to avoid persecution.
- Nearly ten years after arriving, Xiong received her U.S. citizenship in 1997. Xiong attended Macomb Community College and went on to earn her Bachelor of Fine Arts from the College for Creative Studies. Xiong is also a graduate of Harvard Kennedy School – Senior Executives in State and Local Government, and a Michigan State University – Michigan Political Leadership Program (MPLP) Alumni.
- First elected in 2020, Xiong is serving her second term on the Macomb County Board of Commissioners. Xiong and her husband, Adam Kue, have four children who attend Warren Consolidated Schools.
The MBA Advocacy team will be meeting with her to share insights and legislative priorities as well as learning more about her understanding of our industry and her goals.
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CFPB
5th Circuit Urged To Block CFPB's Credit Card Late Fee Rule
Banking industry trade groups have called for the Fifth Circuit to act quickly to put the Consumer Financial Protection Bureau's $8 credit card late fee standard on hold, arguing that large credit card issuers stand to suffer "substantial" losses if it goes into effect even for just one day. Read more.
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FINCEN
FinCEN to Host Webinar on Beneficial Ownership Information Reporting Requirements
The Corporate Transparency Act requires many companies doing business in the United States to report information to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) about who ultimately owns or controls them. Join a FinCEN representative for a virtual information session on beneficial ownership information reporting requirements. Read more.
Read the press release that the MBA participated in with AG Nessel.
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CREDIT CARD COMPETITION ACT
Small Businesses Oppose Proposed Credit Card Network Routing Mandate
Two in three small businesses believe legislation that would impose network routing requirements on banks that issue credit cards would benefit large retailers rather than businesses like themselves, according to a new Morning Consult survey commissioned by the Small Business Payments Alliance. The survey asked small-business decision makers about their feelings on the Credit Card Competition Act, sponsored by Sens. Dick Durbin (D-Ill.) and Roger Marshall (R-Kan.). Sixty-four percent of respondents said the bill would benefit large retailers, while 60% said that Congress is pushing through changes to digital transactions without considering the effects on their businesses.
Respondents were also polled on their views on government regulation of payment processing fees. Most (83%) said government regulation should stay the same (48%) or decrease (35%). At the same time, around two-thirds (64%) said that forced adoption of new or updated processing networks will place an unfair cost burden on business owners, with more than half (57%) expecting to see lower profits if new network processing changes are required.
In addition, the survey found that small businesses are more concerned about inflation than processing fees. Only 14% of respondents cited processing fees as a top business expense. Cost of labor (46%), cost of goods sold (34%), inflationary costs (29%) and taxes (29%) were cited as their largest expenses. Read the survey.
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REGULATORS
Report: Biden Administration to Ease Federal Marijuana Restrictions
The Biden administration will soon propose easing federal restrictions on cannabis by reclassifying the drug for the first time in 50 years. Under the proposal, marijuana would be reclassified so it is no longer a strictly controlled Schedule I drug but instead a Schedule III drug, which would expand the availability of cannabis for medicinal purposes. Examples of Schedule III drugs include testosterone and Tylenol with codeine. Read more.
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CONGRESS
House Lawmakers Scrutinize Proposed Bank Merger Policy Proposals
Lawmakers from both parties questioned recent efforts by the banking agencies to change how regulators evaluate bank merger applications earlier this week. Representatives from the OCC and FDIC appeared before the House Financial Services Subcommittee on Financial Institutions and Monetary Policy to discuss proposed policy revisions by both agencies. The FDIC in March proposed to expand the criteria it uses to review merger applications. The OCC has proposed ending the time limit for automatic approvals of mergers of the banks that it supervises. Watch a recording of the hearing.
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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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Join us online for this deep dive into Fair Lending practices and the Community Reinvestment Act! Led by Patti Joyner, this session will guide attendees through:
Fair Lending:
- Continued Focus on Redlining: Geographic Lending Patterns
- Equal Credit Opportunity Act (ECOA)
- Housing Agencies’ Fair Lending Oversight
- Appraisal Bias and Re-considerations of Value (ROV)
- Appraisal Discrimination: Application of the Fair Housing Act and Risk Mitigation
- Fair Lending and Consumer Risks in Artificial Intelligence (AI) and Machine Learning (ML)
CRA Modernization:
- CRA Examination Categories:
- Geographic Assessment Focus
- CRA Examination Tests
- Performance Test and Overall Performance Ratings
- Impact of discriminatory or illegal credit practices
- Eleven Community Development Categories
- Data Collection and Reporting
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MBA SERVICE CORPORATION
Q2 Outlook for U.S. Commercial Banks Performance: Has Profitability
Hit a Trough?
Tuesday, May 07, 2024 | 11:00 am - 12:00 pm EDT
Higher-for-longer interest rates have put pressure on banks' net interest margins and put deposits in the spotlight. Regulators have heavily scrutinized banks' liquidity and commercial real estate concentrations as well in the aftermath of the trio of large bank failures in the spring of 2023, causing institutions to prize deposits and slow loan growth. During this discussion, FIG Research Director Nathan Stovall will review his proprietary projections for commercial bank performance and discuss the profitability outlook with an esteemed U.S. bank investor.
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MBA SERVICE CORPORATION
LSI As Your Variable Cost Solution
Drive down your overall costs of lending while having peace of mind knowing your people are in good hands with LSI’s overflow and after hours support.
With LSI’s assistance, you can navigate this upcoming lending season with confidence. Learn more.
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MBA SERVICE CORPORATION
SBS Educational Resources
Join SBS for this month's 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 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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Job Alert! Looking for your next career move in banking? Don't miss out on the latest job postings on BanktalentHQ.com! Whether you're a seasoned professional or just starting out, there's something for everyone. Explore opportunities, build your future, and take the next step in your banking career today! Visit BanktalentHQ.com now! | |
#FrameOfMindFriday Don’t ignore burnout because it isn’t immediately visible, like a broken leg. It won’t go away on its own. Learn tips and stats about burnout here: https://conta.cc/3di1l1i | |
🎪 Exciting news from the Michigan Traveling Circus! 🌟 College juniors or higher in business or finance-related majors, the George Harding Scholarship awaits you. Begin your application journey now at https://lnkd.in/eDvZYeAd. 🚀 | |
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