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Alyssa, don't miss these important MBA updates...
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Learning Takes You Places - REGISTER by March 6th to save!
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!
CEUs available for seven professional certifications including CRCM and CFMP.
Reserve your room here.
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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! View the Mid-Michigan Banking Group Scholarship Application. | |
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DIVERSITY, EQUITY AND INCLUSION
SAVE THE DATE and 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!
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LANSING
MBA Meets with Speaker Joe Tate's Office
This week the advocacy team met with Speaker Joe Tate’s legislative director on topics to include garnishment, Consumer Protection Act, housing, EGLE records, data breach and economic development. There is significant alignment on industry positions and initiatives with future collaborative approaches to facilitating bi-partisan work to accomplish policy goals.
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VOTING
Presidential Primary Analysis and Results
Michigan voters went to the polls Tuesday and resoundingly voted for President Joe Biden and former President Donald Trump as the nominees for the top of the ticket in their respective parties.
The Associated Press called both races – Biden for the Democratic primary and Trump for the Republican primary the moment polls closed at 9 p.m.
Trump garnered 68.2% of Republican primary voters support, while President Biden received 81.1% of Democratic votes. Notably, the uncommitted vote in the Democratic primary surpassed 100,000 (13.2%), more than any other candidate on the ballot other than President Biden. Only 3% of Republican voters were uncommitted.
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CONGRESS
Banks Request Hearing on Credit Union Tax-Exempt Status
The MBA along with the ABA and 51 other state bank associations requested the leadership of the Senate Finance Committee and the House Ways & Means Committee to schedule a hearing on the credit union tax-exempt status. It has been 20 years since that sector of the industry was examined and with significant change to their mission and structure, acquiring of banks, issuance of subordinated debt and nationwide membership- it is time.
The MBA shared this request to all members of the Michigan delegation and look forward to discussing the matter in March at the Government Relationship Summit! Read the letter.
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BANK ON
Industry and Law Maker Efforts to Push Back on Fed
Rep. Nikema Williams (D-GA) has lead a bipartisan letter (with Rep. Luetkemeyer) to Chair Powell raising concerns about the effects of proposed changes to Reg II on the availability of Bank On certified products and the negative consequences to underserved communities!
The MBA has shared the request to sign the letter with each of our Michigan congressional delegation members. Read the letter.
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PAYDAY LENDING
Senate Finance Committee Reviews Key Legislation: HB 4343 and SB 632
The Senate Finance Committee deliberated on two significant bills, HB 4343 and SB 632 this week. The House Bill advocates for reporting to the Department of Insurance and Financial Services (DIFS) from payday lenders. The MBA stands in support of HB 4343, and maintains neutral SB 632, a bill seeking to impose a cap of 36% on the usury rate for loans in Michigan.
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REGULATORS
CFPB Planning New Rules for Data Brokers Later This Year
CFPB Director Rohit Chopra said yesterday that the bureau will propose new rules under the Fair Credit Reporting Act later this year to limit certain activities of data brokers, including those that sell personal data overseas. He didn’t elaborate on what changes the rules would propose.
Chopra’s comments were in response to an executive order from President Biden directing various nonbanking agencies to protect personal data collected by companies and potentially accessed by foreign actors. The president also “encouraged” the CFPB “to protect Americans from data brokers that are illegally assembling and selling extremely sensitive data, including that of U.S. military personnel.”
Read the CFPB announcement.
Read a White House fact sheet on the executive order.
Read the joint association letter.
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CONGRESS
McConnell to Step Down as Senate Republican Leader
Sen. Mitch McConnell (R-Ky.) announced yesterday that he will step down as the Senate Republican leader in November. McConnell, who has led the Senate Republicans since 2007, said that he will serve the remainder of his Senate term, which ends in 2027.
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REGULATORS
Bowman Shares Concerns About Data Behind Debit Interchange Fee Proposal
Federal Reserve Governor Michelle Bowman said earlier this week that she remained concerned about the data underpinning the Fed’s proposal to further lower the debit card interchange fee cap under Regulation II. In a speech to the Florida Bankers Association, Bowman said that while the proposal was based on a survey conducted by the Fed, the resulting analysis overlooks gaps in the data and ignores the broader context, such as the potential effect of the rule on bank capital and earnings. The analysis also does not take into account recent revisions to Reg II, which may have the unintended consequence of increasing the incidence of fraud in bank debit card programs, she added. Read Bowman’s remarks.
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SECTION 1071
Survey Finds 1071 Compliance Costs Far Higher Than CFPB Estimates
The CFPB in March 2023 published a final rule to implement section 1071 of the Dodd-Frank Act, expanding the amount of data banks are required to report from 13 to 81 data fields. The agency conducted a survey of the one-time costs of reporting only the 13 data points Congress mandated but never surveyed lenders on the ongoing costs of compliance with section 1071. However, ABA recently surveyed banks on both one-time and ongoing costs for collecting the required 81 data fields and found that 1071 compliance will significantly increase the cost of small-business lending, which would not only disproportionately harm smaller banks but also smaller businesses. Read the article.
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LOANS
U.S. Banks' CRE Loan Delinquencies Climb to New Peak
Pushed-out expectations for rate cuts are keeping borrowers under pressure, but banks continue to express confidence in reserve levels and say that problems remain largely confined to the office sector. Read more.
U.S. Banks' Net Charge-Offs at Multiyear Highs in Many Loan Segments in Q4 2023
The net charge-off rate for credit card loans, in particular, rose 58 basis points quarter over quarter and 94 basis points year over year to 4.15%. Read more.
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Register 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!
Save the date and make plans to join us.
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The nightly rate includes accommodations in one of the uniquely decorated guest rooms,
dinner, and a full breakfast daily.
See you in June!
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MBA SERVICE CORPORATION
DeliveryEdge™ Value to FIs and Account Holders
MBA Service Corporation Endorsed Partner Vericast introduces their solutions for mail fraud. Learn about DeliveryEdge™ and its value to financial institutions and account holders. For more information, contact Jill Verscheure, MBA Service Corporation, Senior Vice President at jverscheure@michigan.bank.
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MBA SERVICE CORPORATION
Small Business Lending Is Crucial in Fighting the Deposit Wars
As bankers continue to fight the deposit wars, they must move past the polite talk and build a true go-to-market plan to capture the lucrative U.S. small business market—a segment of 32 million small-to-medium businesses with less than $10 million in annual revenue with funding needs of loans between $5,000 and $1,500,000. Read more.
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MBA SERVICE CORPORATION
Your Compliance Roadmap
With HMDA thresholds, ALM and interest rate risks, and heightened scrutiny of fees by examiners, compliance officers are navigating uncharted territory.
When daily challenges arise, you know you can turn to Compliance Alliance for expert guidance to ensure your team follows best practices and adopts processes that withstand scrutiny. Discover how Compliance Alliance can guide your organization towards safety and soundness today. Learn more.
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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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The intersection of Financial Institutions and African American Culture is deeply ingrained in America's cultural tapestry. Enter Azie Taylor Morton, who, despite being denied entry to graduate school in the 1950s, resiliently forged a path in public service. In 1977, she shattered barriers by becoming the first Black Treasurer of the United States. Discover her inspiring journey:
https://conta.cc/4btGd4Q.
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It's Election Day in Michigan. Polls are open 7 a.m. to 8 p.m. Get personalized voter information at Michigan.gov/Vote and then get out and vote in this important Presidential Primary election! | |
Feb 29 is rare, almost as rare as your bank asking you to click a login link in a text message. Leap into a scam-free year with this #phishing quiz: https://aba.social/3I3h1ER | |
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