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Alyssa, don't miss these important MBA updates...
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WOMEN IN BANKING
MBA Women Shaping Tomorrow Award
Congratulations to Jenna Comaty of First State Bank, recipient of the inaugural MBA Women Shaping Tomorrow Award!
Presented at the MBA Women in Banking Day, this award recognizes outstanding women aged 40 or younger who are truly shaping the future of our industry and community. From championing financial literacy initiatives to embracing change and spearheading innovative projects, Jenna embodies the spirit of leadership and collaboration. Cheers to her remarkable achievements and her unwavering commitment to making a difference!
To learn more about this award and to nominate a leader in your organization for 2025, please contact Stephanie Fisher at sfisher@michigan.bank.
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NOMINATIONS
MBA Board Nominations
In accordance with MBA Bylaws, Article III, MBA Chairman Roxanne Daust, Range Bank, appointed committees on nominations for officers and directors. Jerome Schwind served as Nominations Committee Chair. Serving on the committee, in addition to Daust and Schwind are Ray Biggs, West Shore Bank, Eric Beckhusen, Century Bank and Trust, Brad Kessel, Independent Bank, Tim Marshall, Bank of Ann Arbor, and Jeanne Richter, The State Bank.
The Committees hereby present their recommendations to the membership. Nominated to serve as officers of the Michigan Bankers Association:
Chairman, Ray Biggs, West Shore Bank
Chair-Elect, Eric Beckhuesen, Century Bank and Trust
Treasurer, Matthew Keene, Citizens National Bank of Cheboygan
Immediate Past Chair, Roxanne Daust, Range Bank
Nominated to serve a three-year term on the board of directors:
Ed Eichler, Bay Port State Bank
Ray Rietsma, Mercantile Bank
Donnell R. White, Huntington Bank
Elections will take place during the Annual Meeting of the Membership, Wednesday, June 19 at 4:00 in the afternoon, Theatre, Grand Hotel, Mackinac Island, Michigan.
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Keynote Fireside Chat with Neel Kashkari
Neel Kashkari, President of the Federal Reserve Bank of Minneapolis, will be the keynote speaker at our 138th MBA Annual Convention. Join us for a compelling fireside chat moderated by Roxanne Daust, MBA Chairman and Range Bank President and CEO, where Mr. Kashkari will share his insights on economic trends and policy.
With his extensive experience in economic policy and leadership, this session promises to be both informative and engaging. Learn more.
| | DIVERSITY, EQUITY & INCLUSION | |
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LANSING
Testimony on SB 408: Changes to Michigan Garnishment Laws
The Michigan Senate Insurance, Finance, and Consumer Protection Committee took testimony for 90 minutes on Wednesday regarding SB 408, a bill aimed at changing garnishment laws in Michigan.
Testifying were representatives from Pew Charitable Trusts, the Michigan Bankers Association (MBA), a garnished individual, the Michigan Creditors Bar, the Michigan Credit Union League, and the Michigan Poverty Law Center.
The MBA expressed gratitude to the bill sponsor for removing punitive garnishment processing measures and for the willingness to develop coding processes that ensure greater certainty in garnishment-protected benefits. However, the MBA also voiced concerns about significantly increasing wage protections, as this could elevate the risk when garnishment is prohibited.
Additional testimony is expected in the coming weeks.
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ELECTIONS
MBA Election Resources
MBA has compiled several resources to prepare you to go to the polls in November. Check out this link to learn about who is running and much more!
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REGULATORS
FDIC's Gruenberg Announces Intention to Resign
FDIC Chairman Martin Gruenberg announced that he will resign once a successor has been named to fill his position. The announcement comes after a third-party investigation found widespread sexual harassment and discrimination at the FDIC. While the report found no evidence directly linking Gruenberg to the alleged harassment, investigators spoke with FDIC employees who said the chairman lashed out angrily at staff, and he has faced calls from lawmakers in both parties to step down.
In a statement, House Financial Services Committee Chairman Patrick McHenry (R-N.C.) called Gruenberg’s announcement “too little, too late,” saying the FDIC chairman should resign immediately. Senate Banking Committee Chairman Sherrod Brown (D-Ohio), in a statement earlier in the day, urged President Biden to nominate a new FDIC chair “who can lead the FDIC at this challenging time and for the Senate to act on that nomination without delay.”
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REGULATORS
Gruenberg: FDIC Reviewing Supervision, Regulation in Wake of SVB Failure
As a result of last year’s regional bank failures, the FDIC is reviewing the capital treatment of unrealized losses, long-term debt requirement, resolutions resources and potential need for additional liquidity supervision and regulatory requirements, FDIC Chairman Martin Gruenberg said Friday. Speaking at a conference in Italy, Gruenberg shared what he described as lessons learned by the agency following the failure of Silicon Valley Bank and two other regional banks.
The FDIC is reviewing its toolkit and hopes of “better aligning capital requirements with changes in the value of securities, building loss-absorbing capacity with long-term debt requirements, improving resolution planning at the bank level, and strengthening bank supervision. The FDIC also released a paper on options for reforming deposit insurance,” Gruenberg said. Concerning change expected on supervision and regulation of liquidity risk, “the FDIC is reviewing whether its supervisory instructions on funding concentrations should be bolstered to better capture risks related to high levels of uninsured deposits generally or types of deposits more specifically, such as business operating account deposits." Read Gruenberg’s remarks.
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ELDER FINANCIAL EXPLOITATION
Webinar: Elder Financial Exploitation Trends
In recognition of World Elder Abuse Awareness Day, the ABA Foundation will host a free webinar on Thursday, June 13, at 2 p.m. on elder financial exploitation trends. Representatives from law enforcement agencies will discuss strategies criminal enterprises are using to steal money from older people, new data about elder fraud from the FBI’s Internet Crime Complaint Center and ways that banks can partner with federal agents to protect older customers. Learn more and register.
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UPOAA
Michigan's Uniform Power of Attorney Act (UPOAA) - Effective Date July 1
In the ever-evolving landscape of legal frameworks, Michigan holds a prominent position, thanks to its groundbreaking Uniform Power of Attorney Act (UPOAA) — a legislative milestone that significantly transforms the dynamics of decision-making authority. On November 7, 2023, Governor Gretchen Whitmer signed into law Michigan’s Public Act 187 of 2023, which enacted the UPOAA (effective date July 1, 2024). Seeking to safeguard bankers' interests, MBA Bank Counsel Committee engaged in multiple meetings with David Sprague, Senior Vice President of Regional Trust Management at Old National Bank, and Christine Savage, from Lowe Law Firm, representing the Probate Section Subcommittee on UPOAA. The Michigan Bankers Association played a crucial role as an important stakeholder in ensuring that the legislation was crafted and passed in a manner that did not adversely affect financial institutions. Learn More.
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SECTION 1071
CFPB Pushes Back Section 1071 Compliance Deadlines
The CFPB on Friday announced that it had pushed back the compliance deadlines by several months for its Section 1071 small-business data collection rule in response to litigation by ABA and other plaintiffs.
The compliance deadline for Tier 1 institutions is now July 18, 2025, with the first filing deadline on June 1, 2026. The compliance deadline for Tier 2 institutions is Jan. 16, 2026, with the first filing deadline June 1, 2027. The compliance deadline for Tier 3 institutions is Oct. 18, 2026, with the first filing deadline also June 1, 2027.
A federal court in Texas stayed implementation of the rule pending the outcome of a separate Supreme Court case involving the constitutionality of the CFPB’s funding, with the high court last week upholding the bureau’s funding structure. The Texas court ordered the CFPB to extend the rule’s compliance deadlines to compensate for the period stayed, the bureau said. Read more.
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PROFESSIONAL DEVELOPMENT
Graduate School of Banking – Madison – Apply by June 15
Educating Professionals, Creating Leaders.
Since 1945, GSB has been educating professionals and creating leaders in the banking industry. We invite you to explore our exceptional leadership and growth opportunities. Learn more.
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Join us July 17 at the Women Lead Symposium, a convenient virtual program designed to help women and allies become inclusive, successful leaders. You’ll gain critical leadership skills that will advance your career and support
women aspiring to lead in the industry. You’ll also learn leading practices and actionable insights to engender a diverse working environment that improves your bank’s bottom line.
Become an agent of change in your network and beyond — walk away with resources and a strong professional network that support women in banking. Register.
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MBA SERVICE CORPORATION
Plugged in - GonzoBanker
Ep. 29: Are You Ready for Some... Bank CEO Perspectives?
In this episode, MBA member Mike Daniels, chairman and CEO of Nicolet Bank and Green Bay Packers’ board member, talks with hosts Al Dominick and Steve Williams about what it takes for a community bank to flourish right now and the NFL offseason. They also chat about how to preserve company culture when the business is scaling and offer tips on what not to do in pursuing deposits. Listen now.
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MBA SERVICE CORPORATION
Hacker Hour: Quantum Computing 101
Wednesday, May 29 • 2:00 PM - 3:30 PM CT/ 3:00 PM - 4:30 PM ET • Online event
Free webinar series!
Quantum computing is an approach to computing based on encoding and processing information using the laws of quantum physics. Over the past decade, this technology has been moving out of the lab and into the world. As it does so, organizations have been engaged in both exploring its adoption and preparing for its cybersecurity implications.
In this webinar, Dr. Travis Scholten of IBM Quantum will provide an overview of quantum computing, its potential applications in the financial sector, and how organizations can assess the benefits and risks of this technology.
Join us to explore the latest in cybersecurity education and risk management techniques, which can help create a stronger security mindset among business customers. Learn more.
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MBA SERVICE CORPORATION
Cyber Showcase: What's New With NIST?
You've no doubt heard that NIST recently released the first major change to it's Cyber Security Framework since 2014. What is NIST? Why is the Framework important? What's changed? How will this impact us? Join us for this free webinar as we aim to answer those questions and more!
Watch here.
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MBA SERVICE CORPORATION ENDORSED PARTNER
The Latest from Compliance 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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We are thrilled to congratulate Jenna Comaty of First State Bank - Michigan, for winning the prestigious MBA Women Shaping Tomorrow Award! 🏆 🌟
Presented annually at the MBA Women in Banking Day, this award recognizes outstanding women aged 40 or younger who are truly shaping the future of our industry and community.
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#FrameOfMindFriday Don't wait until it's too late. Do you know the signs of suicide and where to find resources? https://conta.cc/3pd00Pc | |
📚 Know a friend chasing their career dreams? 🌟 Tag them and let them know about the George Harding Scholarship! Applications are open at https://lnkd.in/eDvZYeAd. Don't miss out on this chance! 💼 | |
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