September 15, 2021
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Vendor * Spotlight
Lawmakers weigh in against IRS reporting plan

House and Senate Republicans pushed back against an IRS reporting proposal while ICBA continues urging community bankers to activate consumers using custom resources.
Senate Finance Committee Ranking Member Mike Crapo (Idaho) and House Ways and Means Ranking Member Kevin Brady (Texas) introduced legislation to prohibit the new bank reporting requirements, among other provisions.
Meanwhile, a joint letter to key policymakers from 142 House Republicans said the proposal is not necessary or helpful in closing the gap between taxes owed and paid.
With the House Ways and Means Committee continuing its markup of major spending legislation, ICBA continues offering customizable email text and social media content to help community bankers urge consumers to contact Congress in opposition.
Nearly 60,000 consumers have sent nearly 180,000 messages to their members of Congress expressing opposition to the IRS plan.

Source: ICBA
Grassroots taking on reconciliation tax hikes

While ICBA’s IRS campaign continues, it is also calling on community bankers to speak out against a comprehensive package of tax increases on community banks and their customers.
As part of its $3.5 trillion budget-reconciliation package, Congress is considering proposals to raise rates on pass-through shareholders and C corporations, cap the Section 199A deduction, increase the capital gains tax, and impose capital gains at death.
The ICBA Be Heard grassroots action center allows community banks to send customizable messages to their lawmakers opposing these proposed tax hikes.
Source: ICBA
Summary on CFPB 1071 proposal

A summary of the Consumer Financial Protection Bureau’s proposed rule to implement Dodd-Frank Section 1071 data collection and reporting requirements for small-business lending is now available from ICBA.
The summary includes the proposed rule’s key definitions, collection and reporting standards, how the data will be maintained and published, and more.
Section 1071 requires financial institutions to collect and report certain data on credit applications from women-owned, minority-owned, and small businesses, including the race, sex, and ethnicity of the principal owners.
Source: ICBA
OSHA developing standards for employer vaccine mandate

The Occupational Safety and Health Administration is expected to release new standards following President Joe Biden’s executive order requiring COVID-19 vaccination and testing for private employers with 100 or more employees.
Biden said OSHA will release in the coming weeks an emergency temporary standard that will require covered employers to:

  • Ensure that all employees are either vaccinated for COVID-19 or tested at least once per week before coming to work.
  • Provide paid time off to employees to receive vaccinations and to deal with side effects.
The Labor Department has said that no decision had been made on whether employers will be required to pay for the weekly testing, which will be laid out in the emergency standard.
Source: OSHA
FDIC updates brokered deposits page

The FDIC updated its brokered deposits webpage. Changes include:

  • An updated list of entities for which a Primary Purpose Exception Notice has been filed with the FDIC.
  • Updates to the question-and-answer document.
The webpage includes comprehensive information about the regulatory changes that took effect April 1.
Source: FDIC
Agencies extend comment period on third-party guidance

Federal regulators announced they will extend the comment period on proposed guidance designed to help banks manage risks associated with third-party relationships.
The agencies extended the comment deadline by 30 days to Oct. 18.
The proposed guidance is designed to offer a framework of sound risk management principles and would replace each agency’s existing guidance on this topic.
Source: FDIC
CFPB issues HMDA filing guide

The Consumer Financial Protection Bureau released the Filing Instructions Guide for Home Mortgage Disclosure Act data. The 2022 FIG is a technical resource to help financial institutions file HMDA data collected in 2022 and reported in 2023.
Source: CFPB

Considering the uncertainty of the COVID-19 pandemic risk and to help ensure the health and safety of our members, speakers and sponsors, ACB has made the difficult decision to cancel our annual Management & Directors Conference on November 18, 2021. We hope you understand and support our decision.

Better times are coming.

2021 ACB - Bankers Assurance Compliance Conference


September 21-22, 2021

Featured Speaker - David Dickinson

David’s banking career began as a field examiner for the FDIC in 1990. He later became a Compliance Officer and Loan Officer for a small bank. In 1993, he established Banker’s Compliance Consulting. Along with his amazingly talented Team, he has written numerous compliance articles for prestigious banking publications and has developed compliance seminars that Banker’s Compliance Consulting produces.

"Virtual Breakout Rooms" will be included in this conference.