June 9, 2021
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Vendor * Spotlight
EEOC issues guidance for return to office vaccine mandates

Companies can require vaccines for employees returning to the office and incentives to encourage inoculation, according to recent guidance from the Equal Employment Opportunity Commission.

Companies issuing a mandate must give the same legally required considerations as other companywide vaccine requirements and make accommodations for employees who cannot receive the vaccine, the agency said. Read the agency Q&A.
Source: EEOC
Patches urged following server vulnerability

The Cybersecurity and Infrastructure Security Agency is encouraging public- and private-sector entities to take action following a vulnerability at the VMware software company.
 
VMware released a patch, blog post, and FAQs following the critical security advisory affecting vCenter Server users.
 
CISA encourages affected entities to access the information and apply necessary updates or available workarounds as soon as possible.
2.3Source: CISA
GAO urges agency collaboration re: alternative data use

The Government Accountability Office reissued its recommendation to the FDIC for enhanced collaboration with other financial regulators concerning the use of alternative data in credit underwriting. FDIC's continued attention to this issue could improve its ability to effectively oversee risks to consumers and the safety and soundness of the U.S. banking system, GAO wrote.
 
While the agencies have issued an interagency statement on the use of alternative data, ICBA urged the agencies to provide more substantive guidance to help establish consistent expectations governing third-party relationships.
Source: ICBA
Fed issues final rule amending Reg D

The Federal Reserve Board announced the approval of a final rule amending Regulation D to eliminate references to an interest on required reserves rate and excess reserves rate and replace them with a single interest on reserve balances rate. The final rule also simplifies the formula used to calculate the amount of interest paid on balances among other minor conforming amendments. The final rule takes effect on July 29, 2021.
Source: Federal Reserve Bank
Fed council raises concerns with nonbank charters

Federal Reserve Community Depository Institutions Advisory Council members expressed concerns with special-purpose charters for nonbanks according to the minutes of its spring meeting.
 
The council—which includes community bankers—said “like financial products should be offered under like regulations,” citing special-purpose charters that allow nonbank institutions to avoid oversight.
 
The group also said the Federal Reserve should carefully review any applications to the payments system from nontraditional, more lightly regulated institutions.
 
ICBA has called on Congress to intervene in the creation of new limited-purpose bank charters and urged the Federal Reserve Board to delay granting non-traditional entities access to the payments system until it has adopted a uniform policy.
Source: ICBA
AR bankers - named to Independent Banker “40 Under 40” emerging leaders

Congratulations!!!

Molly Day, FNBC Bank, Ash Flat
Miguel Lopez, Encore Bank, Little Rock
Evelyn Morris, First Financial Bank, El Dorado

The June issue of Independent Banker magazine—ICBA's award-winning monthly publication—features its annual "40 Under 40" emerging community bank leaders list. The list recognizes up-and-coming community bank innovators and influencers who represent the future of the industry.
 
ICBA President and CEO Rebeca Romero Rainey congratulated community bankers who made the list and recognized their efforts to overcome challenges and answer the call for innovation, particularly during the Covid-19 crisis. Bank technology services provider FIS, of Jacksonville, Fla., sponsored this year’s program.
Source: ICBA