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NBA Urges Changes to CRA Proposal

The NBA recently submitted comments in response to the proposed changes to the Community Reinvestment Act (CRA). 

Specifically, the NBA’s letter called for:

• Reducing the burden on small banks
• Increasing community development activity transparency
• Eliminating the proposed large bank retail lending assessment areas
• Modifying the retail lending test
• Updating small business and farm definitions
• Extending CRA requirements to credit unions and other financial service providers
• Lengthening the implementation period. 

The NBA also joined the American Bankers Association (ABA) and 50 other state banking associations in a comment letter. The groups noted several proposed changes are contrary to the objectives of regulatory modernization.

The NBA joined a coalition of state and national financial trade groups in a letter to Congress opposing S. 4674, the Credit Card Competition Act of 2022. The bill, introduced by Sens. Dick Durbin (D-Ill.) and Roger Marshall (R-Kan.), would require credit card issuers to add a second network to customers’ cards. However, unlike rules for debit card transactions, the new legislation would require banks to choose from options determined by the Fed. 

In their letter, the groups said, “...this central planning of the major conduit for money in our economy will reduce access to banking services and harm community financial institutions.”

Bankers are urged to contact their lawmakers and ask them to oppose S. 4674.

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Legislative, Policy & Regulatory Updates

FDIC to Increase Scrutiny on Commercial Real Estate Loans

Citing macroeconomic volatility, the Federal Deposit Insurance Corporation (FDIC) announced that its next test cycle will focus on “newer CRE credits, credits within stressed sub-categories and geographies, and credits with payments vulnerable to rising rates and rising costs.”

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OCC Seeks Comment of FFIEC’s Cybersecurity Assessment Tool Renewal

The Office of the Comptroller of Currency (OCC) is soliciting feedback on the renewal of the Federal Financial Institutions Examination Council’s (FFIEC) Cybersecurity Assessment Tool. The tool was developed to assist financial institutions in assessing their cyber risks and risk management capabilities.

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CFPB to Hold Technical Implementation Meeting on 1071 Reporting

The Consumer Financial Protection Bureau (CFPB) will hold a virtual meeting regarding technical implementation of the Dodd-Frank Act Section 1071 which relates to small business lending data collection. The meeting is geared toward in-house bank technologists or providers that provide compliance software to banks. The meeting Aug. 19 at noon CDT.

Learn More and Register

PPP, EIDL Statute of Limitations Extended 

Last week, President Biden signed two bills that would extend the length of time for prosecutors to bring fraud charges against fintechs, as they have for banks, in cases tied to COVID-19 relief loan applications.

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Servicers' Fair Lending Data Collection Expanding

Fannie Mae and Freddie Mac will require Servicers to obtain and maintain borrowers' age, race, ethnicity, gender and preferred language. The data will transfer with servicing throughout the term of the mortgage.

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CFPB: Consumer Finance Laws Apply to Digital Marketers

In an interpretive rule released today, the Consumer Financial Protection Bureau (CFPB) said digital marketing companies involved in the identification or selection of prospective financial services customers are not exempt from federal consumer finance laws.

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Eliminating Late Fee 'Safe Harbor' Could Harm Consumers

Late fees for financial products, when charged appropriately, incentivize timely payment and good financial management, the ABA and three other financial trade groups told the CFPB in response to a recent request for information.

Read the Letter

Banks & Bankers

August 3 - 9

Email your news, press releases, photos and/or newspaper articles to be published in Banks & Bankers. Send content to [email protected].

During college, Kirby Reardon (NBA Leadership Class of 2024) knew he wanted to do something related to finance and helping people. Now, as assistant vice president of commercial lending at West Gate Bank in Lincoln, he has the opportunity every day to do just that.

Kirby helps businesses in his community be successful. He says that an effective leader uses clear communication and actively adjusts their approach based on feedback.

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Follow the NBA on social media to meet more Nebraska bankers.

Facebook | Twitter | Instagram | LinkedIn

Thank you to all NBA-member banks who have hosted interns in the past and those who are currently hosting an intern! We want to share the interns' experiences on our social media. If you are currently hosting or recently hosted an intern, please have them fill out this form.

The issue? Needing qualified employees. The solution? Hosting an intern at your bank. You can help fill this need and introduce college students to the many possibilities that exist in banking. Sign up to host an intern!

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Scenes of Nebraska Calendars

The final deadline to order the 2023 Scenes of Nebraska Calendar is Sept. 3 - less than a month away! Don’t miss this opportunity to promote your bank and share beautiful photos of Nebraska taken by bankers and their families.

Husker Harvest Days Admission and Lunch Tickets

The NBA has Husker Harvest Days tickets available to our member banks at a discounted rate. Thank your ag customers with admission ($9) and lunch ($15) tickets! The deadline to order tickets is Aug. 31.

We will also have a booth at Husker Harvest Days, and your help is appreciated! Each year we organize banker volunteers to help at our booth. There are still a few slots open. Please consider signing up - it's a great way to connect with ag customers and fellow bankers. The sign-up deadline is August 17.

Volunteer

Husker Football and Volleyball Schedule Cards

Fall sports for the Huskers are just around the corner! Do you have the NBA’s sports schedule cards to share with your customers? This year’s cards feature photos of a student athlete from Husker volleyball and football, as well as game dates for both sports.

Contact Laurie Johnson at the NBA at [email protected] or 402-474-1555 with questions.

BankBeat wants to honor women who have made outstanding contributions to their bank, industry and community. Outstanding Women in Banking Nominations will be accepted until Sept. 3. 

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Last week, the NBA held the annual Young Bankers of Nebraska (YBON) Conference in Omaha. Bankers heard from a variety of speakers and had the opportunity for team building at TopGolf. See more photos on our LinkedIn page.