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Kentucky Bankers Association Files Section 1071 Complaint

Last week, the Kentucky Bankers Association and eight of its member banks lodged a complaint against the Consumer Financial Protection Bureau (CFPB) in the U.S. District Court in the Eastern District of Kentucky. Their complaint contests the CFPB’s authority to establish rules under Section 1071, questions the procedure through which the rule was introduced and disputes the rule's content, specifically its encroachment upon banks' freedom of speech. The KBA also plans to seek a preliminary injunction to enjoin the CFPB from enforcing the rule against their members and ask for an expedited hearing. Late last month, a federal judge granted a delay in compliance with Section 1071 only to member banks of the ABA and Texas Bankers Association. 

Banks seeking relief from Section 1017 compliance are eligible to join the KBA for $1. This option will remain valid until the conclusion of the ongoing litigation. The KBA has a provision in its bylaws enabling banks without a physical presence in Kentucky to join as non-voting member banks. Banks interested in this opportunity should send an email to [email protected] with the subject line "OUT OF STATE MEMBERSHIP." Upon receipt, the KBA will acknowledge the email and provide further instructions for submitting the required information and the method for transmitting the $1 fee.

Hawaii Bankers Association Launches Disaster Relief Effort

Hawaii Bankers Association unveiled the "Aloha for Maui" initiative, which invites donations at all its member branches across the state. Donations can also be made online. The program aims to provide support to individuals, businesses and groups affected by the Maui wildfires. Donations will be added to the Hawaii Community Foundation Maui Strong Fund, which is actively involved in facilitating disaster response and recovery. Of the seven banks chartered in Hawaii, five have branches located in Lahaina. The ongoing disaster has had a direct impact on bank employees in the area.

The NBA extends its deepest condolences to all those affected by the devastating Maui fires. Our thoughts and hearts are with the bankers and everyone impacted during this difficult time.

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Legislative, Policy & Regulatory Updates

Regulators to Impose Long-Term Debt Mandate on Banks Exceeding $100 Billion in Assets

Federal banking regulators are set to introduce a new regulation stipulating a long-term debt mandate for banks with assets over $100 billion Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg said in a recent speech. Gruenberg detailed a series of additional measures that federal regulators are adopting in response to the bank failures that occurred earlier in the year. They include the introduction of a new long-term debt requirement, the prior proposal of more stringent capital standards for banks with assets exceeding $100 billion and stronger resolution planning for banks with over $50 billion in assets.

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FDIC Releases 2023 Risk Review

The FDIC has added a new section on crypto-asset risks to its annual risk review. The report summarizes conditions in the U.S. economy, financial markets and banking industry.

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OCC Updates Accounting Advisory

The Office of the Comptroller of the Currency (OCC) recently issued its yearly update to the Bank Accounting Advisory Series. This document includes answers from OCC staff to common questions about accounting matters from both banks and bank examiners and covers various topics like loan modifications, credit losses, and changes in accounting for troubled-debt restructurings as per the updated FASB standards.

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Our next intern spotlight, Jacob Czarnick, appreciates the hands-on experience and personal lessons he gained during his summer internship at Columbus Bank & Trust Co. in Columbus. He plans to work in a bank after graduation and knows that learning about a wide variety of departments at the bank will help him in his career. His advice to those considering a banking internship is to jump right in and absorb everything but also to know that it’s ok to ask questions.

“Coming into this internship I had no real clue what all takes place in banking. This internship allowed me to understand all aspects of banking and further understand how all departments work with one another,” he said.

Jacob is a senior Agribusiness major at the University of Nebraska-Lincoln and graduated from Twin River Public Schools.

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Scenes of Nebraska Calendars

Don't forget to order the 2024 Scenes of Nebraska Calendars! Sharing these calendars with your customers (or using them in your own office) is a great way to support the bankers and their family members who submitted photos. The final day to order is Sept. 3.

Husker Harvest Days Admission & Lunch Tickets

Place your Husker Harvest Days ticket order by Aug. 31 to ensure enough time for payment processing and mailing the tickets. The NBA has admission tickets at a discounted rate of $9 - a savings of $6 off the gate price. Lunch tickets are also available for $15. 

Husker Football & Volleyball Schedule Cards

Husker Volleyball begins next week! Has your bank ordered our free Husker Football/Volleyball schedule cards?  

Contact Laurie Johnson at the NBA at [email protected] or 402-474-1555 with questions on any of these items.