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NBA Board of Directors Approves Legislative Agenda

The NBA's 2023 affirmative legislative agenda was officially approved by the NBA Board of Directors during a Dec. 9 meeting. The agenda includes matters ranging from electronic submission of audit reports, endorsement of checks under a small estate affidavit, notification of cancellation of life insurance policies and other banking-related issues.

The Board also approved Ryan McIntosh as NBA Associate General Counsel. McIntosh has been lobbying for the NBA and is a partner of the Brandt, Horan, Hallstrom and Stilmock law firm. Current NBA Associate General Counsel Jerry Stillmock will continue to work with the NBA in a reduced capacity. 

Associate member applications from BancAlliance, Eide Bailly, Farmers National and ProAg Bankware were approved as well. Additionally, the NBA Nominating Committee met to begin the process of soliciting nominations for new board members and a chair-elect.

The Nebraska Department of Banking and Finance (NDBF) recently held a formal rulemaking hearing to receive input on proposed rules to implement the Nebraska Financial Innovation Act. The regulations govern applications and activities for digital asset departments and digital asset depository institutions. 

NBA General Counsel Bob Hallstrom testified on suggested revisions within the proposed regulations and urged the NDBF to use caution in moving forward. “The recent FTX bankruptcy, collapse of the Terra USD ‘stablecoin,’ and industry weakness, in general, highlight the need for broad and effective regulation of digital asset depositories to maximize consumer protection. These examples provide ample evidence that digital assets should be regulated like virtually all other financial products and services,” Hallstrom said. Mark Quandahl, representing the digital asset company Telcoin, was the only other individual to testify at the hearing.

NBA General Counsel Bob Hallstrom (left) testified at the NDBF digital asset hearing.

Employees of all levels at NBA-member banks are encouraged to submit an application to serve Nebraska's banking industry as a member of an NBA committee. As a committee member, you'll have an opportunity to help shape the future of the Nebraska banking industry in a tangible way.

NBA Chair-Elect Lydell Woodbury, First Nebraska Bank (Valley), will make committee member selections, subject to approval by the NBA Board of Directors. To volunteer for an NBA committee, please complete and return the NBA Committee Interest Form by Jan. 13.

Legislative, Policy & Regulatory Updates

Campaign Urges Public to Oppose Credit Card Routing Bill 

The American Bankers Association (ABA) released new TV, radio and digital ads highlighting the negative impact of the Credit Card Competition Act on consumers. “With inflation eating away at your food budget, the big plan from big grocery is to make things even worse by making it harder to earn credit card rewards when you try to feed your family,” one of the ads states.

Bankers are urged to contact lawmakers and ask them to oppose S. 4674/H.R. 8874.

Learn More and Take Action

Banking-Related Provisions Included in Defense Bill 

Although the cannabis banking bill, the SAFE Banking Act, was not included in the most recent National Defense Authorization Act (NDAA), the bill contains two other provisions related to banking. The Fair Hiring in Banking Act changes requirements related to the employment of people with criminal records at Federal Deposit Insurance Corporation (FDIC)-insured banks. Another provision requires the Federal Reserve to create a public database of institutions that have Fed master accounts and those that have applied. The House of Representatives passed the NDAA last week and the Senate may take up the legislation later this week. 

Learn More

OCC Releases Semiannual Risk Perspective 

The Office of the Comptroller of the Currency (OCC) says banks are well-capitalized but notes macroeconomic factors are a concern. Interest rate, as well as operational, compliance and credit risks, are among the key risk themes highlighted by the agency in the 2022 Semiannual Risk Perspective for Fall 2022. 

Read the Report

Trade Groups Seek Payment Platform Oversight

In a recent letter to the Consumer Financial Protection Bureau, the ABA, Consumer Bankers Association and the Credit Union National Association called for further scrutiny of “big tech” payment platforms. “Our members believe that regulators must move beyond monitoring nonbank payments markets and toward action that ensures nonbank payments do not develop into full-fledged shadow banking,” the groups said.

Read the Letter

The Nebraska Public Service Commission is asking Nebraskans to help update inaccurate Federal Communications Commission (FCC) broadband maps. The federal maps determine the broadband funding Nebraska will receive in 2023.

To participate, visit the new FCC National Broadband map at: 

1. Enter an address in the “location” box
2. Zoom down to where the buildings are located, and the hexagons disappear, to see what broadband service is supposed to be there. 
3. If you see the location of buildings/facilities, click on the dot:

• If green – determine if the providers that show up could serve that location.
• If gray, and you believe the location should be able to receive broadband, or there is no dot, click on “location challenge” and follow the instructions.

If you have questions, please email [email protected].

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