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December 21, 2022

Happy Holidays from the NBA

Thank you for your membership, friendship and support this year.

Please note that Update will not be published next week and offices will be closed on Dec. 26 and Jan. 2. We look forward to seeing you in 2023!

Holiday greetings video
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Legislative, Policy & Regulatory Updates

Compliance Update - Dec. 16, 2022

Credit Card Routing Bill Not Included in Spending Bill 

Despite a push from groups representing large merchants, the Credit Card Competition Act (S. 4674/H.R. 8874) was not part of the omnibus spending bill released yesterday. The credit card routing legislation, which would require credit card issuers to add a second network to customers’ cards, was the target of a banking industry campaign opposing the measure. Thank you to the bankers who contacted lawmakers and asked them to oppose the inclusion of this bill in year-end legislation. Congress is expected to vote on the spending measure later this week. 

Senate Confirms FDIC Nominees

The Senate approved Martin Gruenberg as the Federal Deposit Insurance Corporation (FDIC) chairman earlier this week on a 45-39 vote. Gruenberg, who chaired the FDIC from 2012 to 2018, has served as acting chairman since February. Republican nominees Travis Hill and Jonathan McKernan were confirmed as vice chairman and board member, respectively. 


FinCEN Releases Proposed Beneficial Ownership Access Rule

The Financial Crimes Enforcement Network (FinCEN) issued a proposed rule regarding the circumstances under which beneficial ownership information is protected and how it is disclosed.

Read the Rule

Trade Groups Seek Formal HMDA Guidance

The American Bankers Association, the Credit Union National Association and the National Association of Federally-Insured Credit Unions called on regulators to publish a formal statement in the Federal Register regarding the prospective application of the Home Mortgage Disclosure Act (HMDA). 


Earlier this year, a federal judge vacated regulations expanding the number of small-volume lenders exempt from HMDA reporting requirements. In a December blog post, the Consumer Financial Protection Bureau acknowledged financial institutions would need time to implement HMDA reporting procedures and that it “does not view action regarding these institutions’ HMDA data as a priority.”


The associations noted the informal blog post does not provide adequate assurance for their members. “We ask the Federal Financial Institutions Examinations Council to consider the extraordinary impact of this decision and issue formal guidance that allows small banks and credit unions a reasonable transition period to comply with the sudden changes occasioned by the ruling,” they said.

Read the Letter


CRA Small Bank Definitions Updated

The Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) announced adjustments to Community Reinvestment Act (CRA) asset-size thresholds. A "small bank" or "small savings association" will be defined as an institution that, as of Dec. 31 of either of the prior two calendar years, had assets of less than $1.503 billion. An "intermediate small bank" or "intermediate small savings association" will be defined as a small institution with assets of at least $376 million as of Dec. 31 of both of the prior two calendar years, and less than $1.503 billion as of Dec. 31 either of the two prior calendar years. These adjustments take effect on Jan. 1, 2023.

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Upcoming Events

To see the complete event schedule, visit the NBA Event Calendar.

Graduate Schools of Banking Opportunities 

Enrollment is open for the Graduate School of Banking at Colorado’s next session, July 16-28, 2023, in Boulder, CO. Learn more and apply here.

The Graduate School of Banking-Wisconsin (GSB-Wisconsin) and the NBA are co-sponsoring a variety of schools throughout 2023, including: Bank Technology ManagementDigital Banking, Financial Managers and Sales and Marketing. View next year’s full schedule here.

Banks & Bankers

Dec. 14 - 20 

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

Review and Compliance Alliance

Review Alliance

Did you know that the FDIC logo used on a bank’s website is specified in regulation?

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Compliance Alliance

Q: Do Reg CC exception holds apply to check deposits drawn on foreign banks?

Learn the Answer

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