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The NBA BankPAC Committee is gearing up for a busy 2024 election. Election officials are already accepting early voting ballot requests for the May 14 Primary Election. Non-incumbents have until Friday, March 1, to file for office. This year, the Nebraska Legislature has 14 open seats due to term limits, as well as three additional seats that were appointed by Gov. Pillen, going through their first election cycle. Additionally, there are several races where incumbents face strong challengers. Furthermore, the Banking, Commerce and Insurance Committee will have a new chair due to Senator Julie Slama not running for re-election.

Here are a few ways you can assist the NBA BankPAC Committee this year:

• Ensure you and your staff are registered to vote
• We rely on member banks to provide us with candidates who will support our industry. Vet legislative candidates in your area and submit your opinions to the NBA BankPAC Committee by emailing Jennifer Heaton at the NBA at jennifer.heaton@nebankers.org.
• Become a Legislative Advocate
• Contribute to NBA BankPAC
• Donate to the NBA BankPAC Auction

NBA Preferred Vendor Strunk recently launched a new product, Pricing Manager, to help lenders price loans profitably and consistently based on the bank's target profitability objectives. This fully hosted, web-based solution is affordable, easy to implement and can increase net interest income by 25 to 50 basis points.

With Pricing Manager, lenders can vary rates, fees, risk premiums and term structures to understand drivers of profitability. It assists lenders in developing pricing options for borrowers that align with the target return on equity for all loan types. It allows for instant pricing strategy adjustments in a shifting-rate environment and ensures pricing consistency.

Additionally, the tool integrates deposit relationships to evaluate their impact on pricing power for both individual loans and overall relationships. It contains built-in assumptions for loan origination, loan servicing and cost of funds, which can all be customized to meet specific needs. Pricing Manager will also produce rate sheets for consumer loans and interest-bearing deposits.

Arm lenders with the necessary tools in an increasingly competitive environment and provide clients with pricing offers that will lead to more deals with the Pricing Manager. Sign up here for a free demonstration or contact Mike Sobba at msobba@strunklp.com or 816-225-8793. Don't forget to mention that you're an NBA member!

Scenes of Nebraska Calendar Photos

If you've wanted to see your photos featured in a calendar, now's your chance! The deadline to submit photos for consideration in the 2025 Scenes of Nebraska Calendar is this Friday, March 1. Send photos to the NBA at nbacommunications@nebankers.org. More information can be found here.

Leaders in Financial Education Awards

Share your bank's financial literacy activities with the NBA and be celebrated at our Annual Convention on May 8-10 in La Vista! The 2024 Leaders in Financial Education (LiFE) Awards highlight financial education efforts initiated or ongoing during the 2023 calendar year. The deadline to submit your awards application is tomorrow, Feb. 29. More information and the application can be found here.

The Awards also include the chance to honor a bank leader who has been instrumental in promoting financial literacy and a bank who has implemented an innovative way to improve financial literacy in the community.

For questions about either the calendar photos or LiFE Awards, contact Laurie Johnson at the NBA at laurie.johnson@nebankers.org or 402-474-1555.

Each year at the NBA Annual Convention, we recognize men and women who have served the banking industry for 50 years, as well as banks celebrating 25, 50, 100, 125 or 150 years of providing financial services to their communities.

We invite you to submit the names of banks and bankers who are eligible for these awards by Friday, March 15. Access the 2024 Milestone Awards application here. For more information, contact Ron Arrigo at the NBA at ron.arrigo@nebankers.org or 402-474-1555.

Legislative, Policy and Regulatory Updates

Urge Nebraska Representatives to Cosponsor H.R. 7297

Have your bank customers received unsolicited offers from unfamiliar lenders after applying for credit and agreeing to a credit check? This can happen when credit reporting agencies sell their information to other lenders because the consumer is shopping for credit. The Homebuyers Privacy Protection Act, S. 3502 and H.R. 7297, would stop these trigger leads and limit credit offers to consumers with preexisting relationships. Thank you to Nebraska Senators Deb Fischer and Pete Ricketts for cosponsoring the bill. Contact your representative and ask them to also support the bill.

Take Action

Survey: 1071 Compliance Costs Exceed CFPB Estimates

A recent survey of banks by the American Bankers Association found that the Consumer Financial Protection Bureau (CFPB) underestimated the one-time and ongoing costs of compliance with Section 1071, particularly for small-business lending. The survey found that one-time compliance costs ranged from $112,685 to $7,474,186, compared to the CFPB's estimate of $44,800 to $77,800. Similarly, ongoing compliance costs were reported to range from $71,944 to $2,010,125, significantly higher than the CFPB's estimate of $8,349 to $278,618. These costs disproportionately impact smaller banks, exceeding 1% of total revenue for the smallest banks. 

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FHA Announces Option for Struggling Mortgage Borrowers 

The Federal Housing Administration (FHA) has introduced the Payment Supplement, a new option for borrowers behind on FHA-insured mortgages. Mortgage servicers can use funds from a partial claim to temporarily reduce a borrower's payment by up to 30% of the outstanding balance. The partial claim is repaid upon home sale, refinance, or mortgage termination. The remaining funds temporarily supplement monthly payments, aiming for a 25% reduction. 

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FDIC Directors' College Registration Open

Registration for the 2024 Directors' College is open! The NBA, Federal Deposit Insurance Corporation (FDIC) and Nebraska Independent Community Bankers have partnered for the program on June 11 in Lincoln. The program is designed for bank management teams, directors, significant shareholders, senior officers, new directors, advisory directors and compliance officers. Registrations are due by June 4.

Learn More and Register

Feb. 21 - 27

Email your news, press releases, photos and/or newspaper articles to be published in Banks & Bankers. Send content to news@nebankers.org.

Review Alliance

Did you know that safe deposits should always be flagged or plugged when they become past due?

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Compliance Alliance

Q: Currently we provide the EFT Disclosure to all customers at the time of account opening whether or not they wish to receive a debit card. Are we required in addition to supply the same disclosure when a debit card is sent to the customer?

Learn the Answer