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BankPAC Fundraising Has Strong Start

The NBA BankPAC Committee is pleased to report that NBA BankPAC fundraising efforts for the 2022 calendar year are well underway and showing positive results through the beginning of July. Members have raised $89,169 ($107,000 goal) for the state NBA BankPAC and $27,025 ($53,000 goal) for the federal NBA BankPAC making a total of $116,194 collected! Keep in mind, 2022 is an election year, and funds are being allocated to candidates in state legislative races.

If you are not an annual contributor to NBA BankPAC, we hope you will consider joining the growing number of NBA banks who consistently support our government relations effort by raising PAC monies from officers, directors and staff for NBA BankPAC. Click here to view an NBA BankPAC Honor Roll as of July 13.

For more information on how to conduct an effective PAC educational effort in your organization, contact Jennifer Heaton at the NBA at 402-474-1555 or click here.

Legislative, Policy & Regulatory Updates

Compliance Update - July 8, 2022

Elder Financial Exploitation - FinCEN Advisory

Trade Groups: Don’t Raise Small Business Taxes

A coalition of trade groups sent a letter to Congressional leadership urging them not to raise taxes on small, individually- and family-owned businesses, including Subchapter S corporations. The letter comes in response to two tax increase proposals. The first would require individuals and families who are active participants in their business to pay the 3.8% net investment tax. The second would limit business economic downturn loss deductions by extending the “excess business loss limitation” for “noncorporate taxpayers.”

Read the Letter

CFPB Agrees to Data Collection Rule Deadline

On Monday, a federal judge signed a court order in which the Consumer Financial Protection Bureau (CFPB) agreed to issue its small-business data collection rule by March 31, 2023. The NBA previously provided comments on the Bureau’s proposal which would implement Dodd-Frank Act Section 1071. The section requires lenders to collect and report data on small business credit applications. The NBA encouraged the Bureau to only require collection and reporting of the 13-data points mandated by Congress and to refrain from imposing the proposed additional eight-data points. 

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Survey: Community Bankers Expect Recession

According to a new survey from IntraFi Network, over 95% of community bankers anticipate a recession later this year or in early 2023. Over half indicated overcorrection by the Federal Reserve will be the driving force for the coming recession.  

The survey also highlighted struggles with staffing; 60% of respondents indicated having difficulty finding qualified employees for open positions. 

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Interagency Statement on Customer Due Diligence 

The federal banking agencies and the Financial Crimes Enforcement Network (FinCEN) issued a statement reminding banks of the risk-based approach to assessing customer relationships and conducting customer due diligence.

Read the Statement

Treasury Seeks Feedback on Digital Asset Development

The Treasury Department is requesting comments on the opportunities and risks of digital assets. “For consumers, digital assets may present potential benefits, such as faster payments, as well as potential risks, including risks related to frauds and scams,” Undersecretary of the Treasury for Domestic Finance Nellie Liang said.

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Banks & Bankers

July 6 - 12

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

During college, NBA Leadership Class of 2024 member Hans Julius was interested in financial planning. While looking for a summer job, a friend encouraged him to apply at a local bank. Hans became a teller and worked until his college graduation, after which he became a mortgage/consumer lender.

Now as a senior vice president in commercial and ag lending at NebraskaLand Bank in North Platte, he believes that leaders must be willing to serve and get their hands dirty as well, while addressing every situation with a positive team approach.

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

Facebook | Twitter | Instagram | LinkedIn

Austin Rice is an intern at Homestead Bank in Albion/Howells and a senior Agribusiness Banking & Finance major at the University of Nebraska-Lincoln. He graduated from Neligh-Oakdale Schools.

Through his internship, he learned that banks play a crucial part in helping customers achieve their dreams. He says, “Playing a part in helping others achieve their dream is an amazing feeling and something that not a lot of careers have the opportunity to do.”

His internship showed him how a bank is a team and that every branch works together to help customers. He enjoys the teamwork aspect of banking and looks forward to continuing in the industry.

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Registration is open for banks of all sizes to participate in the third year of the American Bankers Association’s (ABA’s) #BanksNeverAskThat anti-phishing campaign. Registered banks will receive a toolkit full of ready-to-use assets including videos, GIFs, social posts, printables and more to help educate and protect bank customers. Participation in the campaign is free and available to all banks regardless of ABA membership. Materials can be used as-is or branded with a participating bank’s logo. The campaign will kick off on Oct. 1 as part of National Cybersecurity Awareness Month.

Learn More and Register