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NBA BankPAC Campaign Is Underway

The NBA BankPAC Committee is pleased to report that the PAC fundraising efforts for the calendar year 2022 are well underway and show positive results through June. Members have raised $72,202 towards the $107,000 goal for the state NBA BankPAC and $11,535 towards the $53,000 goal for the federal NBA BankPAC for a total of $83,737 collected!

If you have not been an annual contributor to NBA BankPAC, we hope you will consider joining the growing number of NBA banks who consistently support our government relations efforts. You can help by raising PAC monies from officers, directors, and staff for NBA BankPAC. Remember, 2022 is an election year, and funds are being allocated by the NBA BankPAC Committee to candidates in state, constitutional and Congressional races. View the NBA BankPAC Honor Roll (as of May 31).

For more information on how to conduct an effective PAC educational effort in your organization, contact BankPAC Committee Chair Luke Rickertsen, Flatwater Bank, Gothenburg, at 308-537-7181 or Jennifer Heaton at the NBA at [email protected] or 402-474-1555. You can also learn more online.

Legislative, Policy & Regulatory Updates

CFPB: Algorithms, AI Must Be Explainable

The Consumer Financial Protection Bureau (CFPB) issued a new circular to confirm that lenders relying on algorithms to make credit decisions must be able to provide specific and accurate explanations for denying applications. According to DFPB Director Rohit Chopra, "Companies are not absolved of their legal responsibilities when they let a black-box model make lending decisions."

Read the Circular

FDIC Merger Guidelines Need Updates

The American Bankers Association (ABA) urged the Federal Deposit Insurance Corporation (FDIC) to consider adopting joint merger guidance with the Department of Justice. The ABA also called for an increase in the threshold of the Herfindahl-Hirschman Index below which the FDIC will generally not challenge proposed mergers or require divestitures of branches or other operations.

Read the Letter

ABA Supports Proposed 40-Year Mortgage Modification 

The American Bankers Association (ABA) recently submitted a comment letter in support of the Department of Housing and Urban Development’s proposed rule which would allow for a standalone 40-year loan modification. 

Read the Letter

CSBS Urges Support of SAFE Banking Act 

The Conference for State Bank Supervisors (CSBS) recently sent a letter to lawmakers in support of including the SAFE Banking Act in the America Competes Act. The cannabis banking language was included in the House-passed version of the competition bill which is currently pending before a conference committee. 

The NBA and its counterparts in other states earlier sent a letter in support of the SAFE Banking Act. Bankers are also urged to contact Congress to help ensure banks can serve legitimate cannabis businesses.

Banks & Bankers

May 25 - 31

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

Banks are encouraged to complete the 2022 National Survey of Community Banks conducted by the Conference of State Bank Supervisors (CSBS). The survey has been conducted for nine years, making it one of the longest and largest longitudinal surveys of the community bank industry. Results have enabled community banks to inform policymakers and researchers about the opportunities and challenges facing the community banking industry. Responses are requested by July 15. 

Take the Survey

Each June, banks across the country highlight how they help their customers meet housing goals. Below are resources your bank can use to share its work on housing issues.

• ABA American Housing Month 
• Statistics from the U.S. Census Bureau

Thank you to those who have provided teacher contact information so far!

If you know a teacher who would be willing to share their thoughts on ways banks can connect with students, please contact Kara Heideman at the NBA at [email protected] or 402-474-1555.